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.
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