Egyptian Startups on the Rise with Funding Boost
After a period of stagnation in startup funding, Egyptian entrepreneurs are back in the game with a wave of investment deals and expansion plans. Several ventures have recently secured funding to fuel their growth in the region.
Waffarha: Discount Platform Scores Big Seed Round
Egyptian fintech startup Waffarha has closed a seven-figure seed round from Value Makers Studio to ramp up its operations. Founded in 2012 by Tarek Magdy, Waffarha offers steep discounts with daily deals ranging from 50 percent to 90 percent.
The fresh capital injection will enable Waffarha to enhance its technology, hire top talent, and expand its presence into Saudi Arabia and other markets. In 2018, the company also received a 30 percent stake from Fawry for Banking Technology and Electronic Payments.
Bluworks: HRtech Startup Secures $1m in Pre-Seed Funding
Bluworks, an HR and Software-as-a-Service solutions provider based in Egypt, has raised $1 million in pre-seed funding led by Khawarizmi Ventures. Founded in 2022 by Farah Osman, Hussein Wahdan, and Nour Ahmadein, Bluworks aims to optimize costs for businesses through data-driven decision-making.
The funding will be used to support product development, expand market reach, and grow the team. Bluworks targets blue-collar workers, providing solutions to streamline payroll processes and improve workforce management.
Bokra: Fintech Startup Closes $4.6m Pre-Seed Funding Round
Egyptian fintech startup Bokra has secured $4.6 million in pre-seed funding led by DisrupTech Ventures. Founded in 2023 by Ayman El-Sawy, Bokra offers diversified investment solutions for retail and SME investors.
The funds will support the launch of the Bokra app, expand investment products, and scale operations across the Middle East and North Africa region. Bokra aims to promote financial inclusion and provide accessible investment opportunities for individuals and SMEs.
Egyptian Startups Shine in Saudi-Egyptian Program
Ten Egyptian startups have emerged victorious in the VMS Bridge program, strengthening ties between Egypt and Saudi Arabia’s entrepreneurial ecosystems. Winners, including Amanleek, Farhy, and Sprints, will explore investment opportunities during a visit to the Kingdom.
Other winners received free company licenses in Saudi Arabia and access to training programs. The program aims to foster collaboration and growth opportunities for startups from both countries.