Egypt venture capital funding tops $500M in 2022: Report
Egypt led the Middle East and North Africa in the number of venture capital deals last year, according to a report by MAGNiTT. Egypt’s overall economy continues to struggle.
Venture capital investment continued to grow in Egypt last year, according to a report by MAGNiTT released Tuesday.
Funding for venture capital in Egypt increased in 2022 for the fifth year in a row, rising 3% to $517 million in 2022. There were 160 venture capital deals in the country last year, the Dubai-based data analytics firm reported.
Egypt led the Middle East and North Africa in total deals, while the United Arab Emirates came in second with 153. In terms of total funding, Egypt came in third, behind the UAE with $1.19 billion and Saudi Arabia with $987 million, according to the report.
E-commerce startups closed the most venture capital deals in Egypt last year, accounting for 23% of deals. Fintech accounted for the second most with 18%, per MAGNiTT.
