Cairo has attained the 3rd position in the Middle East and North Africa (MENA) startup landscape in the most recent Global Startup Ecosystem Report 2024 (GSER 2024) by Startup Genome, reflecting Egypt’s advancement as a regional entrepreneurial center.
The capital city of Egypt has ascended from the 51-60 range last year to the 41-50 range in the overall Emerging Ecosystems ranking, underscoring its rapid development and growing influence within the global startup community.
The report highlighted that Egypt’s capital city secured the top ranking in the Bang for Buck category among MENA ecosystems. This underscores its effective use of venture capital to support tech startups.
With a perfect 10/10 score in funding and an 8 in talent and experience, the city has proven its ability to attract investment and cultivate a skilled workforce, which are crucial for startup success.
According to Egypt Today Website Silicon Valley continues to uphold its leading global position, with New York City and London closely trailing behind.
Egypt has emerged as one of the primary startup hubs in the Arab world, with the founding and funding of over 280 startups since 2010.
The Ministry of Information Technology and Communications has made significant contributions to the local startup ecosystem through initiatives such as the Technology Innovation & Entrepreneurship Center and CREATIVA Innovation Hubs, providing vital support and resources to entrepreneurs.
FinTech Egypt, an initiative led by the Central Bank of Egypt, reported that local FinTech and FinTech-enabled startups, as well as payment service providers, collectively raised a noteworthy $796.5 million in funding in 2023.
Private equity investments accounted for $437.7 millions of this total, with venture capital investments amounting to $358.8 million, marking a substantial increase of 28.7 times over the past three years.
