Egyptian Start-ups Raised $113 Million in October 2022
17 percent of MENA start-up investment went to Egyptian start-ups in October 2022.
Startups in the Middle East and North Africa region (Mena) have raised $646 million across 69 deals, bringing the total raised so far this year to $3 billion spread over 551 deals.
The cumulative deal value was a 273% increase from the $173 million raised in September and a 33% year-on-year (YoY) growth against the $150 million raised in October 2021.
Egypt raised $113 million across 18 deals. The top three fundraisers included fintech startup MoneyFellows with its $31 million Series B round, open banking platform Telda with a $20 million Seed round, and B2B marketplace MaxAB with $40 million for its pre-Series B.
The uptick in October was largely attributed to a significant spike in late-stage financing. About 84 percent of the capital inflow was driven by late-stage startups, including those at Series B and growth stages.
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Meanwhile, seed and pre-seed startups showed a rather significant drop-in activity, accounting for 7 percent of capital raised. On a similar note, debt financing is becoming a more popular choice for startups raising at higher valuations. This was evident in the cases of KarmSolar and Trella, both of which raised $2.4 million and $6 million, respectively.
Sector-wise, the cleantech sector bagged the most thanks to Yellow Door Energy’s round. Fintech dominated the funding scene in terms of deal count, attracting 16 deals out of 69 to the tune of $70 million, making it the second highest-funded sector in October. Neobanks and open banking startups were the most well-funded fintech segments.
Regionally, Egypt is home to the most active investors, participating in 18 deals, followed by their counterparts from the UAE with 15 and Saudi Arabia-based investors with 13.
Once again, international involvement showed subdued momentum. Only 18 out of 64 deals attracted foreign investors, with the US remaining a leading source of global funding poured into regional startups.
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