Startups in the Middle East and North Africa (mena) region raised $282 million in September 2024.
This figure represents a significant 234% increase month-on-month (MoM) and a 607% rise year-on-year (YoY), while debt financing accounted for merely 12% of the overall investment.
NORTH AFRICA | Fintech and Web3 Startups Lead in #MENA Funding for August 2024
Web3 startups in the MENA region raised $13.5 million becoming the second dominant sector after fintech.
Egyptian startups, which led MENA investments in July 2024, saw a drop in August 2024,… pic.twitter.com/HbQ4BFhmfm
— BitKE (@BitcoinKE) September 11, 2024
- After a two-month absence from the top spot, Saudi startups reclaimed their position as the leading funded ecosystem in MENA in September, capturing over 60% of the region’s total investment. They raised $170.8 million across 23 deals.
- The UAE ranked second, with 12 startups securing $73.8 million.
- In comparison, Egyptian startups fell behind with just 13 companies raising a total of $25 million.
The fintecth sector maintained its position as the top funded sector for the fourth month in a row, amassing $102.5 million across 14 startups. In the meantime, mobility secured the second position, thanks to the single largest deal that month ($82.8 million) by Saudi mobility startup, SHIFT.
In terms of deal count, the e-commerce and edtech sectors made notable strides, each securing nine deals:
- e-Commerce raised $63 million, while
- Edtech garnered $4.35 million.
- Additionally, 8 SaaS providers attracted a total of $10 million in investments.
Investors’ preferences in the MENA region continue to lean towards early-stage startups, as evidenced by the $102 million invested in 15 seed deals and $5 million injected into seven pre-seed startups.
In contrast, later-stage investments were more limited with only two significant transactions recorded:
- Paymob’s $22 million Series B round and
- Saufi online marketplace Syarah’s $60 million Series C.
🇪🇬FUNDING | Egyptian Fintech, Paymob, Raises Additional $22 million in Series B Extension for MENA Expansion After 6x Growth in Egypt
The extension comes on the heels of Paymob’s sustained profitability in its primary market, Egypt. Since launching its app in 2023, Paymob has… pic.twitter.com/yItiBFOU8y
— BitKE (@BitcoinKE) September 13, 2024
In September 2024, the business-to-consumer (B2C) model led in terms of investment value, attracting $93.7 million across 24 startups. This exceeded the $84.6 million invested in 28 startups within the business-to-business (B2B) model.
Startups operating in both B2B and B2C domains captured the majority of the total investment value, raising $100 million through just five deals.
Overall in the third quarter of 2024, a total investment of $727 million was secured by 136 startups, marking an impressive increase of over 192% compared to the same period last year and a 60% rise from the previous quarter.
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