{"id":640098,"date":"2024-08-20T00:00:00","date_gmt":"2024-08-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/20\/startups-are-increasingly-going-bust-as-funding-dries-up\/"},"modified":"2024-08-20T00:00:00","modified_gmt":"2024-08-20T00:00:00","slug":"startups-are-increasingly-going-bust-as-funding-dries-up","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/20\/startups-are-increasingly-going-bust-as-funding-dries-up\/","title":{"rendered":"Startups are increasingly going bust as funding dries up"},"content":{"rendered":"

There\u2019s trouble in startup land: <\/strong>US startup failures are on the rise two years after bearing the fruit of the tech boom, with the number of startups failing increasing nearly 60% this year already as founders find themselves running out of funds, capitalization table manager and valuation startup Carta detailed in a blog post<\/a>.<\/p>\n

By the numbers: <\/strong>Some 254 of Carta\u2019s venture-backed clients went out of business<\/a> during the first quarter of the year, marking the \u201chighest quarterly total so far this decade.\u201d The figure has been on the rise for years now \u2014 the number of startups closing their doors rose 58% y-o-y during 1Q 2024 and 124% y-o-y during 1Q 2023.<\/p>\n

Most recently<\/strong>, fintech firm Tally announced<\/a> that it will be shutting its doors after nine years in business after it was \u201cunable to secure the necessary funding to continue operations.\u201d The company had a valuation of USD 855 mn just two years prior. <\/p>\n

The trigger: <\/strong>Between boom year 2022 and now, startups were faced with rising interest rates, dwindling VC sentiment, and the aftermath of the collapse of Silicon Valley Bank<\/a>. The difficult reality facing many startups now comes in stark contrast to just a few years back, when \u201can abnormally high number of companies raised an abnormally large amount of money during 2021-2022,\u201d Morgan Stanley analysts wrote in a note seen by the Financial Times<\/a>. <\/p>\n

As things stand: <\/strong>There\u2019s been a huge drop in the amount of companies able to raise funds within two years of their last funding round, Peter Walker, head of insights at Carta, told the salmon-colored paper. Startups are now resorting to cutting costs to stay afloat, a move that puts growth on the backburner and in turn puts off VCs from lending their financial backing.<\/p>\n

The collapse will echo far beyond startup land: <\/strong>The failure of startups will create \u201cspillover risks to the rest of the economy,\u201d Morgan Stanley said, pointing to the 4 mn people employed by VC-backed companies. <\/p>\n

\n

ALSO FROM PLANET FINANCE- Turkey\u2019s Monetary Policy Committee is expected to<\/strong> leave the one-week repo rate <\/strong>at 50% when it meets later today<\/strong>, according to Bloomberg<\/a>. The committee has held rates steady for four months running now. Turkish officials noted that monetary policy needs to remain tight to tackle inflation, which currently sits at 62%. <\/p>\n

MARKETS THIS MORNING-<\/p>\n

Asian markets are mostly in the green in early trading this morning <\/strong>in the wake of a rally in Western markets yesterday. Japan\u2019s Nikkei is up 1.6% and Korea\u2019s Kospi is up 0.8% at the time of writing, while China\u2019s Hang Seng is down 0.3%. <\/p>\n

<\/a><\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong><\/p>\n<\/td>\n

\n

29,321<\/p>\n<\/td>\n

\n

-0.5% (YTD: +17.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 48.72<\/p>\n<\/td>\n

\n

Sell 48.85<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CIB)<\/strong><\/p>\n<\/td>\n

\n

Buy 48.72<\/p>\n<\/td>\n

\n

Sell 48.82<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates (CBE)<\/strong><\/p>\n<\/td>\n

\n

27.25% deposit<\/p>\n<\/td>\n

\n

28.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

12,023<\/p>\n<\/td>\n

\n

+0.4% (YTD: +0.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,305<\/p>\n<\/td>\n

\n

+0.2% (YTD: -2.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

4,238<\/p>\n<\/td>\n

\n

-0.1% (YTD: +4.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

5,608<\/p>\n<\/td>\n

\n

+1.0% (YTD: +18.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

8,357<\/p>\n<\/td>\n

\n

+0.6% (YTD: +8.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

4,871<\/p>\n<\/td>\n

\n

+0.6% (YTD: +7.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 77.80<\/p>\n<\/td>\n

