MENA startups raised $760 million in February 2023

2 mn read

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.

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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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