$508.5 million.. 9 startups attracted large funds to Egypt

The American Forbes magazine revealed 9 startups in Egypt that were able to attract funds of $508.5 million, which made Egypt ranked third after Saudi Arabia and the UAE in terms of attracting large funds.

The magazine's report included more than 50 startups that were able to attract large funds in the Middle East and North Africa, despite the economic challenges facing the world. The amount of funding for more than 50 startups reached $3.2 billion in 2022, compared to $3 billion in 2021.

The UAE ranked first in terms of the number of companies, which reached 18 companies, with a financing volume of $964 million. The Kingdom of Saudi Arabia ranked second, with 12 companies that raised funds amounting to $946.7 million, and Egypt ranked third, with 11 companies with funds amounting to $508.5 million.

9 startups that attracted large funds to Egypt

1.      Thndr

The digital investment platform "Thndr" was founded by young Egyptians, Ahmed Hammouda, Saif Amr, in Egypt in 2022, and allows clients to invest in investment funds and companies listed on the Egyptian Stock Exchange, and has obtained financing amounting to $22 million.

2.      Blink

The Blnk platform is one of the digital platforms for consumer financing in Egypt, founded by Amr Sultan and Tarek El Sheikh in 2021, and its financing has reached $ 32 million, as the platform enables the provision of consumer financing to its customers, and repayment through installments ranging from 6 to 36 months.

The volume of loans provided by the company has reached more than 20 million dollars, while it deals with more than 300 merchants, and it has about 60,000 active customers.

3.      MoneyFellows

While the MoneyFellows platform obtained a fund size of $38 million, it targets the work of associations, and allows users to participate in associations with other users, without the need for these people to be from the circle of acquaintances or friends.

4.       Huspy

Huspy obtained financing of $ 45 million, and it is a platform for selling and financing the purchase of real estate, based on Khaled Ashmawy, an Egyptian national, with a Lebanese partner, Jad Anton, as the platform facilitates the process of buying homes via the Internet.

5.       MoneyFellows

While the MoneyFellows platform obtained a fund size of $38 million, it targets the work of associations, and allows users to participate in associations with other users, without the need for these people to be from the circle of acquaintances or friends.

6.       Huspy

   Huspy obtained financing of $ 45 million, and it is a platform for selling and financing the purchase of real estate, based on Khaled Ashmawy, an Egyptian national, with a Lebanese partner, Jad Anton, as the platform facilitates the process of buying homes via the Internet.

7.       Trella

The Trella platform has obtained financing amounting to $49 million. It is one of the digital platforms for trucking, established in 2019, to connect shippers with carriers in Egypt, Saudi Arabia, Pakistan and the UAE. It has more than 30,000 carrier partners and about 45,000 drivers.

8.      PaySky

A digital payment solutions company "PaySky" obtained financing estimated at $34 million. It was established in Egypt in 2017. PaySky technology contributed to building government payment gateways for a number of central banks in the Middle East and Africa.

9.       Lucky Financial

Cashback and installment application, Lucky Financial, has received $48 million in financing, allowing its users to pay in installments, get instant cashback, and get discounts from more than 40,000 stores.