Startups in the MENA
Startups in the Middle East and North Africa (MENA) have seen significant funding growth this year, with $760 million raised in 48 deals in February alone. That’s a 638% increase over the month before. The biggest contributors to this growth were Egypt with $422 million, and Saudi Arabia, which raised $316 million in 13 deals.
The UAE also received a significant amount of investment, ranking third with seven deals totaling $8 million. This is notable because it is significantly lower than other countries in the region this month, but still shows growth compared to last year. Other announcements include the launch of Hub71+ Digital Assets, a $2 billion ecosystem for Web3 startups, and the launch of STV, a $150 million investment platform. CoreAngelMEA, a regional subsidiary of global business angel group CoreAngels, also recently launched.
These investments highlight the growing number of opportunities available to startups in the Middle East and North Africa and their potential benefit from the region’s rapidly evolving tech scene. When more money is invested in local businesses and entrepreneurs, more jobs are created and economies are strengthened as these businesses grow and expand. In addition, access to new resources for web3 startups will further accelerate innovation in the region.
Despite these promising developments, however, there are still challenges that must be addressed for MENA region startups to truly realize their full potential. Access to capital remains a challenge.
Despite these challenges, it is clear that MENA startups have made significant strides in the past few months and are now better positioned than ever before to make an impact in both local and global markets. When more money is invested in local businesses and entrepreneurs and more jobs are created as these businesses continue to grow and expand. Therefore, it is important that governments in the region continue to support these ambitious businesses so that they can reach their full potential.
March 10, 2023