{"id":568415,"date":"2020-12-29T03:48:38","date_gmt":"2020-12-29T03:48:38","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/many-tech-startups-won-big-in-2020-thanks-to-covid\/"},"modified":"2020-12-29T03:48:38","modified_gmt":"2020-12-29T03:48:38","slug":"many-tech-startups-won-big-in-2020-thanks-to-covid","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/many-tech-startups-won-big-in-2020-thanks-to-covid\/","title":{"rendered":"Many tech startups won big in 2020 \u2014 thanks to covid"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>More startups raised more funding in 2020 than the year before, despite covid-19. <\/strong>If there was one segment of the economy to which 2020 was, if not kind, then at least \u201ctemperate,\u201d it was Planet Startup, home to many of the \u201cwinners\u201d of an accelerated transition to both online commerce and financial inclusion.<\/p>\n<p><strong>\u2026Or rather, because of covid?<\/strong> Digital payments, fintech and e-commerce <a href=\"https:\/\/enterprise.press\/hardhats\/2020-review-diversification-digitization-guided-infrastructure-2020-may-continue-2021\/\">have thrived across<\/a><a href=\"https:\/\/enterprise.press\/hardhats\/2020-review-diversification-digitization-guided-infrastructure-2020-may-continue-2021\/\">all metrics<\/a> this year thanks to the pandemic. Ceilings on contactless transactions have doubled since the start of the pandemic. Between the beginning of the outbreak and June, e-commerce sales in Egypt shot up 80%, while 15% of businesses in Egypt reported more online sales now than before the pandemic.<\/p>\n<p><strong>Meanwhile, the number of mobile wallets in Egypt has jumped at least 17% to 14.4 mn <\/strong><strong>between March and October<\/strong> as the pandemic boosted digital payments, as the number of e-payment cards in use also rose 7% in the first six months of 2020, rising to 39.6 mn from 36.7 mn at the end of December.<\/p>\n<p><strong>All that led to <\/strong><strong>ICT becoming Egypt\u2019s fastest growing sector in FY2019-2020 seeing 15.2% <\/strong><strong>y-o-y growth<\/strong>, according to a <a href=\"http:\/\/bit.ly\/3rs4oK5\">CIT Ministry statement<\/a>. With an output of EGP 108 bn, compared to EGP 93.5 bn in FY2018-2019, the sector\u2019s contribution to Egypt's GDP was approximately 4.4% in FY2019-2020, up from 3.8% in FY2018-2019. Investments in the sector rose 35% y-o-y to EGP 48.1 bn, up from EGP 35.4 bn, while exports increased 13% to EGP 4.1 bn from EGP 3.6 bn.<\/p>\n<p><strong>Our internal trackers count 49 investments in Egyptian startups in 2020<\/strong>, a nearly 50% increase from 33 in 2019. Most of the arm-twisting in negotiations and due diligence took place in the first nine months of the year: Startups announced they had raised funds every month in 2020, but fall was prime time to announce your big raise.<\/p>\n<p><strong>Egypt\u2019s startups raised well over USD 100 mn this year <\/strong>compared to over USD 88 mn last year, according to our data. Note that these numbers are \u2014 at best \u2014 approximations. The modal answer to the question \u201cHow much did you raise?\u201d was \u201cmore than USD 100k\u201d or \u201csix figures USD\u201d both this year and last. Fifteen startups reported having raised \u201cmore than USD 100k\u201d and four said they had raised \u201cmore than USD 1 mn.\u201d<\/p>\n<p><strong>Setting aside clear outliers, the average transaction raised about 2x this year compared <\/strong><strong>to last. <\/strong>Of those who disclosed a precise figure (not \u201cmore than 100k\u201d), the average raised this year per transaction was USD 2.38 mn, up from USD 1.12 mn in 2019.<\/p>\n<p><strong>Local investors took the lead this year, with only 53% of investments in local startups <\/strong><strong>having international involvement. <\/strong>Last year, 82% of all transactions announced involved a non-Egyptian investor at some level. That reflects a rising number of early-stage investments made by angels (individually or in groups) as well as the growing confidence of Egyptian VCs, one local VC told us. Also playing a part, he says: \u201cGlobal players didn\u2019t travel as much in 2020 for obvious reasons, and they had their own problems at home.\u201d<\/p>\n<p><strong>Egyptian VCs also provided bridge finance in some cases until companies closed their <\/strong><strong>next round<\/strong>, a partner at a top VC outfit told us. \u201cA number of the international players were initially cautious, but they came in eventually when they saw how the companies were performing, so we provided bridge finance to keep them going.