Start-ups in Egypt receives high praise its innovation in tech

The African Private Capital Association's annual conference held its 9th Annual Conference & Venture Capital Summit under the theme 'Retrospection & Prospection: Transforming Africa through Private Capital. The program ran from May 1st to May 5th 2023.

During the summit, African venture capitalists were asked which African startups in their portfolios stood out the most. They mentioned among others Fuelin, from Egypt. 

Fuelin is an Egyptian company that provides a platform for logistics firms to track and manage the fuel usage of their fleet. Fuel expenditures may make up 50–60% of a company's yearly income in an environment of volatile oil prices and significant inflation, therefore effective management is essential.

In 2022, the World Economic Forum disclosed that 92% of Africa’s investment in tech is won by just four countries: Nigeria, Egypt, Kenya, and South Africa. A similar report a year prior, by the African Development Bank (AfDB), showed that these four countries account for about a third of the continent’s start-up incubators and accelerators and receive 80% of foreign direct investment (FDI) into Africa.