{"id":649421,"date":"2024-10-09T00:00:00","date_gmt":"2024-10-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/09\/egypt-leads-startup-activity-in-africa\/"},"modified":"2024-10-09T00:00:00","modified_gmt":"2024-10-09T00:00:00","slug":"egypt-leads-startup-activity-in-africa","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/09\/egypt-leads-startup-activity-in-africa\/","title":{"rendered":"Egypt leads startup activity in Africa"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Egypt led startup activity in the continent: <\/strong>Egypt outpaced other African nations in terms of startup funding and rounds closed during the first nine months of 2024, according to Magnitt\u2019s latest <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/10\/599.pdf\" style=\"\" rel=\"noopener\">Venture Investment Summary (pdf)<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>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<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The figures: <\/strong>Egyptian startups raised a combined USD 304 mn between January and September \u2014 MNT-Halan closed Egypt, Africa, and MENA\u2019s largest round during the period with its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e4a054fb-6f5c-42cd-9a16-5181c0003446\/egypt%25e2%2580%2599s-mnt-halan-raises-usd-157.7-mn-from-international-investors\" style=\"\" rel=\"noopener\">USD 157.5 mn round<\/a> announced in July. Local startups closed 56 funding rounds during the first nine months of the year, the most of any African nation and capturing 28% of the region\u2019s transaction count. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Driving the growth: <\/strong>We saw a 45% y-o-y seed and series A transactions during 9M 2024. However, pre-seed funding was down 17% y-o-y \u201csignaling a shift toward more<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">mature startups,\u201d Magnitt said in the <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/10\/600.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a> that accompanied the report. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Bucking the trend: <\/strong>Emerging venture markets witnessed a 45% y-o-y dip in funding, raising USD 4.9 bn in the first nine months of 2024. Southeast Asia and Africa reported the sharpest drops, while the MENA region showed resilience, with only a 13% decrease. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A glance at the region: <\/strong>The UAE led the region in volume of transactions with 134, capturing 38% of all MENA transactions during the nine-month period, while KSA dominated total transaction value, with Saudi startups raising some USD 509 mn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Could 2024 end on a high note? <\/strong>\u201cWith global trends pointing towards lower interest rates and an uptick in investment activity, Q4 2024 will be a crucial period. All eyes are on whether we can exceed last year\u2019s performance,\u201d said Magnitt CEO Philip Bahoshy.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Egyptian startups raised a combined USD 304 mn between January and September<\/p>\n","protected":false},"author":1,"featured_media":649422,"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":[72,699,95,123,200],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-649421","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-enterpriseam","tag-magnitt","tag-startup-watch","tag-startups","tag-venture-capital","wpautop","entry"],"acf":{"mongo_id":"269b826b-bf8d-44ed-9110-f569733f2b5b","order":"10","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/666.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt leads startup activity in Africa","related_issue":[649403],"teaser":"Egyptian startups raised a combined USD 304 mn between January and September","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.1f305e49-8423-4483-a54e-1940fcda118e.mp3"},"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>Egypt leads startup activity in Africa - 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\/2024\/10\/09\/egypt-leads-startup-activity-in-africa\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt leads startup activity in Africa\" \/>\n<meta property=\"og:description\" content=\"Egyptian 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Mahfouz said in public comments that\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\/8\/37.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":649421,"position":4},"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 &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\/internal\/536550.png?resize=350%2C200&ssl=1","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":649421,"position":5},"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 &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\/3\/171.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\/649421","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=649421"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/649421\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/649403"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/649422"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=649421"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=649421"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=649421"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=649421"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=649421"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}