TechCabal Daily – A Unicorn is Born!

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Egypt’s Fawry is Africa’s latest startup unicorn. The fintech company is the first tech company in Egypt (and third African startup) to reach a billion-dollar valuation.

Fawry offers a convenient way for consumers and businesses to receive and make payments via multiple channels including ATMs, mobile wallets and retail points. It listed on the Egyptian Stock Exchange about a year ago and its stock price has
increased by over 300% since it went public.

The pandemic and resulting lockdown has accelerated the fintech’s rise to unicorn status. According to MENAbytes, its share price almost flattened two months after its IPO debut before dropping to its lowest point in March. The price has been rising since then.

Fawry’s unicorn journey is a departure from the other known African startup unicorns; Interswitch which became a unicorn in November 2019 and Jumia which initially attained unicorn status in April 2016. Jumia’s market cap as of today, at $949 M, is currently below a billion dollars. Both startups achieved unicorn status before going public, unlike Fawry.

Fawry’s new status establishes Egypt’s rise as a leading African tech and startup hub. There has been an increase in investor
interest and activity in the North African nation. In the last 2 years, it has featured among the best-funded tech hubs on the continent, a feat historically achieved by West and East African countries.

Using the DPO and Network International deal as an example, Basta said that buyers are looking for realistic opportunities to extend operations beyond one or two geographies. He also advised companies to avoid overcomplexity. “Buyers will pay more for something simple” he declared.

In preparing for mergers and acquisitions, Basta advised companies to begin early to prepare to be noticed by the right buyers if they want to be valued at strategic prices. He further stated that preparation should ideally begin six to nine months before transaction negotiations are expected to begin. Basta’s Magister Advisors counsels CEOs to set 15%
of their time aside for the early preparations involved.

LightWare develops and distributes innovative laser rangefinder products for application across
multiple industries. It manufactures some of the world’s smallest and lightest precision LiDAR systems for use in drones, robots, autonomous vehicles, smart cities, and other applications.

The coronavirus pandemic and the rise in demand for contactless solutions, remote medicine, vaccine delivery have accelerated the adoption and use-cases for LiDAR technology.

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