38 startups in the Middle East and North Africa (MENA) raised a combined $355 million in July 2024, a 206% rise month-on-month (MoM) and a more than 260% increase year-on-year (YoY).
- Egyptian entrepreneurs secured the highest funding in the region, raising $185 million over seven deals, $157.5 million of which went to one transaction made by MNT-Halan. Egypt’s haul is still a remarkable growth from last month’s $15 million raised through four deals
🇪🇬REPORT | Egypt Comes 3rd Among the Top Funded MENA Countries in H1 2024
The Web3 sector drew $5.5 million in June 2024 alone, increasing more than 5 times from the $1 million raised in May 2024.
Overall, in H1 2024, the Web3 sector has attracted $47.6 million within the… pic.twitter.com/9YXuBCRifX
— BitKE (@BitcoinKE) July 12, 2024
- The UAE dropped to second place with $96 invested in 12 startups
- Saudi startups experienced a dramatic decline in investment in July 2024, garnering just $31 million over seven deals, sending them to fourth place behind Oman
- The fintech sector was the most attractive, responsible for up to $181 million invested in 16 startups
- The Web3 sector had $85 million invested in two startups
- Deeptech and cleantech took third and fourth positions, respectively, while
- E-commerce still holds its own when it comes to deal volume, with six e-commerce startups raising $15.7 million
- The majority of investment went to seed-stage startups, with eight of them raising $96 million, closely followed by
- Series A receiving $91.7 million across eight deals
- Meanwhile, five pre-Seed startups raised only $1.8 million
- The business-to-business (B2B) model attracted the most investment for the second consecutive month, with $345 million going to 27 B2B businesses
- In contrast, only nine business-to-consumer (B2C) startups raised almost $8 million, while
- The remaining funds went to two B2B2C startups
- Only two female-led startups raised $270,000 in July 2024.
- Four male and female co-founded startups managed to secure $20.5 million, and
- The remaining amount went to male-led startups
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