Egypt Ventures has invested more than 383 million EGP in more than 197 startups as the government was keen to support innovation.
The company is the first VC with full investment by governmental capital and developmental partners.
The announcement came during the speech by the Minister of International Cooperation in the closing session of the RiseUp Summit in Cairo.
The VC has invested 222.2 million EGP in direct investments and 166.3 million EGP in indirect ones to support tech-enabled and scalable Egyptian startups.
Egypt came in third rank among the list after the UAE and Saudi Arabia according to the growing number of startups and investments value.
According to a Forbes report, 11 startups came among the ‘Top 50 Most Funded-Startups 2022’ list.
Minister Al-Mashat said that agility and being dynamic are the best tools to face current challenges facing startups. EduTech, e-commerce, and fin-tech are the most attractive sectors for both local and regional funding.
If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.