Forbes Middle East Unveils the Most Promising Startups in Egypt

ArabNet Team, Aug 11 2016

After Mai Medhat, Egyptian entrepreneur was the center of attention at the Global Entrepreneurship Summit last June, Forbes decided to head to Egypt and give prominence to Egypt’s most promising startups on their latest Middle East edition.

FORBES MIDDLE EAST has revealed a new ranking showing the most innovative new businesses in Egypt.

The Top 20 Most Promising Egyptian Startups have raised a total of $24.2 million from 38 angel investors and 17 venture capitalists and have the potential to disrupt media, healthcare, energy, finance, education, retail and real estate.

Khuloud Al Omian, Editor in Chief of Forbes Middle East said, “The startup scene in Egypt is still at a nascent stage and we are pleased to encourage the future of entrepreneurship in the country. The resilience, vision and determination of these new leaders should be applauded and we look forward to watching them grow as they develop their ground-breaking businesses.”

Moataz Soliman and Omar Gabr founded Instabug in 2013, which detects software glitches in applications, tops the list followed by Yaoota, Wuzzuf, Diwan Videos, and Vezeeta. Because of its global appeal, Instabug has raised money from a top U.S. venture capital firm.

“An interesting fact in our research was that more than half of these startups were founded between 2011 and 2013, when Egypt was in the middle of a transition phase. These startups were inspired by entrepreneurs who have used social media and technology to their full advantage,” added Al Omian.

Methodology
The top 20 startups were shortlisted from a list of 350; the funding cut-off was $140,000. FORBES MIDDLE EAST collected data from venture capitalists, angel investors and accelerators, such as TIEC, A15, Cairo Angels, Vodafone Ventures, Flat6Labs, M3mal, KI Angels, Sawari Ventures and MEVP. 

Start-ups were evaluated based on:

  • Potential global and regional appeal
  • The quality of their investors (professional VCs)
  • The amount of funding received

Top 20 Startups
The top 20 startups come from different sectors, including services, employment, real estate, education and so on. Here are a few of those winners:

Wuzzuf was founded by Ameer Sherif in 2011. Wuzzuf is a recruitment platform, and matches jobs with people. More than 5,000 companies have recruited some 60,000 individuals through the site

MoviePigs streams Arabic indie films. It’s a combination of movie streaming service Netflix and KickStarter, the crowdfunding platform for creative projects. Movie buffs from all over the world can fund or watch independent Arabic films. It was founded in 2015 by Perihan Abouzeid and Hany El-Kerdany.

Edfa3ly founded in 2011 by Mohamed Attya, Mohamed Hisham, Ahmed Mohamed, which facilitates online ordering and shipping of U.S merchandise.

Elwafeyat is to notify family, friends and loved ones of a passing. It was founded by Yousef ElSammaa, Nesma ElFar, Con O'Donnell, Omar Hamdalla, and Ashraf Maklad. Apart from publishing obituaries, ElWafeyat allows people to pay their respects by posting condolences.

Biodiesel Misr manufactures biofuel from vegetable and animal oils. It was founded in 2013 by Mahmoud Abou Elrokab, Ismail Zaher and Motaz Elewa.

To view the complete list, click here

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