Top 5 Egyptian startup developments in 2017

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The Egyptian tech scene continues to develop, with more key launches and funding rounds taking place in 2017.

Here, Disrupt Africa takes you through the key moments from Egypt’s tech startup ecosystem over the last year.

Algebra puts money where its mouth is

There was big news towards the end of the last year, as Egyptian VC firm Algebra Ventures announced it had raised US$40 million to invest in local tech startups.

The company has been true to its word, and has backed the likes of Eventtus, Elmenus, GoodsMart and Filkhedma in 2016.

You can read what Algebra Ventures managing partner Khaled Ismail thinks are the four characteristics of an investable startup founder here.

Funding flow continues

The amount of investment coming into Egypt and other North African countries has been on the rise for some time now, and this trend continued over the course of 2017.

Aside from those mentioned above, there also were notable rounds for the likes of Bosta, JewelHub, Orcas, Mintrics and Mumm, with 500 Startups and Cairo Angels being among the most active investors, alongside Algebra Ventures.

On-demand on the rise

On-demand transport and logistics seems to be a growing sector in Egypt, with ridesharing app Swvl launching in May and securing funding in July.

Taxi app Ousta, which raised significant funding last year, spun out an e-courier service, while another deliveries startup, Bosta, secured backing from Cairo Angels.

Yaoota

Startups making acquisitions is a rare thing indeed, but Egyptian e-commerce company Yaoota made two in the middle of the year, acquiring Middle East phone comparison portals Mobihall and Mobilesgate for undisclosed amounts as it looks to continue on its growth trajectory.

Launched in July 2014, Yaoota helps shoppers navigate through the increasing number of online products in Egypt, compare prices, and shop directly from the merchant.

Egyptians win international competitions

It was a good year for Egyptians competing in international competitions and challenges, most notably for Dr Aly El-Shafei, who walked away with US$100,000 after winning the annual Innovation Prize for Africa (IPA) for his patented innovation, SEMAJIB,

Three Egyptian teams were also winners in the MIT Arab Startup Competition, while four startups from the country made it to the final of the Visa Everywhere initiative.

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Passionate about the vibrant tech startups scene in Africa, Tom can usually be found sniffing out the continent's most exciting new companies and entrepreneurs, funding rounds and any other developments within the growing ecosystem.

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