2020 VC Funding Hits New All-Time High in Egypt; Fintech Makes up 8% of Total Funding

2020 VC Funding Hits New All-Time High in Egypt; Fintech Makes up 8% of Total Funding

Egypt's venture investment ecosystem has emerged as one of the most rapidly developing markets in the Middle East and North Africa (MENA), growing at a compound annual growth rate (CAGR) of 100% over the past five years, according to the 2020 Egypt Venture Investment Report by Magnitt in partnership with Egypt's IT Industry Development Agency (ITIDA).

In 2020, Egyptian startups raised a new record of US$190 million in venture capital (VC) funding, up 30% year-over-year (YoY). The figure makes the country's the second largest market in MENA in terms of funding amount and deal count, behind only the United Arab Emirates (UAE).