Egypt ranked first in the African continent in terms of the number of investment and financing deals in Egyptian startups during 2021, according to a recent report issued by the Magnit platform, which specializes in collecting data for financing startups, in cooperation with the Information Technology Industry Development Agency (ITIDA).
The report, titled "Venture Investments in Startups in Egypt", indicated that Egyptian companies succeeded in collecting financing deals worth $491 million through 147 deals concluded during 2021, which represents a new record for the volume of investment capital in the emerging companies sector in Egypt. Egypt, with an annual growth rate of 168% compared to last year.
The report also stated that Egypt came in third place in terms of the total value of investments in emerging companies in the African continent, as its startups gained 18% of the total capital invested in the continent during 2021.
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