Saturday 26 March 2022
Last update on Saturday, March 26, 2022 At 5:00 AM
Egyptian tech companies continue to attract investor interest. Together with their Saudi and Emirati counterparts, they attracted 98% of all funds raised last month in North Africa and the Middle East.
For the month of February 2022 alone, Egyptian start-ups raised a total of $70 million, during 18 financing operations, learned the Ecofin Agency from a recent study conducted by the Wamda and Digital Digest platforms.
This amount is the largest collected in North Africa during this period. Moroccan start-ups raised $4 million and those from Tunisia, 9 in total, obtained $1.4 million.
Egypt, Saudi Arabia and the United Arab Emirates alone attracted almost 98% of the total value of funds raised in the entire North Africa and Middle East (MENA) zone, in February 2022 Saudi Arabia is the leader in this area in terms of total financing raised, ie $219 million, during 23 investment operations. It is followed by the United Arab Emirates, $77.6 million raised in 20 operations, and Egypt.
By industry, logistics companies attracted the most capital last month. They total $120 million and are directly followed by companies in the food sector which obtained $74 million. Financial services companies occupy third place with $67 million collected in the MENA zone.
1% of start-ups funded in the Middle East and North Africa are founded by women. They raised $3.8 million out of $375 million of capital raised in the zone, while those created by men took the lion’s share, with 96% of the total amount raised during the period.
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