Posted Sep 30, 2022 8:30 AMUpdated on Sep 30, 2022 at 8:52 am
Waves of layoffs in Egyptian start-ups have been increasing for several months, while the ecosystem is experiencing a forced return to sobriety after several good years. The local entrepreneurial scene is not immune to the global trend of slowing fundraising, aggravated locally by uncertainties about the value of the Egyptian pound, inflation and significant restrictions on imports.
Only $68.7 million was invested locally between June and August, down 30% from the same period last year, according to estimates from the business newsletter Enterprise. The total amounts collected since the beginning of the year amounted, according to this same source, to 346 million dollars.
