Egypt places 3rd in start-up investments in MENA in November: Wamda

Egypt has placed third in the value of investments poured into start-ups in the Middle East and North Africa (MENA) region in November, recording $6.6 million (20 percent of total investments invested in MENA start-ups in the month), according to Wamda.

Egypt and the UAE placed first equally regarding number of deals struck, reaching nine each out of 30 in November, according to the report.

The report also revealed that investment in start-ups in the MENA region witnessed a 22 percent M-o-M drop in November, raising $37.1 million.

The UAE placed the first with $16.5 million in investment (45 percent of the MENA total), while Saudi Arabia placed second with $8.7 million (35 percent of total investments), according to the report.

Wamda added that logistics and e-commerce startups accounted for the majority of investments, in number and value, saying that it mirrors the growth of online shopping amid the ongoing Covid-19 crisis.

Some 30 start-ups raised investment, two from crowdfunding (Egypt-based Argineering via Kickstarter and the UAE-based Fruitful Day via Eureeca).

Wamda is a start-up accelerator that focuses on entrepreneurship ecosystems and tracking MENA start-up investment and deals.