According to Disrupt Africa’s recently-released African Tech Startups Funding Report 2019, 311 startups on the continent raised a grand total of US$491,623,400 in 2019, up 46.7 per cent on 2018. Eighty-eight Egyptian tech startups secured investment over the course of the year, more than any other African country, and accounting for 28.3 per cent of the overall total. These startups secured almost US$90 million in funding, a higher figure than South Africa and one bettered by only Kenya and Nigeria. But what is behind Egypt’s rise to its current status as a major player in Africa’s tech startup ecosystem? Assaad says there is still a way to go in terms of ensuring Egyptian startups have access to the necessary capital.

Source: The North Africa Journal February 04, 2020 06:00 UTC