MENA Startup Funding Falls 76% in August to $83 Million
The plunge is part of a broader ongoing slump in venture capital investment throughout emerging markets.
Investments in startups across the Middle East and North Africa (MENA) plunged by 76%, reflecting a broader slump in tech investment.
In August, only $83 million was raised across 30 deals, marking a 24% drop from the same period last year, and a 76% decline compared to July 2024.
This decline is part of a global trend of falling venture capital in emerging markets, with the Middle East, Africa, Southeast Asia, Turkey and Pakistan collectively seeing just $287 million in funding - the lowest total this year.
Within MENA, the UAE led the region, with 13 startups raising $55.7 million. Saudi Arabia followed, with nine startups securing $15.8 million, while Egypt raised $7.6 million, Kuwait $3 million, and Tunisia $1 million. Fintech dominated the sectors, attracting $54 million, while Web3 and Foodtech followed with $13.5 million and $9 million, respectively.
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Nov 18,2024 -
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