\u201d<\/p>\n<p><strong>Fintech and e-commerce were the hot sectors this year<\/strong> at 12 and 11 transactions apiece, followed by six investments in a mix of tech-related firms. Last year, investments were more evenly divided across personal services (five transactions), followed by education, fintech, healthcare, and transportation \/ logistics with four each.<\/p>\n<p><strong>Half of all announcements in 2020 avoided specifying which \u201cround\u201d a startup was <\/strong><strong>raising. <\/strong>Eight companies said they had raised seed rounds, four announced pre-seed rounds, five announced series \u201cA\u201ds and four announced pre-A rounds. Angel, pre-B, series \u201cB\u201d and series \u201cD\u201d made up the rest at one each, and many of the unspecified rounds look to us like seed, angel or otherwise very early stage fundraising.<\/p>\n<p><strong>A watershed year: <\/strong>We generally enjoy talking with partners at venture capital firms, who tend to be bright (intellectually) and sunny (in disposition). The year just ended was a watershed for many of them: While their portfolio companies sailed through earlier macro headwinds such as the float of the EGP \u2014 it helps to be a super-young business with USD-backed investors and LCY costs \u2014 the pandemic was the first acid test for many of them.<\/p>\n<p><strong>In terms of operational performance, the winners this year were predictable: <\/strong>Digital transactions, efficiency plays, and any form of marketplace that allowed e-commerce, payments and matching did phenomenally well in 2020, insiders agree.<\/p>\n<p><strong>The losers: <\/strong>Travel and any marketplace that facilitated physical interactions (think personal services such as home cleaning and face-to-face education).<\/p>\n<p><strong>In numbers: \u201cThe winners did 2x their expected budget for 2020,\u201d <\/strong>one of the country\u2019s top venture capital partners told us, \u201c<strong>and those that crashed did 0-50% of projections.\u201d <\/strong>The top beneficiaries are growing double-digits every quarter.<\/p>\n<p><strong>May and June were particularly tough months for VCs and startup founders alike <\/strong>as businesses were either scrambling to staff up \u2014 or to learn, for the first time, how to handle salary cuts and firing.<\/p>\n<p><strong>WHAT TO LOOK FOR IN 2021- <\/strong>Fintech bros will be everywhere. Covid telescoped three years of digitalization into three months \u2014 and the Sisi administration\u2019s financial inclusion drive just added fuel to the fire. Expect to see lots of interest in providing financial services enabled by tech, as well as infrastructure plays (think: Fawry) and embedded fintech (taking what you know about a market and using it to make a buck facilitating access to financial services).<\/p>\n<p><strong>Also: Marketplaces.<\/strong> We\u2019re a nation of >100 mn, and if there\u2019s one thing we love, it\u2019s to eat \u2014 followed closely by shopping. You do the math.<\/p>\n<p><strong>The big play in 2021: Jockeying to see who is going to become the first \u201cchallenger\u201d <\/strong><strong>bank <\/strong>(provided, of course, the Central Bank of Egypt ever lets that happen).<\/p>\n<p><strong>The sleeper plays of 2021: <\/strong>Agriculture, healthcare and the windows created by the government\u2019s move away from conventional petrol-powered engines.<\/p>\n<p><strong>Also: Look for international VCs to make moves on Egypt<\/strong>, with one local VC noting that funds in the UAE in particular are being priced out of Saudi Arabia and so are redoubling efforts to get a piece of the action in Omm El Donia.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>More startups raised more funding in 2020 than the year before, despite covid-19. If there was one segment of the economy to which 2020 was, if not kind, then at least \u201ctemperate,\u201d it was Planet Startup, home to many of the \u201cwinners\u201d of an accelerated transition to both online commerce and financial inclusion. \u2026Or rather, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":568416,"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":[10217],"tags":[107,72,95,4317],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-568415","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-year-in-review-startups","tag-covid-19","tag-enterpriseam","tag-startup-watch","tag-year-in-review-startups","wpautop","entry"],"acf":{"mongo_id":"0c3b99bc-dc50-48af-9f1b-d9ffbbc8bc71","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/12\/482.png","photo_position":"above","related_issue":[568399],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Many