According to the startup platform MAGNiTT’s MENA Venture Investment Report (the region’s leading data platform tracking the region’s startup ecosystem), Egypt is ranked as the fastest growing startup ecosystem and the second largest after UAE. The results show that in 2018, Egypt’s share of total number of seed funding agreements grew by 7% y-o-y to USD 196.5 million, representing 22% of all MENA.
On the other hand, the UAE ranked the top position with 30% share and 70% of total funding proceeds. Ziad Mokhtar, Algebra Ventures Managing Partner, stated: “Egypt is seeing a second wave of entrepreneurs and investors that are more mature and experienced. The population is also starting to embrace technology for everyday activities.”
Egypt was followed by Lebanon, with a market share of 10%, Jordan, with a share of 8% and Saudi Arabia with 7%.
