{"id":648307,"date":"2024-10-08T00:00:00","date_gmt":"2024-10-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/08\/local-startup-funding-rose-219-m-o-m-in-september-but-still-lag-behind-regional-startup-scene\/"},"modified":"2024-10-08T00:00:00","modified_gmt":"2024-10-08T00:00:00","slug":"local-startup-funding-rose-219-m-o-m-in-september-but-still-lag-behind-regional-startup-scene","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/08\/local-startup-funding-rose-219-m-o-m-in-september-but-still-lag-behind-regional-startup-scene\/","title":{"rendered":"Local startup funding rose 219% m-o-m in September, but still lag behind regional startup scene"},"content":{"rendered":"

How did Egypt\u2019s startup scene fare in September?<\/strong> Local startups raised USD 25.1 mn across eight transactions last month, a sharp 219% rise from the USD 7.9 mn raised in August across five transactions, Rasmal\u2019s MENA startup funding report<\/a> reads. <\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

Cairo-based startups dominated the funding landscape<\/strong>, accounting for six of the eight transactions, pulling in USD 24.8 mn, primarily driven by fintech and cleantech ventures, according to the report.<\/p>\n

Who pocketed the largest investment in September?<\/strong> Local fintech startup Paymob closed September's largest transactions, closing a USD 22 mn series<\/a>B<\/a><\/a> extension round led by EBRD Venture Capital. <\/p>\n

Egypt still lagged behind regional players securing their place in the region\u2019s startup <\/strong>scene:<\/strong> Saudi Arabia dominated regional startup funding in September, securing USD 165.3 mn, followed by the UAE with USD 114.3 mn, which the report attributed to \u201cfavorable government policies, strong infrastructure, and a growing appetite for risk among investors.\u201d<\/p>\n

Regional snapshot: <\/strong>MENA startups raised a combined USD 328.3 mn across 60 startups last month, down from USD 566 mn in August. The region raised USD 1.1 bn across 143 startups in 3Q 2024. The lion\u2019s share of investments in September \u2014 some USD 129.4 mn \u2014 was concentrated in late-stage VC funding. Meanwhile, seed-stage funding declined 17% m-o-m to USD 57.3 mn, while Series A funding grew 187.8% m-o-m to USD 54.7 mn.<\/p>\n

The three most attractive sectors: <\/strong>Fintech startups secured USD 134.8 mn in September, up from USD 47.2 mn in August. They were followed by the logistics sector at USD 82.9 mn and the software development sector with USD 52.6 mn.<\/p>\n","protected":false},"excerpt":{"rendered":"

Saudi Arabia dominated regional startup funding in September<\/p>\n","protected":false},"author":1,"featured_media":648308,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[72,183,95,123,200],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-648307","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-enterpriseam","tag-fintech","tag-startup-watch","tag-startups","tag-venture-capital","wpautop","entry"],"acf":{"mongo_id":"93b5cc1e-9220-4b18-9ddf-9685ff24398f","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/528.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s startup funding rose 219% m-o-m in September, but still lag behind GCC startup scene","related_issue":[648295],"teaser":"Saudi Arabia dominated regional startup funding in September","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.bfe3f106-868b-4037-acf9-cd101f555626.mp3"},"yoast_head":"\nLocal startup funding rose 219% m-o-m in September, but still lag behind regional startup scene - 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Mahfouz said in public comments that\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\/8\/37.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565441,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/08\/paymob-raises-usd-18-5-mn-series-a-round\/","url_meta":{"origin":648307,"position":3},"title":"Paymob raises USD 18.5 mn series A round","author":"enterpriseam admin","date":"8 April 2021","format":false,"excerpt":"Payment gateway Paymob completed its series A round with USD 18.5 mn raised, the company said in a statement (pdf). Paymob raised USD 15 mn from existing investors in the second tranche of its series A led by UAE-based Global Ventures, A15, and the Dutch entrepreneurial development bank (FMO). Paymob\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\/2021\/4\/374.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":560757,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/11\/fintech-startup-dayra-raises-usd-3-mn-in-pre-seed-funding-round\/","url_meta":{"origin":648307,"position":4},"title":"Fintech startup Dayra raises USD 3 mn in pre-seed funding round","author":"enterpriseam admin","date":"11 March 2021","format":false,"excerpt":"Egyptian fintech startup Dayra has closed a USD 3 mn pre-seed funding round that includes both equity and debt financing, according to a company press release (pdf). EFG EV Fintech, EFG Hermes, Tanmiya Capital Ventures and a number of angel investors all participated in the round, which closed after the\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\/3\/171.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594273,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/24\/egypt-is-the-second-most-active-fintech-startup-hub-in-mena-but-still-receives-little-funding-report\/","url_meta":{"origin":648307,"position":5},"title":"Egypt is the second most active FinTech startup hub in MENA, but still receives little funding -report","author":"enterpriseam admin","date":"24 October 2019","format":false,"excerpt":"STARTUP WATCH- Egypt is the second most active FinTech startup hub in MENA, but still receives little funding: Egypt\u2019s share of 51 disclosed fintech startup funding agreements closed in the MENA region in the first nine months of the year grew to 27%, or about 13 agreements, from only 13%\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\/2019\/10\/55.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/648307","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=648307"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/648307\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/648295"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/648308"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=648307"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=648307"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=648307"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=648307"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=648307"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}