DUBAI/CAIRO: Top 20 start-ups of Egypt have raised a total of $24.2 million last year. All winner’s projects are aligned with the AIM Startup 2018 theme — ‘Technology for Sustainable Development and Inclusive Growth’. AIM Startup will take place at the Dubai World Trade Centre from April 9 to 11, 2018 to connect start-ups with investors.
As many as 14 Egyptian start-ups made it to the top 100 selected by World Economic Forum and the International Finance Corporation (IFC), the private sector arm of the World Bank Group. This reflects the strength and the quality of the start-up movement in Egypt that has a large pool of tech-savvy young entrepreneurs. The entrepreneurs chosen will be among the attendees at WEF’s annual regional conference, which will gather over 1,000 leading policymakers from over 50 countries near the Dead Sea in Jordan from May 19 to 21.
The start-up scene has spread in the Arab world’s most populous country Egypt, the third largest Arab economy, to digitally disrupt and reshape its economic landscape, powered by the country’s growing young population. According to Forbes Middle East, total funding for the top 20 start-ups of Egypt have raised a total of $24.2 million last year. The most active investors are 500 Startups, an American early-stage venture fund and Cairo Angels. Of the 20 start-ups, 9 raised more than $1 million. There are 38 angel investors, 17 venture capitalists, and most of the venture capitalists are not Egyptian.