Egypt tops African countries in Venture Capital inv. in 2019
Tuesday, 12 31 2019, Category: Economy, Country: Egypt
Egyptian startups received the biggest number and funding value of venture capital (VC) transactions that went to early-stage African startups in 2019, according to Venture Burn. Egypt accounted for 27% of disclosed transactions by volume and 25% by value.
Out of a total of 88 disclosed VC transactions with a total value of USD 290 mn raised by African startups this year, Egyptian startups closed 24 transactions worth USD 73.3 mn. Last year, Egypt was the fastest-growing startup market in MENA as well as the second-largest, according to start-up platform Magnitt’s 2018 MENA Venture Investment Report. Egypt’s share of the total number of seed funding agreements grew 7% y-o-y to USD 196.5 mn, representing 22% of all MENA closes in 2018.