tech startups won big in 2020 \u2014 thanks to covid - 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\/2020\/12\/29\/many-tech-startups-won-big-in-2020-thanks-to-covid\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Many tech startups won big in 2020 \u2014 thanks to covid\" \/>\n<meta property=\"og:description\" content=\"More startups raised more funding in 2020 than the year before, despite covid-19. If there was one segment of the economy to which 2020 was, if not kind, then at least \u201ctemperate,\u201d it was Planet Startup, home to many of the \u201cwinners\u201d of an accelerated transition to both online commerce and financial inclusion. \u2026Or rather, [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/many-tech-startups-won-big-in-2020-thanks-to-covid\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-29T03:48:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/482.png?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/many-tech-startups-won-big-in-2020-thanks-to-covid\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/many-tech-startups-won-big-in-2020-thanks-to-covid\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Many tech startups won big in 2020 \u2014 thanks to covid\",\"datePublished\":\"2020-12-29T03:48:38+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/many-tech-startups-won-big-in-2020-thanks-to-covid\/\"},\"wordCount\":1060,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/many-tech-startups-won-big-in-2020-thanks-to-covid\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/482.png?fit=%2C&ssl=1\",\"keywords\":[\"covid-19\",\"EnterpriseAM\",\"Startup watch\",\"YEAR IN REVIEW: STARTUPS\"],\"articleSection\":[\"YEAR IN REVIEW: STARTUPS\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/many-tech-startups-won-big-in-2020-thanks-to-covid\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/many-tech-startups-won-big-in-2020-thanks-to-covid\/\",\"name\":\"Many tech startups won big in 2020 \u2014 thanks to covid - 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Last year saw 256 active investors provide capital to startups in the region, up 19% from 2019, the report\u2026","rel":"","context":"In &quot;SPEED ROUND: STARTUP WATCH&quot;","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\/2021\/2\/491.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565115,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/21\/egypt-fuels-2020-mena-e-commerce-boom\/","url_meta":{"origin":568415,"position":1},"title":"Egypt fuels 2020 MENA e-commerce boom","author":"enterpriseam admin","date":"21 March 2021","format":false,"excerpt":"Egypt, Saudi Arabia and the UAE led a boom in e-commerce in the MENA region last year, as the covid-19 pandemic forced consumers online, according to a new study published last week. 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Source Beauty is looking to use the\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":555491,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/16\/startup-investment-up-33-on-2020-kiwe-closes-first-round-mnt-halan-launches-core-banking-system\/","url_meta":{"origin":568415,"position":3},"title":"Startup investment up >33% on 2020 + Kiwe closes first round, MNT-Halan launches core banking system","author":"enterpriseam admin","date":"16 November 2021","format":false,"excerpt":"Investors have put almost USD 2 bn into startups in MENA, Pakistan and Turkey so far this year, with USD 150 mn being deployed in October alone, according to Magnitt.Putting this in perspective: Less than USD 1.5 bn was invested in MENAPT startups through the whole of 2020.Fintech + e-commerce\u2026","rel":"","context":"In &quot;Startup watch&quot;","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\/11\/472.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":574407,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/08\/cairo-startup-turns-shipping-containers-into-covid-19-medical-facilities\/","url_meta":{"origin":568415,"position":4},"title":"Cairo startup turns shipping containers into covid-19 medical facilities","author":"enterpriseam admin","date":"8 September 2020","format":false,"excerpt":"Qubix has brought a handy, innovative marriage of shipping container architecture and medical utility to Cairo. 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