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(Ecofin Agency) – Egyptian technology companies continue to attract investor interest. Along with their Saudi and Emirati counterparts, they attracted 98% of all funds raised in North Africa and the Middle East last month.
In February 2022 alone, Egyptian startups raised a total of $70 million in 18 funding deals, we learned from a recent study conducted by Wamda and Digital Digest.
This amount is the largest raised in North Africa during the period under review. Moroccan startups raised $4 million while those in Tunisia secured $1.4 million. Egypt, Saudi Arabia, and the United Arab Emirates alone attracted nearly 98% of the total value of funds raised across the MENA region in February 2022. Saudi Arabia was the best performer of the MENA region with $219 million raised in 23 investment deals. The United Arab Emirates followed with $77.6 million raised in 20 deals.
By sector in the MENA region, logistics companies attracted the most capital over the period ($120 million), ahead of food companies ($74 million) and financial services companies ($67 million). Only 1% of the startups funded in the region are founded by women. They raised $3.8 million out of $375 million of capital raised in the region, while men-founded businesses captured 96% of the total amount raised during the period.
Chamberline MOKO
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