Since 2017, Egypt’s venture capital (VC) investments have been hitting new records with a 168% increase in 2021, Magnitt’s data shows. This year, VC investments are expected to double, but how does this reflect on emerging and established green startups in Egypt as the climate crisis becomes more urgent than ever?
VC investments in Egyptian startups amounted to $491 million in 2021 with more than half of the investors coming from outside the MENA region. Despite the surge in investment, local green startups struggle to secure funding from local investors. Analysts attribute this to the lack of scalability and unclear exit strategy.
CEO of Shift EV, Aly ElTayeb says global investors are more receptive to industry disruptive technology, which makes it easier for green startups to secure funding from global investors.
Reporting and video production by Nour Eltigani.