Startups in the Middle East and North Africa region (MENA) raised $83 million across 30 rounds in August 2024.
The figure represents a 76% month-on-month (MoM) decrease from the $355 million startups raised in July 2024, and a 24% decline year-on-year (YoY). On a positive note, equity financing dominated the investments, outpacing debt-financing which was responsible for 3% of the deals.
🇪🇬 NORTH AFRICA | Egypt Leads in Startup Funding in MENA region in July 2024, Led by Fintech and Web3 Startups
There was a 260% YoY increase in funding within the MENA region. The Web3 sector had $85 million invested in two startups.
The majority of investment went to… pic.twitter.com/jNxudByXIR
— BitKE (@BitcoinKE) August 15, 2024
Egyptian startups, which led MENA investments in July 2024, saw a significant drop in August 2024, raising just $7.6 million through four deals. Most of the investment flowed to UAE-based startups, with 13 raising a total of $55.7 million. Saudi startups followed in second place, securing $16 million across nine deals.
When looking at the data from a sectoral perspective, the fintech sector remained dominant raising $54 million across eight deals. The sector is seeing somewhat of a boom in the MENA region in contrast to the rest of the world that struggled in 2023.
🇪🇬🇱🇾🇲🇦🇹🇳🇩🇿NORTH AFRICA | MENA Startups – From Underdogs to Leading Innovators in the Global Fintech Arena
Recent data indicates that #MENA valuations are either holding steady or increasing.
For instance, in 2023, the average EV/revenue multiple for SME lending fintechs in… pic.twitter.com/s5tH6D9Lqz
— BitKE (@BitcoinKE) August 30, 2024
MENA’s fintech sector is on an upward trajectory. In 2023, fintech startups from:
- Saudi Arabia
- Egypt
- The UAE, and
- Turkey
collectively raised nearly $2 billion in funding.
Web3 came second with startups there raising $13.5 million across 3 deals, a decline from the $85 million invested in two startups in July 2024.
Most investments in the month (August 2024) went to early-stage rounds with only 2 startups declaring late-stage Series A rounds. Startups raising in the seed stage received $15.6 million while over $34.5 million was undeclared.
Moreover, the B2B sector continues to be very attractive to investors investing in the MENA region. 13 B2B startups raised $46 million, while business-to-consumer (B2C) startups raised $15 million over 5 rounds, while the remainder went to startups operating in both areas.
When looking at the data from a gender lens, investments in female-led startups accounted for just 0.3% of total funding. 1 female-founded company, the U.A.E based Powder Beauty, raised an undisclosed pre-Series A round, while another undisclosed startup with a female co-founder received a $150,000 accelerator grant.
Male-founded startups dominated the rest of the funds.
Follow us on X for the latest posts and updates
Join and interact with our Telegram community
_____________________________________
_____________________________________
