The startup market size in Mena has raised $95 million in July 2023

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Market MENA

The MENA region remains a hub of innovation in the technology sphere. In July 2023, the region saw $95 million go to fund 31 different deals in the startup scene, with One Moto’s $40 million lease financing round representing the largest raise. Despite a dip in the dollar figure from the same month last year, the picture shifts slightly when this deal is taken out, with the equity investment increasing to $55 million.

Leaders among startups


UAE-based startups led the charge, garnering the largest share of the total investments with $14 million, closely followed by those in Saudi Arabia with an impressive $18 million. Egypt and Morocco took the subsequent spots, raising $7 million and $2 million respectively.

Though Mobility was the top-funded sector overall, it was foodtech that received the majority of the capital raised in July. Five deals secured a total of $17 million, demonstrating a growing demand for enterprise SaaS solutions within the F&B industry.

However, the picture isn’t entirely rosy, as female-founded startups remain underfunded. Only one deal across the region went to a female-led startup, a recent accelerator graduate of Flat6labs Amman. Mixed-gender founding teams fared better, raising $12 million over six deals, but all-male-led startups gathered the lion’s share of $84 million.

Though equity investments are contracting, the region was not at a loss of activity in July. Acquisition deals were aplenty – including HyperPay’s purchase of Sanad Cash, and the EDGE Group’s scooping up of OryxLabs – and the launch of the foodtech-specific $54 million Agthia Group fund, as well as the new 500 Global accelerator programme geared towards Egyptian accelerator and incubator managers were key highlights of the month.This is good news compared to April, when there was minimal fundraising by startups in 2023.

A message for company founders

The MENA region is alive and kicking, as investments in tech remain active regardless of the dip from last year – and with the growth of enterprise SaaS solutions in the F&B industry and promising acquisition news, the future looks bright. Whether you’re an ambitious founder or investor, the MENA region is rife with opportunities you don’t want to miss! So don’t waste time and seize the opportunity – if you’re looking to make a mark in the future of the MENA tech industry, now is the time to act.

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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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