Egyptian start-ups brace for funding crunch – The National

Egyptian start-ups brace for funding crunch – The National

The global economic slowdown could soon put the brakes on Egypt’s booming start-up scene, with ominous signs, such as workforce cuts at Nasdaq-listed Swvl and healthcare platform Vezeeta, serving as a warning to companies and investors.

“Most of the start-ups are feeling the macroeconomic crunch right now, on multiple fronts”, GrubTech chief executive Mohamed Al Fayed tells The National.

“Valuations are a lot slimmer than they were, let’s say, six months ago. And obviously the investor sentiment is more discerning on what they invest into, and what the growth and profitability metrics look like."