{"id":548141,"date":"2022-07-27T04:00:55","date_gmt":"2022-07-27T04:00:55","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/27\/govt-sees-startups-raising-usd-850-mn-this-year-but-its-going-to-be-a-tough-slog\/"},"modified":"2022-07-27T04:00:55","modified_gmt":"2022-07-27T04:00:55","slug":"govt-sees-startups-raising-usd-850-mn-this-year-but-its-going-to-be-a-tough-slog","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/27\/govt-sees-startups-raising-usd-850-mn-this-year-but-its-going-to-be-a-tough-slog\/","title":{"rendered":"Gov\u2019t sees startups raising USD 850 mn this year, but it\u2019s going to be a tough slog"},"content":{"rendered":"

<\/a> Egyptian startups should reel in a combined USD 850 mn of investment by the end of 2022<\/strong>, Communications Minister Amr Talaat said yesterday, according to a ministry statement<\/a> that cites a government projection.<\/p>\n

How does that target compare?<\/strong> That figure would be 73% higher than the USD 490 mn worth of funding the ministry says it recorded as having landed in 2021. Our own in-house Enterprise tracker for 2021 puts the figure at around USD<\/a>373<\/a>mn<\/a>, with fintech and e-commerce businesses taking the lion\u2019s share of the year\u2019s investments.<\/p>\n

We\u2019d need a serious thaw of the coming VC winter for this to happen: Egypt\u2019s startups <\/strong>have raised around USD<\/strong> 288 <\/strong>mn so far this year<\/strong>, according Enterprise data. Although this figure is an approximation (since many startups do not disclose the exact amount they\u2019ve raised in a round), it suggests that Planet Startup has locked in only around 29% of what the government expects, requiring a serious reversal of the economic headwinds that are causing VCs around the world to tighten their belts.<\/p>\n

MCIT\u2019s policy priorities:<\/strong> The ministry plans to set up 19 new digital training and innovation hubs \u2014 dubbed Centers of Digital Egypt Creativity (Creativa) \u2014 to provide technical CIT training and support tech-driven startups, Talaat said. The ministry is also partnering with undisclosed global tech companies to train over 225k Egyptians during the current fiscal year at a cost of EGP 1.3 bn.<\/p>\n

ALSO FROM PLANET STARTUP-<\/strong><\/p>\n

Egyptian fashion e-commerce platform <\/strong>The Fashion<\/a><\/strong>Kingdom<\/a><\/strong> (TFK) has closed a <\/strong>USD 2.6 mn seed round co-led by <\/strong>CVentures<\/a><\/strong> and <\/strong>A15<\/a><\/strong>, according to a press release (pdf)<\/a>. A15, alongside fashion industry veterans Paul Antaki and Nasser Chourbagi, made follow-on investments in the round. Lotus Capital, Raba Capital, Sunny Side Venture Partners, Foundation Ventures, and the Cairo Angels also invested in the company.<\/p>\n

About TFK:<\/strong> TFK is an online fashion store featuring local and international brands. Founded in 2020 by Fadi Antaki, Marianne Simaika, and Karim Abd El Kader, the company now sells clothes from more than 200 brands and has more than 135k customers. Order volumes have more than tripled y-o-y and TFK expects the same in 2022.<\/p>\n

Where the money is going:<\/strong> The funds raised will be used to support hiring and build scalable technology, the statement says. It also wants to expand its B2B services and aims to launch a one-stop-shop that offers operations, co-marketing, omnichannel, and digital content creation services to fashion brands.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egyptian startups should reel in a combined USD 850 mn of investment by the end of 2022, Communications Minister Amr Talaat said yesterday, according to a ministry statement that cites a government projection. How does that target compare? That figure would be 73% higher than the USD 490 mn worth of funding the ministry says […]<\/p>\n","protected":false},"author":1,"featured_media":548142,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7258],"tags":[199,72,8297,95,123,2180,200],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-548141","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-e-commerce","tag-enterpriseam","tag-fashion","tag-startup-watch","tag-startups","tag-the-fashion-kingdom","tag-venture-capital","wpautop","entry"],"acf":{"mongo_id":"d27323ed-dbee-4c87-9a95-223e65298fa8","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/7\/288.jpg","photo_position":"above","related_issue":[548125],"teaser":"","voice_url":""},"yoast_head":"\nGov\u2019t sees startups raising USD 850 mn this year, but it\u2019s going to be a tough slog - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/27\/govt-sees-startups-raising-usd-850-mn-this-year-but-its-going-to-be-a-tough-slog\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gov\u2019t sees startups raising USD 850 mn this year, but it\u2019s going to be a tough slog\" \/>\n<meta property=\"og:description\" content=\"Egyptian startups should reel in a combined USD 850 mn of investment by the end of 2022, Communications Minister Amr Talaat said yesterday, according to a ministry statement that cites a government projection. 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The funding came either following the companies closing pre-seed rounds, or as boosters to companies that are looking to expand and complete acquisitions.The startups: The Egyptian startups include Cairo-based delivery service ShipBlu, ins.\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/76.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":567939,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/13\/egypt-ranks-third-in-november-startup-funding-league-table-wamda\/","url_meta":{"origin":548141,"position":3},"title":"Egypt ranks third in November startup funding league table -Wamda","author":"enterpriseam admin","date":"13 December 2020","format":false,"excerpt":"Egyptian startups raised USD 6.6 mn in venture capital funding last month, putting them in third place in MENA behind the UAE and Saudi Arabia, Wamda said in a recent report. Egypt saw nine transactions in November (tying with the UAE in first place), that included creative tech startup Argineering,\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":578438,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/28\/turbulence-yes-slowdown-no\/","url_meta":{"origin":548141,"position":4},"title":"Turbulence yes, slowdown no","author":"enterpriseam admin","date":"28 December 2022","format":false,"excerpt":"Despite a turbulent year, Egypt\u2019s startup investment numbers still look quite good: While the startup world has been busy dealing with the VC squeeze, Egyptian startups broke yet another funding record. But this time around, the numbers were accompanied by news of layoffs, meltdowns and consolidation, as we previously wrote.We\u2026","rel":"","context":"In "YEAR IN REVIEW: STARTUPS"","block_context":{"text":"YEAR IN REVIEW: STARTUPS","link":"https:\/\/enterpriseam.com\/egypt\/category\/year-in-review-startups\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/581.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565295,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/31\/regional-startups-have-32-mn-reasons-to-be-happy\/","url_meta":{"origin":548141,"position":5},"title":"Regional startups have 32 mn reasons to be happy","author":"enterpriseam admin","date":"31 March 2021","format":false,"excerpt":"Flat6Labs has launched a new fund in Abu Dhabi in partnership with ADQ: Sixty regional startups will receive USD 32 mn in funding over the course of three years through Flat6Labs Ignite, a new Abu Dhabi-based startup accelerator launched by Egyptian incubator Flat6Labs and ADQ\u2019s venture platform DisruptAD, the two\u2026","rel":"","context":"In "SPEED ROUND: STARTUP WATCH"","block_context":{"text":"SPEED ROUND: STARTUP WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/548141","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=548141"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/548141\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/548125"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/548142"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=548141"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=548141"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=548141"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=548141"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=548141"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}