Cairo – December 23, 2024: Egypt continues to solidify its position as a key player in MENA's startup ecosystem, with four Egyptian venture capitalists featured on Forbes’ list of the region’s top investors. This recognition underscores Egypt's growing influence in the regional VC scene.
“MENA’s unique blend of cultural diversity, technological advancement, and a youthful population has ultimately attracted a wave of investors eager to capitalize on the region’s burgeoning potential,” the list writes.
In the first nine months of 2024, MENA startups raised $1.3 billion through 352 deals, slightly down from the previous year, according to MAGNiTT. However, investor confidence remains strong, with a 34 percent increase in unique investors, totaling 386 backers.
Saudi Arabia has been a dominant force in the MENA startup scene, capturing 39 percent of the total funding.
Of the 30 entries, Saudi Arabia leads with 11, followed by the U.A.E. with 10, and Egypt, Jordan, and Kuwait have four, two, and one firms, respectively.
Sawari Ventures; Flat6Labs’ Ahmed El Alfi and Hany Al-Sonbaty secured the 4th overall spot on the list, marking them as the top Egyptian venture capitalists. According to the list, Flat6Labs was the most active investor in MENA in the first nine months of 2024, with deal counts of 37, citing MAGNiTT.
The 2nd top Egyptian VC is Ali Mokhtar, CEO and Managing Director of Beltone Venture Capital, in the 6th overall spot. In April 2024, it signed a partnership agreement with CI Venture Capital to manage a $30 million fund to back fast-growing startups in the region.
A15’s Managing Partner Karim Beshara, who cofounded A15 in 2014, landed the overall 18th spot.
Algebra Ventures’ leaders – Managing Partner, Karim Hussein; General Partner, Laila Hassan; Managing Partner, Tarek Assaad; and General Partner, Omar Khashaba – grabbed the overall 19th spot.
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