The startup ecosystems globally have been suffering year-round during 2022. With both the post-pandemic economy and the Russian-Ukrainian war, it was clear that startup investments would decline significantly. That said, Egypt’s growing startup ecosystem has shown the complete opposite.
Magnitt and Itida recently published the 2022 Egypt Venture Investment Report. The report states a $517M funding amount in 2022, compared to $501M in 2021. The Egyptian ecosystem is still showing resilience and growth, despite all the global and local challenges.
That said, let’s dive in with the top five funding amounts in Egypt in 2022. Together, these five startups contributed to $171M (33%) of the country’s funding amount for 2022 ($517M).
1. Paymob ($50M Series B)
Paymob was established in 2015, with the goal of giving access to finance to the masses through small and large enterprises. They are building infrastructure technology to enable payments and subscriptions.
2. MaxAB ($40M Pre-Series B)
MaxAB is innovating the wholesale market, providing retailers with one place for on-demand delivery, finance solutions, and other value-added services. The company started operating in Egypt in 2018. They are currently expanding in Morocco and planning to expand in Saudi Arabia by the end of 2022.
3. Money Fellows ($31M Series B)
Money Fellows enables lending and money management tools to the masses. The company digitizes the Egyptian widely known lending tool “Gaameya”, Rotating Savings and Credit Association (ROSCA). They’re now serving 2 million users.
4. Brimore ($25M Series A)
Brimore solves go-to-market challenges through a social platform. The platform is transforming e-commerce by connecting emerging brands to emerging distributors nationwide. The company plans to use the fund to expand across Africa.
5. Lucky ($25M Series A)
Lucky offers credit products for the masses. The company is currently operating in Egypt and Morocco, registering purchases from 20,000 local and international brands. They plan to use the fund for expansions in the Middle East and Northern Africa.