Technology companies in North Africa secured a total of $254.202 million USD during 2019, and Q1 and Q2 2020 has already seen $120.233 million USD raised to date. In spite of the continued uncertainty brought about by the coronavirus (COVID-19) pandemic, North African technology companies appear to be performing well.
2019 and 2020 have seen large raises across a number of sectors such as those closed by Vezeeta, Swvl, TemTem and more recently Next Protein, we also observed much of the investment activity was secured by companies based in Egypt. With the launch of the Tunisian Start-up Act in 2019 and UAE sovereign wealth fund Mubadala announcing a $250 million USD MENA focussed fund, perhaps we will see a continuation of the success achieved in 2019?
In this report we take a closer look at some of the investment trends and companies across the North Africa region.