A total of 10 Egyptian startups have raised about $55.3m since the beginning of 2021, according to online startup platform MAGNiTT. These startups have also announced the details of the financing they have received.
Four other Egyptian startups have obtained financing of less than $1m, with these companies so far not having announced the financial value they obtained.
A report published by MAGNiTT has been prepared based on the financial bulletins for the period between January and May.
The activities of Egyptian startups that received funding during 2021 varied between financial technology, shipping services, and e-commerce.
The largest financing value obtained by an Egyptian startup so far is $15m, a feat that has been repeated twice this year. The first financing of this size was obtained by PayMob during a financing round, where it managed to raise $15m from Global Ventures, with the participation of A15 and FMO.
The second financing was for online furniture retailer Homzmart, which last week closed a successful $15m financing round led by MSA Capital and Nuwa Capital. This came with the participation of Rise Capital, Impact46, EQ2 Ventures, and Outliers Ventures.
The following is a list of Egyptian startups that have received funding during 2021:
Homzmart
Funding: $15m
Funders: Led by MSA Capital and Nuwa Capital, with the participation of Rise Capital, Impact46, EQ2 Ventures, and Outliers Ventures.
Funding: $6.7m
Funders: Silicon Badia, with the participation of 4DX, Plug and Play Ventures, Wealthwell VC, and Khawarizmi VC.
Funding: $5m
Funders: Sequoia Capital, with the participation of Global Founders Capital and Class 5 Global.
Funding: $3.25m
Funders: Foundation Ventures, MSA Capital, CRE Venture Capital, Alter Global, JIMCO, B&Y Venture Partners, Access Bridge Ventures, and Y Combinator.
Paymob
Funding: $15m
Funders: Global Ventures, with the participation of A15 and FMO.
Dayra
Funding: $3m
Funders: Capital Ventures Development, EFG EV Fintech, EFG Hermes, Y Combinator, and many notable angel investors.
Koinz
Funding: $4.8m
Funders: Justin Mattin, with the participation of 4DX Ventures and strategic angel investors in Egypt, Turkey, and Saudi Arabia.
Sakan
Funding: $1.1m
Funders: Algebra Ventures, in partnership with Sarwa Capital and Foundation Ventures.
Cassbana
Funding: $1m
Funders: The Egyptian company VC Disruptech.
Funding: $450,000
Funders: A group of Saudi angel investors, along with the African Entrepreneur Fund, with the participation of Jedar Capital.
