Technology startups in the Middle East and North Africa (MENA) region raised $258 million through 46 deals in November 2024.
The figure represents a 92% increase on the $134 million raised in October 2024 and a 66% rise compared to the same month in 2023.
🇹🇳🇲🇦🇩🇿🇪🇬🇱🇾NORTH AFRICA | Web3 Startups in MENA Region Raised Just $450K Out of a Total of $134 Million in October 2024
After leading for 4 consecutive months in 2024, the fintech sector dropped second in October 2024 with six startups raising funding.https://t.co/onXHgk2NTX pic.twitter.com/qCRCskWyo6
— BitKE (@BitcoinKE) November 13, 2024
- The United Arab Emirates (UAE) remains the most attractive to investors in November 2024 with the country’s startups raising $146 million across 11 deals.
- Saudi Arabian startups followed, with 23 companies collectively attracting $94 million in funding.
- Egypt ranked third, as eight startups raised nearly $16 million – a substantial jump from the $1.6 million secured the previous month. This impressive growth comes despite ongoing geopolitical tensions along the country’s borders and the continued depreciation of its currency.
- E-commerce emerged as the top-performing sector with seven startups collectively raising $104 million.
- Fintech, the leading sector for the past four months, moved to second place with $80 million secured across four startups, while
- Web3 registered $1.5 million. Meanwhile,
- Software as a Service (SaaS) providers gained momentum as an emerging leader in 2024, attracting a total of $21 million through seven funding rounds.
Series A deals captured the largest share of investment, raising $23 million across two deals. However, pre-seed startups dominated in terms of deal volume, securing around $5 million through 16 transactions.
UAE-based Eyewa and Lean Technologies took the lead with the largest funding rounds, raising $100 million in a series C and $67.5 million in a series B, respectively.
Building on the trend seen in 2024, the business-to-business (B2B) model dominated funding in November 2024, capturing 48% of the total investment. In contrast, business-to-consumer (B2C) startups received just $11.5 million across 12 ventures, while the remaining funds were shared among eight startups operating in both sectors.
The majority of funding (90%) was allocated to startups led by male founders compared to $583,000 for female-led startups. Notably, startups co-founded by both male and female entrepreneurs attracted a more substantial $22.5 million in investment.
Follow us on X for the latest posts and updates
Join and interact with our Telegram community
__________________________________________
__________________________________________
