Egypt’s startup sector saw impressive growth in 2021. It grew by 176%, securing a record $491 million in venture capital funding, according to MAGNiTT.
This growth made Egypt a key player in the Middle East and North Africa (MENA) region, accounting for 15% of transactions and 11% of the deployed capital. The e-commerce and fintech sectors were the most active in this vibrant ecosystem.
Egypt’s startup scene has gained global recognition, ranking among the world’s top 10 emerging ecosystems with a total valuation of $2.7 billion, according to Start-Up Genome.
- Predictions suggest that this momentum will continue over the next five years, possibly leading to five Egyptian unicorns.
- Egypt Ventures, established by the government in 2017, supports young, dynamic entrepreneurs.
- Egypt’s demographics are a major advantage. Over half of its 100 million population is under 30.
- Each year, 300,000 graduates enter the workforce from Egyptian universities, fueling the digital economy.
- The startup scene in Egypt is booming, driven by fresh graduates eager to launch their ventures, significantly shaping the national economy.
Egypt’s influence in the regional startup scene was evident at LEAP24 in Riyadh. There, eight Egyptian startups raised $7 million, showcasing the country’s growing entrepreneurial landscape.
Overview of Startups in Egypt

Egypt has become one of the largest startup hubs in the Arab world, with 278 startups founded and funded since 2010. Many of these ventures are driven by a social mission to improve life in Egypt and the Middle East, particularly in the wake of the 2011 uprisings.
Egypt’s startup ecosystem has been rapidly evolving, driven by a wave of innovation and growth across various sectors.
The country’s commitment to digital transformation has paved the way for a thriving community of entrepreneurs, supported by initiatives like the Technology Innovation & Entrepreneurship Center (TIEC) and CREATIVA Innovation Hubs.
These organizations play pivotal roles in nurturing startup talent and fostering technological advancements that are reshaping industries such as fintech, biotech, and e-commerce.
Egypt’s startup ecosystem continues to evolve, driven by innovative solutions to social and environmental challenges. With strong support from accelerators like Flat6Labs, the country is poised to become an even more significant player in the global startup arena.
Also Read:
- MENA Startup Ecosystem: Trends, Challenges and Opportunities
- UAE Startup Ecosystem: The Middle East’s Silicon Valley
- Qatar’s Startup Ecosystem: A Catalyst for Economic Diversification
- Jordan Startup Ecosystem: The Rise of a Startup Nation
Notable Startups
One of the standout success stories in Egypt’s startup scene is MNT-Halan, recognized as the country’s first unicorn startup. This achievement underscores Egypt’s potential as a hub for tech innovation in the MENA region.
Fatura, another notable player, has emerged as a leading B2B platform catering to retailers, facilitating seamless transactions and enhancing supply chain efficiencies.
Several startups in Egypt have gained prominence for their innovative solutions:
- Recyclobekia: Specializes in innovative recycling solutions to promote environmental sustainability.
- Bey2ollak: Offers a crowd-sourced platform for real-time traffic updates, aiding commuters in navigating Cairo’s congested roads.
- Halan: Provides on-demand transportation and logistics services, catering to the urban mobility needs of Egyptians.
- Swvl: Revolutionizes public transportation with its app-based bus booking platform, offering convenient and affordable commuting options.
- Raye7: Focuses on carpooling services, encouraging shared rides to alleviate traffic congestion and reduce environmental impact.
Solar Power Initiatives
Egypt’s vast deserts have spurred the growth of solar power companies:
- Solarize: Offers B2B and B2C solar turnkey solutions. Provides comprehensive solar solutions, including design, installation, and maintenance for both businesses and consumers in Egypt.
- KarmSolar: Utilizes solar energy to access Africa’s largest freshwater reserves, enabling sustainable irrigation for agricultural development in arid regions. It aims at helping farmers irrigate and cultivate new lands.
Role of Incubators and Accelerators
Incubators and accelerators are instrumental in the growth of Egypt’s startup ecosystem. Due to the ecosystem’s early stage, accelerator programs are currently more prevalent and favored over incubators.
