Egypt And Morocco Lead The Way – Africa.com
Following the U.S.-Morocco Venture Capital Forum in Morocco in May and the recent visit to Egypt by coordinator British A. Robinson, Prosper Africa is refocusing its commitment to North Africa, specifically Egypt and Morocco. These dynamic countries offer huge growth potential, especially in technology and entrepreneurship. Through the use of tools such as transaction advisory services, Prosper Africa aims to open up new business opportunities and drive economic growth.
The rise of Egypt as a tech hub
Egypt has emerged as a technology and entrepreneurial leader in two distinct regions: as a key player in the larger African ecosystem, and as a major player in the Middle East and North Africa (MENA) region. Egyptian startups raised a record $1.2 billion in venture capital between 2018 and 2023, reflecting strong investor confidence and persistent macroeconomic headwinds. Despite high interest rates and currency depreciation, Egypt remains the dominant player with the largest total addressable market (TAM) in the region, making it a prime destination for investors.
More than half of Egypt’s 116 million people are under the age of 30, and with 300,000 new graduates every year, young people are the key to its digital economy. Startups like MNT-Halan, the country’s third unicorn, highlight the potential for innovation. Egypt has more than 278 start-ups, exports worth US$500 million annually and employs more than 8,000 people. Prosper Africa’s mission is to connect these startups with U.S. investors, helping them access global markets through advisory services and investor matchmaking.
Promoting growth through U.S. tools and diplomacy
Prosper Africa partners with the USAID mission in Egypt to support early-stage businesses through advisory services. USAID Egypt is dedicated to supporting early-stage entrepreneurs. By working with implementation partners like CrossBoundary, Prosper Africa streamlines transactions and expands fintech, renewable energy and manufacturing opportunities for U.S. investors. These efforts are closely tied to U.S. diplomatic relations, with key figures such as U.S. Ambassador to Egypt Hero Mustafa Garg and USAID Mission Director Sean Jones working to strengthen U.S., Egyptian and broader African markets trade links between them.
Morocco’s evolving venture capital scene
Morocco plays a key role in the Prosper Africa strategy. The recent U.S.-Morocco Venture Capital Forum highlighted the importance of injecting venture capital to scale startups in Morocco’s emerging entrepreneurial ecosystem. Homegrown Moroccan startups have made their debuts, including Y Combinator-backed business-to-business (B2B) e-commerce platform Chari, transportation management software provider Freterium, and agritech startup Yola Fresh, which received $7 million in pre-financing. Series A funding supports its expansion in North Africa. Cross-border investment opportunities between North and Sub-Saharan Africa are increasing, as evidenced by the merger between MaxAb (which operates in Egypt and Morocco) and Wasoko (which operates in East Africa).
Prosper Africa seeks to drive this growth by partnering with leading accelerator and venture capital firms such as Flat6Labs, Algebra Ventures and 500 Global, which have a proven track record and experience in attracting U.S. investor capital to emerging markets in North Africa.
Unlocking long-term opportunities
As Egypt and Morocco continue to develop as centers of innovation and entrepreneurship, Prosper Africa remains committed to establishing a sustainable framework for long-term trade and investment. The initiative not only boosts U.S. trade with North Africa but also strengthens economic ties between North Africa and sub-Saharan Africa.
By promoting investment and providing transaction advisory support, Prosper Africa plays a key role in changing the technology landscape in North Africa. Its efforts enable U.S. investors to seize exciting investment opportunities emerging in Egypt, Morocco and beyond.
source: prosper africa
