- Egypt has overtaken Nigeria by raising $540 million in tech startup funding in the year to June 2023.
- This year, Egypt achieved a major milestone by creating its first unicorn, MNT-Halan.
- In the year to June 2022, the Big Four—Nigeria, Kenya, South Africa and Egypt—jointly raised $4.6 billion. This was a 25 per cent drop from the $710 million raised previously.
Egypt is today the leading market across Africa with total equity in tech funding raised by start-ups in the last one year surpassing rival Nigeria. Data from the African Private Equity and Venture Capital Association (AVCA) shows that the North African country overtook Nigeria as start-ups raised $540 million in funding in the year to June 2023.
This was, however, a 25 per cent drop from the $710 million raised the previous year. The least decline recorded among the big four African countries …
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The post From sand to silicon: Why Egypt is surpassing Nigeria in tech funding appeared first on The Exchange.
