Egypt Dominates North African Startup Funding, Securing 83.3% of Investments
North Africa’s startup ecosystem experienced significant growth between 2019 and May 2022, attracting a total of $1.5 billion in investments. A report from Africa: The Big Deal highlights Egypt as the clear leader, with its startups raising a staggering $1.2 billion during this period. This figure represents an impressive 83.3% of all funding secured by the North African region, showcasing Egypt’s dominance in attracting venture capital and fostering a thriving tech environment. The investments made up 15% of all the funding that came to Africa during the period.
Egypt’s Startup Scene: A Pharaohic Reign
Egypt’s success is even more pronounced when examining the largest deals in the region. From 2019 to 2021, the top ten largest investment rounds were all secured by Egyptian startups. The trend shifted in January 2022, when InstaDeep, a Tunisian AI company, secured a significant $100 million Series B funding round. Despite this, Egypt maintains its leading position and highlights the strength of its ecosystem. Tunisia secured the second position, though far behind Egypt, with startups raising $149 million. Tunisia’s growth trajectory is noteworthy, demonstrating substantial progress over the years with $7 million in 2019, $14 million in 2020, $23 million in 2021, and $104 million in 2022 as of May. Morocco came in third with $47 million in investment.
In conclusion, Egypt’s startup landscape has been exceptionally successful in attracting investment in North Africa. This strong performance highlights the potential of African startups and serves as an example for other countries in the region. The data underlines the growing importance of the African tech scene on the global stage.
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