INFOGRAPHIC: Startup Funding in Africa and the Middle East — Week 44

David Adubiina -
  • Egypt's Telecom provider Telecom Egypt gets $370M syndicated loan to boost financial stability 
  • Nigerian fintech startup Moniepoint lands $110M Series C funding to scale banking solutions 
  • Israeli agentic AI company Zenity clinches $38M Series B funding to secure agentic AI
  • Israel's AI software startup Verax AI closes $7.6M seed funding to mitigate AI risks
  • Qatar’s delivery app Pass receives $2.7M pre-Series A funding to expand operations 
  • Ghanian Agritech company Oyster Agribusiness closes $2M investment to expand smart farming solutions 
  • Saudi Arabia’s Agritech startup Nabt acquires $1.5M seed funding to boost its market reach
  • Saudi proptech firm ARK secures $1M pre-seed round to scale proptech services

Venture Capital Funding in Africa and the Middle East

  • UAE's Gulf Islamic Investments (GII) accepted $100M investment to boost growth plans 
  • Pan-African venture capital Janngo Capital secured $78M to support African SMEs  
  • South African investment firm Edge Growth closed $2.1 million to support SMEs

Egypt's Telecom provider Telecom Egypt gets $370M syndicated loan to boost financial stability 

Telecom Egypt, an Egyptian telecommunication company headquartered in Cairo secured a syndicated loan of $370 million amounting to (EGP 18 billion) from 13 banks, led by Commercial International Bank of Egypt (CIB) and Banque Misr as the initial Mandated Lead Arrangers and Bookrunners, and the National Bank of Egypt as the Mandated Lead Arranger and Bookrunner.

This comes after securing a $200 million medium-term loan from Banque Misr in the UAE in May 2024, to renew existing short-term facilities.

According to Telecom Egypt's CEO Mohamed Nasr, this debt restructuring will strengthen its financial position and enable it to pursue future opportunities, ultimately benefiting shareholders.

Since its establishment in 1854, Telecom Egypt has provided integrated telecommunications services catering to a wide range of fixed and retail telecommunications services, data, broadband, and managed ICT services to domestic and international customers.

With this new facility loan syndicated for seven years, the company plans to refinance its short-term EGP facilities.