Egypt startups attract wave of foreign VCs

Egyptian entrepreneurs are finally beginning to attract foreign investors, with jobs site Wuzzuf the latest to close a major Series A funding round.

Sweden’s Vostok New Ventures and UK-based Piton Capital have invested $1.7 million in the parent company BasharSoft. Wuzzuf (CEO Ameer Sherif below) was one of four companies the Swedes used as a launchpad into the Middle East, and it was both VCs’ first investment in Egypt.

Wuzzuf’s round, which is likely to be the country’s largest to date, is the first of almost half a dozen Egyptian Series A deals led by offshore investors that are due to close in the next few months.

Price comparison site Yaoota and events siteEventtus aren’t far behind and both are speaking to offshore investors. Instabug is allegedly also expecting to close a Series A by the end of this year.

Sherif ElRakabawy and Mohamed Ewis, cofounders of online price comparison site Yaoota (‘crazy tomatoes’ in English, a piece of popular Egyptian market slang) are in the final stages of talks with a UAE-based VC. Yaoota only launched in June last year.

Original article by Rachel Williamson

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Egypt startups attract wave of foreign VCs