Startups in the Middle East and North Africa region raised $134 million across 56 deals in October 2024, a 52% decline from September 2024.
NORTH AFRICA | MENA Startups See a 234% MoM Growth in Funding in September 2024, Egypt Comes 3rd
Egyptian🇪🇬 startups saw significant growth with 13 companies raising a total of $25 million compared to just $7.6 million through 4 deals the previous month.https://t.co/eP65eabupQ pic.twitter.com/wQt3ahCUr9
— BitKE (@BitcoinKE) October 15, 2024
Startups based in,
- The UAE ranked first among the MENA ecosystem, raising $61.8 million across 15 deals, followed by
- Saudi entrepreneurs, who raised $50 million over 21 deals, while
- Kuwait was ranked third with $13.5 million raised in 2 deals
Compared to the previous month,
- The Egyptian startup ecosystem experienced a sharp decline in October 2024, with eight startups collectively raising just $1.6 million.
In contrast,
- Tunisia took 4th place securing $3 million, and
- Morocco took 7th place by securing $1 million
After leading in funding for four consecutive months in 2024, the fintech sector dropped to second place in October 2024 as six startups raised a combined $26.4 million.
- Proptech took the top spot, attracting $38 million across five deals.
- The e-commerce sector followed with $14.6 million raised by four startups, and
- Edtech ranked fourth, with seven startups securing $11 million in funding
- Investors maintained a strong preference for early-stage startups, with seed-stage companies attracting $40 million, representing 30% of the total investments raised in October 2024.
- Series A startups followed, securing $20 million across three deals. Additionally,
- 9 startups raised $25.8 million without disclosing their stages, while
- 12 pre-seed startups collectively garnered $15.5 million.
When it comes to business models,
- Business-to-consumer (B2C) model led the way, drawing $83.8 million across 19 startups. In comparison,
- 27 business-to-business (B2B) startups received a combined $42.4 million. Additionally,
- 10 startups operating both B2C and B2B models secured nearly $8 million.
In terms of gender balance,
- The month saw a positive shift in investment towards female-founded firms, with a total of $10.5 million raised across four transactions.
- 31 male-founded startups secured $115 million, while
- 4startups co-founded by both men and women received $4 million in funding.
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