- Play a crucial role in nurturing Egypt’s startup ecosystem.
- Accelerator programs are favored due to their structured support, including mentorship, resources, and funding opportunities.
- They address the challenges faced by startups in early stages, such as limited funding and the need for entrepreneurial education.
This preference stems from startups’ limited bootstrapping capabilities and the high demand for entrepreneurial education.
Accelerators offer structured programs that include mentorship, resources, and funding opportunities, essential for startups looking to scale quickly.
They play a vital role in bridging the knowledge gap and providing the necessary support for fledgling businesses to thrive.
These startups, supported by a robust network of accelerators, are driving innovation and contributing significantly to Egypt’s economic development.
Flat6Labs: Pioneering Egyptian Accelerator
Flat6Labs stands out as a leading accelerator in Egypt. Established in 2011 by venture capitalist firm Sawari Ventures, it has set the benchmark for other accelerators in the country.
Moustafa Khater, Director of Growth and Development at The Greek Campus, a prominent coworking space in Cairo, highlighted Flat6Labs’ impact.
He explained that Sawari Ventures initially started as a conventional VC fund, identifying numerous innovative companies.
However, they realized these startups weren’t ready for significant funding. Consequently, they launched Flat6Labs with their own capital.
Flat6Labs Cairo has since raised EGP 100 million from top-tier international investors, including the IFC and the Egyptian American Enterprise Fund.
The accelerator has expanded its model to five other regions and boasts a portfolio of over 180 companies.
Nawah Scientific has significantly contributed to Egypt’s biotech sector by providing state-of-the-art research facilities tailored for scientists and researchers.
This initiative not only supports scientific endeavours but also encourages local talent to explore new frontiers in biotechnology and healthcare innovation.
Egypt’s Ranking in the World and MENA Region
In 2025, Egypt’s startup scene saw a significant rise, moving up one position to surpass Bahrain.
With a population of 112.7 million, Egypt now ranks first in Northern Africa and 66th globally. This marks an improvement from the previous year.
- Population 112.7 million
- Regional Ranking – 1st in Northern Africa
- Global Ranking – 66th Worldwide
Egypt has two cities among the top 1000 for startups, strengthening its status as a leading destination for entrepreneurial ventures in Northern Africa.
The country’s dynamic ecosystem and favourable conditions for startups make it a hub for innovation and business growth.
Egypt’s progress in global startup rankings highlights its growing influence and potential in the tech and business sectors, creating a vibrant environment for new enterprises.
A notable startup success story is Fatura, a B2B platform connecting retailers to 600 suppliers. Fatura started with four university friends and now employs over 300 people, serves 30,000 clients, and plans an initial public offering (IPO) in 2025. Their goal is to become the new norm for B2B transactions across various sectors.
Egypt Vision 2030: A Path to Sustainable Development

Egypt Vision 2030, launched in February 2016, outlines Egypt’s strategic plan for achieving sustainable development across all sectors.
- This national agenda aims to embed sustainable development principles within various state agencies.
- The vision is built on the concepts of “comprehensive sustainable development” and “balanced regional development,” focusing on three key dimensions: economic, social, and environmental.
In early 2018, Egypt updated its sustainable development agenda. This revision involved collaboration among various ministries, the private sector, and civil society organizations, guided by top experts across multiple fields.
- The goal was to adapt to local, regional, and global changes.
- The updated Vision 2030 aims to inspire by showcasing Egypt’s contribution to the international agenda and its impact on the global context.
The vision emphasizes a comprehensive approach, addressing issues through the lens of environmental, economic, and social dimensions. It consists of sectoral strategies tailored to various government agencies.
A primary focus is on improving the quality of life for Egyptian citizens by enhancing their standard of living through justice, social integration, and active participation in political and social life.
High, inclusive, and sustainable economic growth is a core objective, along with investing in human capital and fostering creativity through knowledge, innovation, and scientific research.
- The vision also prioritizes addressing climate change by creating a resilient and sustainable ecosystem capable of managing natural risks.
- Governance reforms are crucial, including administrative restructuring, transparency, robust monitoring, evaluation systems, and empowering local administrations.
