Cairo - Sharikat Mubasher: The Egyptian venture capital (VC) market witnessed a sharp decline in total funding during the first half (H1) of 2024, dropping 75% year-on-year (YoY) to $86 million.

Despite this drop, which was due to the absence of mega deals, Egypt secured 11% of total funding in the Middle East and North Africa (MENA) in H1-24, maintaining its position as the third most funded country in the region, a recent report by MAGNiTT showed.

The number of deals also slid by 15% during the first six months of 2024, while the investor landscape in the African country saw a 7% rise in the total number of unique investors, led by local investors which saw an 82% YoY growth.

The fintech sector remained Egypt’s top industry by funding, collecting $39 million, although it saw an 87% YoY decline.

Conversely, the IT Solutions sector witnessed remarkable growth, achieving a 100% increase in funding fueled by Dxwand's $4 million Series A round.