Although Egypt ranks as the most populous country in the Middle East and third-most-populous in Africa, it hasn’t historically been a major hub for startup funding. In recent quarters, however, things have been picking up dramatically.
Today, yet another Egyptian startup—finance app Khazna—disclosed new funding. The Cairo-based company picked up $38 million in Series A debt and equity financing in a round led by led by Quona Capital.
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Founded in 2019, Khazna offers a mobile phone-enabled savings and payment app, with features including installment payment offers, bill-paying and cards on which workers can receive wages. The target user base is middle- and lower-income workers.
The fundraise comes amid a period of sharp growth for Egypt’s startup investment scene. Over the past year, Egyptian companies have raised $720 million in pre-seed through growth-stage financing across 96 known rounds, per Crunchbase data.
The numbers show a tremendous increase last year compared to the same period a year earlier, during which we saw just $80 million in known funding across 93 rounds, according to Crunchbase data.
A handful of big rounds this past year played a big role in pushing up the totals. We put together a list of 10 of the largest rounds below:
Illustration: Li-Anne Dias
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