These efforts aim to ensure national peace and security while strengthening Egypt’s regional and international leadership.
Key Insights and Trends in Egypt
Cairo’s startup ecosystem is thriving despite global challenges. In 2022, investors poured $517 million into Egypt, marking a 3% increase from the previous year.
This capital supported 160 deals, more than any other country in the MENA region, according to Magnitt’s 2022 Egypt Venture Capital Report.
With 93.6% of Egypt’s startups based in Cairo, the city became the focal point of this activity.
Cairo’s importance was further highlighted as it climbed from the 71-80 range to the 51-60 range in the Emerging Ecosystems ranking in 2022.
Major International Engagements
November 2022 marked a significant milestone with American VC fund 500 Global signing an agreement to open its first office in Africa, located in Cairo.
This partnership aims to launch several programs to support Egyptian startups. The UNDP also plans to launch a $1 billion startup financing facility for Africa in 2023, establishing eight hubs across the continent, including one in Cairo.
Additionally, in December 2022, Indian multinational Tech Mahindra signed an agreement with Egypt’s Information Technology Industry Development Agency to establish a global delivery center in Cairo, set to employ over 1,000 people.
Key Initiatives and Events
The Smart Cities cohort of Plug and Play Egypt welcomed its first 25 startups in 2022, while VC firm Algebra Ventures closed its second $100 million Egypt-dedicated fund in Q4 2022.
Cairo hosted COP27 in 2022, underscoring its significance on the global stage. Other notable events included TNW’s Hangout with VCs in May 2022, Cairo ICT in November 2022, and the fourth edition of Startups Without Borders in February 2023.
The Innovation Summit and Techne Summit 2023, held in March, attracted 30,000 attendees, showcasing Cairo’s vibrant and growing tech community.
Few Startups in Egypt that are doing Best
Egypt’s vibrant startup scene showcases innovative platforms driving digital transformation across various sectors. Almentor, an Arabic e-learning platform, meets the region’s rising demand for online education. It offers diverse courses and expert-led content, empowering lifelong learners and enhancing workforce skills.
Swvl has revolutionized urban transport in congested cities like Cairo with its bus ride-hailing app. It provides convenient and affordable commuting options, reflecting Egypt’s embrace of digital solutions for better living standards and mobility.
Capiter contributes to Egypt’s booming B2B e-commerce sector by connecting retailers with suppliers. This platform streamlines procurement, fostering business growth amid the increasing digitalization of the economy.
Eventtus stands out in the events startup space, offering comprehensive management solutions that promote networking and elevate Egypt as a preferred hub for conferences and gatherings.
Elmenus has made its mark in Egypt’s restaurant service industry with a user-friendly platform for food delivery and dining reservations. Its success underscores growing consumer demand for digital dining options.
Yodawy has transformed the pharmacy sector with an online platform for easy access to medications. This initiative addresses healthcare needs and drives e-commerce adoption in healthcare.
Sylndr innovates the used-car retail market with a trusted online platform. It simplifies the buying process and enhances transparency in the second-hand car market.
Egypt’s startup ecosystem thrives with support from venture capital firms, accelerators, and incubators. Events like the RiseUp Summit and Techne Summit play pivotal roles in networking and knowledge-sharing among entrepreneurs, investors, and industry leaders.
Startup Succes Stories: MNT-Halan

MNT-Halan, founded in 2018 by visionary entrepreneur Mounir Nakhla, has rapidly ascended to prominence in the financial technology sector.
By securing over $400 million in securitization issuances this year, the company has solidified its status as Egypt’s first unicorn.
This milestone is not just a testament to MNT-Halan’s innovative approach but also a significant leap for the entire Egyptian fintech industry.
Early Beginnings and Vision
Founded with the mission to digitally bank the unbanked and substitute cash with electronic solutions, MNT-Halan embarked on a transformative journey.
The company swiftly expanded its digital ecosystem to encompass small and micro business lending, payments, consumer finance, and e-commerce.
Serving over seven million customers across Egypt, MNT-Halan has made significant strides in driving financial inclusion and economic growth.