\n

-2.4%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas (Nymex)<\/strong><\/p>\n<\/td>\n

\n

USD 2.24<\/p>\n<\/td>\n

\n

+5.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 2,541.30<\/p>\n<\/td>\n

\n

+0.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 59,112.80<\/p>\n<\/td>\n

\n

-1.2% (YTD: +39.8%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/p>\n

The EGX30 fell 0.5% at yesterday\u2019s close<\/strong> on turnover of EGP 3.7 bn (2.7% above the 90-day average). Local investors were net sellers. The index is up 17.8% YTD.<\/p>\n

In the green: <\/strong>Palm Hills Development (+6.3%), Mopco (+3.7%), and Emaar Misr (+2.9%).<\/p>\n

In the red: <\/strong>Alexandria Containers and Cargo Handling (-4.1%), Talaat Moustafa Group Holding (-1.7%), and B Investments Holding (-1.7%).<\/p>\n

CORPORATE ACTIONS- <\/p>\n

#1- Raya Holding transferred some 1.3 mn shares<\/strong> \u2014 worth some EGP 2.9 mn \u2014 to its employee stock ownership plan share program, according to an EGX bulletin<\/a>.<\/p>\n

\n

#2- Alexandria Mineral Oils Company (AMOC) will pay out a dividend of EGP 0.70 per<\/strong> share<\/strong> for its FY 2023-2024 earnings, after its board greenlit the move, according to an EGX disclosure (pdf)<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"

The number of startups closing their doors rose 58% y-o-y during 1Q 2024<\/p>\n","protected":false},"author":1,"featured_media":640099,"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":[7210],"tags":[72,119,122,123,218],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-640098","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam","tag-financial-markets","tag-planet-finance","tag-startups","tag-turkey","wpautop","entry"],"acf":{"mongo_id":"205116ab-0bc5-45b6-9e70-768a6daf5e54","order":"12","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/1704.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Startups are increasingly going bust as funding dries up","related_issue":[640078],"teaser":"The number of startups closing their doors rose 58% y-o-y during 1Q 2024","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.3f292bfd-be1e-4000-84c7-700075068ac6.mp3"},"yoast_head":"\nStartups are increasingly going bust as funding dries up - 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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":572737,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/07\/egypt-remains-most-active-vc-market-in-mena-in-1h2020-magnitt\/","url_meta":{"origin":640098,"position":1},"title":"Egypt remains most active VC market in MENA in 1H2020 -Magnitt","author":"enterpriseam admin","date":"7 July 2020","format":false,"excerpt":"Egypt remained the most active venture capital market in MENA during 1H2020 with 25% of all transactions in the region, according to the 1H2020 update to Magnitt\u2019s MENA Venture Investment Report. Egypt\u2019s share remained unchanged from the startup platform\u2019s full-year 2019 data, but edged up 2% from data collected during\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/7\/42.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":560798,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/14\/nowpay-joins-us-accelerator-y-combinators-winter-2021-cycle\/","url_meta":{"origin":640098,"position":2},"title":"NowPay joins US accelerator Y Combinator\u2019s winter 2021 cycle","author":"enterpriseam admin","date":"14 March 2021","format":false,"excerpt":"Egyptian fintech startup NowPay has joined US startup accelerator YCombinator\u2019s Winter 2021 funding cycle, Digital Boom reports. The startup will receive USD 125k as well as three months of intensive mentoring, culminating in a demo day to an audience of potential investors and collaborators.The payroll management company was created by\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":584972,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/09\/surprise-its-been-a-bad-year-so-far-for-vc-funding\/","url_meta":{"origin":640098,"position":3},"title":"Surprise: It\u2019s been a bad year so far for VC funding","author":"enterpriseam admin","date":"9 April 2023","format":false,"excerpt":"Funding fell 55% y-o-y in 1Q 2023","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/4\/335.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568717,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/02\/egypt-leapfrogs-south-africa-nigeria-in-startup-funding-transactions\/","url_meta":{"origin":640098,"position":4},"title":"Egypt leapfrogs South Africa, Nigeria in startup funding transactions","author":"enterpriseam admin","date":"2 February 2020","format":false,"excerpt":"Egypt leapfrogs South Africa, Nigeria in startup investments: Total startup funding in Egypt in 2019 rose 215% y-o-y to hit USD 211 mn, according to Partech Africa\u2019s 2019 report (pdf). 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