Egypt has a rapidly growing startup ecosystem, with increasing opportunities for startups to secure funding through various means such as venture capital (VC) funds, business angel investors, and government initiatives. In recent years, the country has seen significant growth in the number of startups, particularly in the technology and fintech sectors.
Growing Industries in Egypt
- Technology and Fintech: The technology sector in Egypt has seen significant growth in recent years, with startups in the fields of software development, e-commerce, and fintech being the most prominent.
- Healthcare: Healthcare startups in Egypt are also gaining traction, focusing on areas such as telemedicine and medical devices.
- Agriculture and Food Tech: There has been a rise in agriculture and food tech startups in Egypt, focused on using technology to improve the efficiency and sustainability of the sector.
Top Startups in Egypt
- Sewgi: A fintech startup offering digital wallets and payment solutions.
- Inka: A technology startup that provides an AI-powered personal shopping assistant.
- Instabug: A bug reporting and in-app feedback solution for mobile applications.
- Vezeeta: An online platform for booking medical appointments.
- Agrivest: An agriculture and food tech startup focused on connecting farmers with investors and buyers.
Active Business Angels and VCs in Egypt
- Ventures: A VC fund investing in early-stage startups in the Middle East and North Africa region.
- Flat6Labs: A startup accelerator and VC fund focusing on investing in early-stage startups.
- Algebra Ventures: A VC fund investing in technology and healthcare startups in the Middle East and Africa.
- Endure Capital: A VC fund investing in technology and impact-driven startups in Africa.
- Seed Stars: A global startup accelerator and VC fund with a focus on emerging markets.
Government Initiatives and Opportunities in Egypt
The government of Egypt has been actively supporting the growth of the startup ecosystem through various initiatives and programs. Some of the initiatives include the Technology Innovation and Entrepreneurship Center (TIEC), which provides support to technology startups, and the Egypt Ventures initiative, which aims to connect startups with investors and mentors.
Funding Figures in Egypt
In 2020, Egypt's startups raised a total of $104 million in funding. The fintech sector saw the largest amount of funding, with $40 million raised. The healthcare sector came in second with $17 million raised, followed by the technology sector with $15 million. These figures highlight the growing opportunities for startups in Egypt to secure funding and scale their businesses.