In November 2023, startups in the Middle East and North Africa (MENA) region secured a significant funding milestone, raising $764 million across 42 funding rounds. This reflects a remarkable month-on-month increase of 390% and a substantial year-on-year growth of 74%.
- Saudi Arabia took the lead by securing the top spot, raising an impressive $338 million across nine deals
- The UAE followed closely in second place, accumulating $284 million across 22 deals
- Egypt maintained the third position, raising $130.5 million through five funding rounds
The remaining capital was allocated to startups based in Kuwait, Morocco, Oman, and Tunisia.
The fintech sector continues to be the leading startup sector in the region, coming out on top in terms of funding amount and second in terms of the number of rounds in the sector, with nine deals.
In all of this, Modus Capital emerged as the most prolific investor, contributing $2.8 million across eight startups incubated through its flagship venture builder program. Just over a year ago, Modus announced the launch of Modus Africa – a $75 million SDG-focused VC fund that will invest in Africa’s boldest startups powered by AI and blockchain technologies.
Source/ Full report: BitKE