Just in the month of June, Egypt’s start-ups are close to surpassing the $190 million they raised in 2020. The round was led by Maersk Growth and Saudi Arabian venture capital company, Raed Ventures. Other Egyptian tech start-ups that bagged funding in June included Egyptian e-commerce start-up DressCode raised $250 000 from Egypt Ventures while Tejarra—another e-commerce start-up—raised an undisclosed six figure sum. By the end of the first quarter, there were already indications that 2021 was going to be a great year for start-ups in Egypt. During that period, 34 Egyptian startups raised about $22 million, doubling up on the amount of investment inked in the 2020 fourth quarter period by 24 startups.

Source: The North Africa Journal July 02, 2021 06:45 UTC