Egypt captures 13% of startups investments: Magnitt

Egypt has captured 13 percent of the total startups venture capital investments in the Middle East recording $67.2 million according to Magnitt report.

The total funding has registered $517 million since the beginning of the current year,  the report added.

Egypt surpassed the UAE by number of deals in the MENA region, accounting for 27 percent of all deals. The top 5 is completed by Lebanon, Saudi Arabia and Tunisia, which have all seen an increase in their percentage of total deals.

However, The fintech and e-commerce sectors accounted for 24 percent of the total number of deal, the delivery sector dominated 8 percent of the deals, while the food and beverage sector received 7 percent of the funds.

MaxAB, a Cairo-based B2B ecommerce marketplace that connects informal food and grocery retailers with suppliers through an easy-to-use app has raised $6.2 million in seed funding which is  the highest funding deal in Q3 2019.