FUNDING | Middle East and North African (MENA) Web3 Startups Raised $1.8 Million in April 2024

Egyptian startups received $8.7 million over five deals in April 2024.

Investment in the Middle East and North Africa (MENA) region saw a significant decline in April 2024 with only 19 startups raising $55 million.

This marked a 78% decrease month-on-month (MoM) from the $254 million raised in March 2024, but it represented an 87% increase year-on-year (YoY).

  • Tunisian AI startup, Qodek, was one of the standout investees in April 2024 having raised an $8 million Series B
  • 3 Saudi startups received $4.8 million
  • UAE-based businesses earned $32 million across six deals
  • Egyptian startups received $8.7 million over five deals

  • The Web3 sector saw $1.8 million during April 2024
  • Fintech emerged as the most funded sector with four firms collectively raising $25.7 million
  • The fintech investments include the largest deal size in April 2024 by UAE-based fintech Fortis, which secured $20 million of the total
  • E-commerce followed fintech receiving $10.5 million across two rounds
  • AI startup, Qodek, raised $8 million
  • 3 Software-as-a-Service (SaaS) providers collectively received $3.5 million in funding.

Several venture capital firms launched their funds in April 2024, including:

Bahrain-based alternative asset manager, InvestCorp, completed a significant merger and acquisition deal by acquiring NSEIT, the digital technology division of India’s National Stock Exchange (NSE), in a transaction valued at $120 million.

U.S. tech giant, Microsoft, also invested $1.5 billion for a minority stake in UAE-based regional AI player, G42, with the aim of delivering advanced AI solutions with Microsoft Azure across various industries and markets.




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