MENA startup funding hit $86.5mn in January

Riyadh - Sharikat Mubasher: The total value of investments secured by startups in the Middle East and North Africa (MENA) region recorded $86.5 million in January, making a 34% decline, compared to $103 million in January 2023.

Recent figures showed that the UAE seized the largest share of $47 million in funding across 10 deals, followed by Egypt with raised funding of $23 million through seven deals.

Saudi Arabia was the third with funding worth $10.7 million secured across 10 transactions, backed by the $2.9 million seed round raised by the proptech startup Rize.

The majority of January's deals targeted pre-seed and seed-stage startups, amounting to circa $53 million of the total funding.

B2B companies raised over $57 million across 14 deals, while B2C startups secured $28 million across 18 deals.

Contribution Time: 11-Feb-2024 09:53 (GMT)
Last Update Time: 11-Feb-2024 09:53 (GMT)