MENA Startups Secure $83 Million in Funding in August 2024
The largest deal was Yuze’s $30 million round, with debt financing making up just 3% of total investment.
Startups in the Middle East and North Africa (MENA) raised $83 million across 30 funding rounds in August 2024, a significant 76% drop compared to July's $355 million, and a 24% decline year-on-year (YoY), according to Wamda and Digital Digest report. The largest deal was Yuze’s $30 million round, with debt financing making up just 3% of total investment.
The UAE led the region in investments, with 13 startups raising $55.7 million. Saudi Arabia followed, with $16 million raised across nine deals. Egypt, which had dominated in July, saw a sharp decline, securing only $7.6 million from four deals, while Kuwait made the top four with a $3 million deal by Kem.
Fintech remained the most funded sector for the third month in a row, raising $54 million across eight deals. Web3 regained traction, coming in second with $13.5 million over three rounds, while foodtech secured $9 million from four startups.
Most investments in August went to early-stage startups, with two securing $19 million in Series A rounds. Seed-stage startups followed, raising $15.6 million. A portion of investments, totaling $35.4 million, remained undisclosed regarding the funding stage.
Business-to-business (B2B) startups attracted the majority of funds, raising $46 million from 13 deals, while business-to-consumer (B2C) startups raised $15 million across five rounds. Investment in female-led startups remained low, accounting for just 0.3% of the total.
Key developments in the MENA startup ecosystem included the launch of Waad Investment, a $200 million fund by GCC-based family offices, and a $100 million fund in collaboration between Gate Ventures and the Blockchain Centre in Abu Dhabi. Additionally, mergers and acquisitions were active, with UAE-based Maisour acquired by Meteora Developers and Kuwait’s Sakan acquiring Qatar’s Hapondo.
