As a result of the robust entrepreneur ecosystem in these nations, venture capital in the region saw a 33% increase in the number of investors in the first half of Mena, with startups in the UAE, Saudi Arabia, and Egypt securing the most funding.
With 83 transactions, the UAE topped the list in terms of deal count, representing an increase of 11% year over year. Saudi Arabia came in second with 63 deals, a 3.0% decrease, Egypt in third place with 28%, a 15% decrease, and Morocco and Bahrain in fourth and seventh place, respectively.
Saudi Arabian startups topped the list of countries obtaining venture capital funds with $412 million, followed by the United Arab Emirates with $225 million and Egypt with $86 million. However, according to venture data platform MAGNiTT, each market saw a decline of7,19, and 75%, respectively.
With non-mega deals accounting for 68% of venture investment value in H1 2024, up from 35% in H1 2023, the Saudi venture investment market started the year on par with its performance in H1 2023.
Despite the rise in investors, according to MAGNiTT data, only $768 million in funding was directed towards regional startups—a 34 percent decrease from the previous year.
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