A total of 40 MENA startups raised $282 million in May 2024 marking a remarkable 413% increase from April’s $55 million.
This growth was primarily fueled by debt financing which contributed nearly $140 million to the total amount raised.
The UAE-based startups secured the lion’s share of investment in the region, accumulating $189 million across 23 transactions
Saudi startups followed in second place with a distant $56 million raised through 10 deals, while
Egyptian startups claimed the third spot with $24.5 million distributed among four deals
In terms of sectoral performance, the Web3 sector attracted 2 investments in the month, totalling a value of $1 million. Overall, the proptech (property technology) sector took the lead as the top-funded sector, garnering $167.2 million over seven rounds.
The fintech sector notably lagged behind attracting $32.7 million in investments across 12 startups positioning it as the second highest-funded sector. Additionally, three startups in the logistics industry secured substantial funding totalling $25.3 million.
The agritech sector showed signs of recovery in Q2 2024, with a total investment value of $23 million in May 2024
Software-as-a-Service (SaaS) startups also experienced a bounceback, raising a total of $27 million across three transactions
The Business-to-Consumer (B2C) model dominated the total funding, accounting for 62% and securing $174 million across 13 deals
Business-to-business (B2B) startups, on the other hand, raised nearly $100 million
There was notable activity in the VC space in May 2024, as several funds were launched in the region’s major ecosystems, most of them focused on the Saudi ecosystem.
In Egypt, two funds were launched, including the alliance between Beltone and Microfinanza Italia to launch a $2.4 million project to support the startup landscape and the $3 million Glint Fund II
Follow us on Twitter for latest posts and updates
Join and interact with our Telegram community
____________________________________________
____________________________________________
