Startup funding in Egypt is down month-on-month in April

Egyptian startups raised USD 37 mn in April, marking a 57% drop from March, Wamda reported Thursday. Egyptian startups raised the third biggest total in the region last month, after Saudi Arabia (USD 137 mn) and the UAE (USD 61.5 mn). Infrastructure management platform Pylon was Egypt’s biggest fundraiser, raising USD 19 mn in its seed funding round. Egypt-based startups received the highest concentration of investments from foreign investors. SaaS and e-commerce startups contributed 85% to the total amount raised by MENA startups last month, while fintech startups accounted for the most transactions.

ALSO- An Alexandria court has begun the trial of a man charged with the murder of a Coptic priest, weeks after after he stabbed the clergyman to death in the seaside city, according to the Associated Press.