Egypt ranks 3rd in MENA startup funding
Egypt came in the third place among other countries in the Middle East and North Africa (MENA) in terms of startups securing investments during November, according to a December 10th report by Wamda.
Egyptian startups have raised $6.6 million (EGP 103.70 million) through nine transactions, out of total $37 million (EGP 581.35 million) invested in all MENA startups last month, the data indicate.
The Egypt-based enterprises included Argineering, which reportedly raised $200,000 (EGP 3.14 million) through crowdfunding, according to the report.
The UAE and Saudi Arabia came ahead of Egypt with $16.5 million (EGP 259.25 million) and $8.7 million (EGP 136.70 million) of investments, respectively, Wamda added.