MENA startups raised $247 million in March 2023.

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Startups in MENA

The decline in deal activity can also be attributed to the region’s economic challenges as the pandemic continues to weigh on the economies. This means investors are being more cautious when placing capital as they weigh the risks against the potential rewards.

Startups in the Middle East and North Africa (Mena) region raised $247 million in 67 deals in March 2023, down 67% from the previous month (m/m) and down 17% from a year ago. Saudi Arabia was the top destination for startup investment last month, receiving more than half of the region’s total deal value with $175 million in 20 deals. The growth was largely due to the $150 million raised by buy now, pay later (BNPL) startup Tamara in a round of debt financing from Goldman Sachs, which itself represented 64% of the total financing value recorded last month.

The UAE came in second with $59 million raised in 18 deals. Notable deals include a $25 million Qlub seed round and a $15 million COFE round led by Wa’ed Ventures, as well as a $10 million Pre-Series C Almentor round. Bahrain, Kuwait and Morocco are ranked third, fourth and fifth, respectively.

Despite the decline in overall deal activity, total funding exceeded the $1.1 billion mark in the first quarter, a positive sign for the region’s startup ecosystem. The continued growth in early-stage investments shows that the region is still attractive to venture capital and that entrepreneurs in the MENA region can still access the capital they need to grow their businesses. MENA startups raised $760 million in February 2023.

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Vitalii Minka
I have a strong commitment to goals and deadlines, and I have set high standards for myself, a highly motivated individual with a passion for economics and finance. I have a strong work ethic and am committed to meeting goals and deadlines. In addition, I stay up-to-date on the stock market by regularly reading news from the stock market. I also use self-study methods such as Coursera and Netology to stay ahead of current trends in economics and finance. -I consider the most interesting tasks, where initially there is no clear plan of "correct" actions Undergraduate diploma theme: "Estimation of agrolandscape condition using remote sensing tools" (Winter barley yield forecasting using space images) Scientific publications: - Minka V.S. Babenko I.V. Kopyl Problems and prospects of asset securitization in the Krasnodar Territory // Forum of young scientists. №4 (22). 2018 - Minka V.S. Babenko I.V. The study of citizens' awareness of the securities market // Forum of young scientists. №4 (20). 2018 - Minka V.S. Ryndina I.V. Securities as a tool of monetary regulation // Economics and socium. №26 (37). 2017 - Minka V.S. Babenko I.V. Methodology of bank investment in the securities market // Forum of young scientists. №6 (22). 2018. Since 2015 I am engaged in online sales through the Internet site Avito, more than 150 completed transactions, at the moment I have 52 reviews (5 stars). Hobbies: Numismatics and antiquities Hobbies: I am involved in athletics, taking part in competitions.

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