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Egyptian startups raise $101 million in funding in H1 2024

Egypt ranked third with 13 percent share of $101 million in funding for startups during the first half of 2024, according to "Africa: The Big Deal".
09.07.24 | Source: Ahram Online

According to Saudi Arabia's Digital Digest platform, Egyptian companies secured $289 million in funding during the first half of 2023.

Kenya topped the list of countries receiving the most funding in the first half of 2024 with its startups raising $244 million, capturing 32 percent of the total value, as per the platform.

Nigeria followed in second place, capturing 23 percent of the funding with $172 million, while South Africa ranked fourth, securing 11 percent of funding amounting to $85 million.

The top four countries collectively accounted for 79 percent of the total funding amount of $780 million, marking a 57 percent decrease compared to the first half of 2023 and a 31 percent decline compared to the second half of 2023.

As per Africa: The Big Deal, 4 out of 5 dollars invested in African startups went to ventures based in the Big Four. Although this is high, it is not the highest seen (92 percent back in H1 2023), it explained.

Kenya alone seized a third of all the funding, said the platform.

The Transport & Logistics sector attracted most of the funding, 28 percent, with two of the three largest deals announced in H1 (Moove and Spiro), it noted.

While Fintech came only second in the amount raised, it stayed ahead in terms of the number of startups raising $1 million or more during the period (30), the platform explained.

The platform added that only a fraction of the funding continued targeting female-founded and female-led startups, with 85 percent of funding going to ventures without female founders and 92 percent to companies with a male CEO.