As part of the government’s initiative to support entrepreneurs and startups in Egypt, the number of startups in Egypt has multiplied by more than 5 times over 5 years, reaching more than 177 startups operating in over 14 sub-sectors.
Egypt is considered the leading country in North Africa in terms of acquiring deals for startups, with approximately $340 million in funding obtained by Egyptian startups during the first 10 months of 2023.
This growth is attributed to several factors, including:
- Economic growth, contributing to increased job opportunities and creating a conducive environment for the growth of startups in Egypt.
- Increased awareness of the importance of entrepreneurship in Egypt, with the Egyptian government launching numerous initiatives and programs to support entrepreneurs.
- Availability of advanced technological infrastructure, which has assisted startups in Egypt to expand and offer their services to customers worldwide.
Top Startups in Egypt in 2023
Yalla Super App
This is an application designed for sending and receiving money, handling online payments, managing all your daily needs and requests. Currently available in Egypt and the United Arab Emirates, it is soon expanding to Saudi Arabia and Pakistan. The Yalla Super App, owned by leading financial technology and electronic payment solutions company Bayan Sky, won the Best Startup Company in the world award in the largest global startup competition, WMF – We Make Future.
Instabug
This application provides developers with the opportunity to communicate with users to track any errors occurring in the application and improve user service. The company earned the title of Best Egyptian Startup Company in a report published by Forbes magazine.
Paymob
An electronic payment service aimed at facilitating electronic payments and enabling many companies and businesses to accept payments using suitable methods. Paymob’s growth in the region was fueled by the funding it received during its Series B investment round in 2022 led by PayPal Ventures. This resulted in the company’s expansion into the United Arab Emirates in the same year and obtaining a Payment Technology Service Provider (PTSP) license from Saudi Payments in the second quarter of 2023, allowing it to operate within the Saudi market at full capacity.
Telda
A financial application that issues prepaid cards linked to the mobile application available on smartphones. It targets customers in general, especially the youth, to control and track their daily expenses. Users can utilize the card and app for transferring from one Telda card to another in a manner ensuring speed and security. The company’s announced investment value is $25 million USD.
It is necessary to mention three startup companies that won the “Innovation Arena Award” in collaboration with Madar company on the sidelines of the Cairo International Technology Exhibition (ICT Cairo). These companies (IMC, Atmos Tech, Hoopoe) specialize in smart cities.
With the significant increase in the number of startups in Egypt, the influx of funding and international accolades, coupled with the efforts of the Egyptian government and its collaboration with specialized companies, we find that Egypt is confidently moving towards a promising future in the entrepreneurship sector.
Despite the challenges, passion and determination to achieve success remain crucial driving forces in this journey. Through the continued commitment to supporting innovation and entrepreneurship, Egypt will persist in growing and advancing towards a more sustainable future and prosperity for all young and innovative initiatives.
The road ahead won’t be easy, but with determination and collective efforts, Egypt will continue to strengthen its position as a key hub for innovation and startups in the region. These success stories will remain an incentive for further inspiration and evolution in the entrepreneurship world.
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