A complete of 40 MENA startups raised $282 million in Could 2024 marking a exceptional 413% improve from April’s $55 million.
This progress was primarily fueled by debt financing which contributed practically $140 million to the entire quantity raised.
- The UAE-based startups secured the lion’s share of funding within the area, accumulating $189 million throughout 23 transactions
- Saudi startups adopted in second place with a distant $56 million raised via 10 offers, whereas
- Egyptian startups claimed the third spot with $24.5 million distributed amongst 4 offers
By way of sectoral efficiency, the Web3 sector attracted 2 investments within the month, totalling a worth of $1 million. General, the proptech (property expertise) sector took the lead because the top-funded sector, garnering $167.2 million over seven rounds.
The fintech sector notably lagged behind attracting $32.7 million in investments throughout 12 startups positioning it because the second highest-funded sector. Moreover, three startups within the logistics trade secured substantial funding totalling $25.3 million.
- The agritech sector confirmed indicators of restoration in Q2 2024, with a complete funding worth of $23 million in Could 2024
- Software program-as-a-Service (SaaS) startups additionally skilled a bounceback, elevating a complete of $27 million throughout three transactions
- The Enterprise-to-Client (B2C) mannequin dominated the entire funding, accounting for 62% and securing $174 million throughout 13 offers
- Enterprise-to-business (B2B) startups, then again, raised practically $100 million
- There was notable exercise within the VC area in Could 2024, as a number of funds have been launched within the area’s main ecosystems, most of them centered on the Saudi ecosystem.
- In Egypt, two funds have been launched, together with the alliance between Beltone and Microfinanza Italia to launch a $2.4 million venture to help the startup panorama and the $3 million Glint Fund II
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