Egyptian start-ups receive record venture capital funding of $190m in 2020

Egyptian start-ups receive record venture capital funding of $190m in 2020

Start-ups in Egypt received a record $190 million in funding last year, accounting for more than one-fifth of every venture capital deal in the broader Middle East and North Africa region, according to a new report.

Total funding deployed into Egyptian start-ups jumped 30 per cent year-on-year, higher than the 13 per cent growth in venture capital investment recorded across the region, data platform Magnitt said in its 2020 Egypt Venture Investment Report.