Impressive Growth and Funding Milestones
In a testament to its robust business model and high-quality loan book, MNT-Halan recently secured a $130 million tranche through CI Capital, bringing its total funding to over $1 billion. This achievement granted the company its unicorn status, underscoring its growing influence and success in the fintech landscape.
Mounir Nakhla attributed this demand to the high quality of the company’s underwriting, noting the impressive growth of their $650 million loan book at a rate of four to five percent month-over-month.
Strong Investor Confidence
MNT-Halan’s securitization issuances have been met with overwhelming investor demand, reflecting the resilience of its business model and the robust pay-back ability of its underlying assets.
All short-term tranches have been rated Prime 1, with longer-term tranches varying between A and A+ by MERIS (Middle East Rating & Investor Service).
The company’s funding rounds saw participation from prominent regional and local financial institutions, including CIB, CI Capital, Al Ahli Bank of Kuwait, Al Baraka Bank, Arab African International Bank, and Banque Misr, among others.
Future Prospects and Innovations
MNT-Halan is poised for further growth and innovation. It is excited to continue launching new digital financial products in Egypt and beyond.
With a solid foundation and continued investor confidence, the company is well-positioned to lead the charge in financial technology advancements.
Looking Ahead
MNT-Halan’s ascent to unicorn status marks a significant milestone in Egypt’s fintech industry. The company’s success story highlights the potential of innovative financial technology solutions to foster financial inclusion and economic development.
As MNT-Halan continues to evolve, it serves as an inspiring example of how startups can drive meaningful change in emerging markets.
Sector Highlights in Egypt’s Growing Economy

Fintech Advancements
Egypt’s fintech sector demonstrated significant growth in 2022, raising $217 million, marking an 18% increase from 2021.
- Bank penetration saw a remarkable 131% increase between 2016 and 2022, and the Financial Inclusion Strategy 2022–2025 aims to further enhance accessibility.
- January 2023 saw the launch of the country’s first digital training academy under the FinTech Egypt initiative.
Additionally, three major Egyptian banks, in collaboration with Global Ventures and Mastercard, established an $85 million fund to invest in fintechs across the MENA region.
Noteworthy investments include MoneyFellows, which secured $31 million in a Series B round in October 2022, and MNT-Halan, which raised $200 million in February 2023, becoming Egypt’s first unicorn.
E-commerce Growth
Egypt’s e-commerce sector is booming, driven by a young population and increasing internet and mobile penetration rates.
- In 2022, online purchases accounted for 3.4% of all goods sold, with projections suggesting this will rise to 4.5% by 2025.
According to Disrupt Africa’s African Tech Startups Funding Report, 17.6% of Egypt’s funded startups are in e-commerce.
Among these, Homzmart, a home furnishings marketplace, raised $23 million in a venture round in August 2022, and the digital pharmacy platform Grinta secured $8 million in a seed round in November 2022.
Logistics and Transportation Projects
Egypt is actively developing nearly 80 transportation projects, including port development, marine passenger terminals, and multimodal transport systems, with an estimated total investment of $6.6 billion.
- The World Bank has endorsed a $400 million agreement to enhance Egypt’s logistics and transportation sector, supporting a transition to low-carbon transportation.
Significant funding rounds in this sector include Mylerz, a parcel delivery company, which raised $9.6 million in a seed round in May 2022, and Naqla, a digital freight marketplace, which secured $10.5 million in a pre-Series A round the same month.
To Sum Up
Egypt’s startup landscape continues to flourish with a diverse array of innovative ventures across various sectors.
The convergence of digital transformation initiatives, supportive infrastructure, and entrepreneurial talent is positioning Egypt as a dynamic hub for innovation and growth in the MENA region and beyond.
Incubators and accelerators play a crucial role in Egypt’s burgeoning startup ecosystem.
However, due to the ecosystem’s infancy, accelerator programs have been more favoured over incubators. This preference arises from limited bootstrapping capabilities and the need for entrepreneurial education.
As these startups continue to scale and innovate, they contribute not only to economic growth but also to societal advancement by addressing critical challenges and driving sustainable development.