Partnership
AGCC at Techne Summit Cairo 2024: Chiara de Caro's Panel Discussion on Market Expansion
Written by Chiara de Caro, 27. May 2024Techne Summit is an international multi-industry-focused Investment & Entrepreneurship event that aims to impact multiple sectors and stakeholders of the Startup Communities in The Mediterranean Region through showcasing different technologies and their application in each industry.
Reflecting on Techne Summit Cairo 2024
This past weekend, Cairo was abuzz with innovation, inspiration, and impactful discussions as it hosted the Techne Summit Cairo 2024. This vibrant conference, an institution in the Alexandria scene, launched its first edition in Cairo and brought together entrepreneurs, investors, and industry leaders from the MENA region, all converging to explore the future of technology.
I had the distinct honor of representing AGCC as both an investor and a speaker on the panel session titled "Strategies to Expand to New Markets."
I had the distinct honor of representing AGCC as both an investor and a speaker on the panel session titled "Strategies to Expand to New Markets."
Engaging in the Panel: "Strategies to Expand to New Markets"
The panel session, moderated by Endeavor Egypt Managing Director, Noha Kandil, was a deep dive into the complexities and opportunities of market expansion for startups.
It was a privilege to share the stage with incredible speakers like Sadaharu Saiki, Jacopo Losso, and Hussain Al Marhoon.
We embarked on an immersive journey to explore established tactics and innovative approaches, sharing insights derived from our experiences. We discussed strategies tailored specifically for founders, aiming to share with them the knowledge and tools needed to seize growth opportunities internationally. The dynamic exchange of ideas and real-world examples provided a rich learning experience for everyone involved.
Micro, Small, and Medium Enterprises (MSMEs) play a crucial role in Egypt’s economy, contributing over 40% to the GDP and providing more than 75% of the country’s total employment. Entrepreneurship is vital to Egypt’s future. Currently, Egypt is consistently ranked among the top three tech startup ecosystems in both the MENA and Africa regions, based on the amount of funds raised by local startups.
It was a privilege to share the stage with incredible speakers like Sadaharu Saiki, Jacopo Losso, and Hussain Al Marhoon.
We embarked on an immersive journey to explore established tactics and innovative approaches, sharing insights derived from our experiences. We discussed strategies tailored specifically for founders, aiming to share with them the knowledge and tools needed to seize growth opportunities internationally. The dynamic exchange of ideas and real-world examples provided a rich learning experience for everyone involved.
Micro, Small, and Medium Enterprises (MSMEs) play a crucial role in Egypt’s economy, contributing over 40% to the GDP and providing more than 75% of the country’s total employment. Entrepreneurship is vital to Egypt’s future. Currently, Egypt is consistently ranked among the top three tech startup ecosystems in both the MENA and Africa regions, based on the amount of funds raised by local startups.
3 key highlights why Techne Summit Cairo 2024 has set the stage for future growth and opportunity
Highlight #1 - Growth in Number of Startups: The number of startups in Egypt has surged, with over 600 new tech-based ventures launched in the past five years. These startups span various sectors such as fintech, healthtech, and edtech, demonstrating the country's burgeoning entrepreneurial spirit. Young innovators are increasingly stepping up to address local and global challenges, making Egypt a significant player in the startup ecosystem.
Highlight #2 - VC Investments: Based on disclosed funding values, the average round size has been consistently increasing, especially in early-stage funding like angel, pre-seed, and seed rounds. Growth-stage funding has also risen steadily across Series A and Series B rounds. 2023 has been challenging globally, with startup funding dropping from the highs of 2021 and 2022. Despite this, Egypt’s tech ecosystem has shown resilience, consistently signing over 165 deals annually since 2019. Average ticket sizes were about $600,000 per deal in 2019-2020. In 2021, 200 deals were inked, the average check size surged to $3 million, and total funding jumped to $607 million. In 2022, Egypt raised $810 million across 212 deals, with average check sizes increasing to $3.8 million. While 2023 saw a decline, returning to 2019-2020 levels excluding mnt-Halan’s $400 million round, the average check size still rose to $7.9 million due to this mega-deal
Highlight #3 - Success Stories: Egypt boasts several successful startup cases that have gained international recognition. Companies like MaxAB have not only secured substantial funding but have also scaled their operations beyond Egypt. One of the trailblazers in this journey was Fawry, whose market capitalization soared to an impressive $1 billion following its listing on The Egyptian Exchange in August 2019. Building upon the success of Fawry, Egypt achieved another significant milestone with the rise of mnt-Halan as a unicorn startup. In February 2023, mnt-Halan solidified its unicorn status by securing a staggering $400 million in equity and debt financing. This achievement marked a pivotal moment in Egypt's startup landscape, cementing its position as a key player in the region’s tech arena.
Highlight #2 - VC Investments: Based on disclosed funding values, the average round size has been consistently increasing, especially in early-stage funding like angel, pre-seed, and seed rounds. Growth-stage funding has also risen steadily across Series A and Series B rounds. 2023 has been challenging globally, with startup funding dropping from the highs of 2021 and 2022. Despite this, Egypt’s tech ecosystem has shown resilience, consistently signing over 165 deals annually since 2019. Average ticket sizes were about $600,000 per deal in 2019-2020. In 2021, 200 deals were inked, the average check size surged to $3 million, and total funding jumped to $607 million. In 2022, Egypt raised $810 million across 212 deals, with average check sizes increasing to $3.8 million. While 2023 saw a decline, returning to 2019-2020 levels excluding mnt-Halan’s $400 million round, the average check size still rose to $7.9 million due to this mega-deal
Highlight #3 - Success Stories: Egypt boasts several successful startup cases that have gained international recognition. Companies like MaxAB have not only secured substantial funding but have also scaled their operations beyond Egypt. One of the trailblazers in this journey was Fawry, whose market capitalization soared to an impressive $1 billion following its listing on The Egyptian Exchange in August 2019. Building upon the success of Fawry, Egypt achieved another significant milestone with the rise of mnt-Halan as a unicorn startup. In February 2023, mnt-Halan solidified its unicorn status by securing a staggering $400 million in equity and debt financing. This achievement marked a pivotal moment in Egypt's startup landscape, cementing its position as a key player in the region’s tech arena.
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