UAE leads in Mena startup funding, raises $146 million across 11 deals

The UAE topped in Mena startup funding last month, raising $146 million across 11 deals. The Saudi market came in second as 23 startups secured $94 million. Egypt came in third as eight startups obtained nearly $16 million.

The situation in Egypt appears prominent, especially due to the fact that geopolitical tensions continue to rage in the region and the currency persistently declines. The country noted a significant increase from the $1.6 million funding secured in October.

UAE leads the race in Mena startup funding

The last quarter of 2024 is coming to an end. Tech start-ups in the Mena region demonstrated significant momentum, securing a staggering $258 million through 46 deals last month. This is a 92% increase month-on-month.

In terms of sector performance, e-commerce led in startup funding. Nearly 7 startups in this space attracted $104 million in funding. This shift pushed fintech into the second position as the sector raised $80 million across four startups.

Nonetheless, fintech had been the top choice for four months straight. If the first 9 months of the year are taken into consideration, startups in the Mena region secured $1.3 billion in funding. Fintech remained the top sector, attracting $480 million across 72 deals.

In terms of progress, the UAE, Saudi Arabia and Egypt stood out. The Emirates accounted for 38% of all deals, recording a 12% increase in the number of transactions. The Saudi market noted the second-largest progress – at 7% YOY increase in deals.

Notable Mena startup funding trend recorded

Last month, start-ups in the Series A stage attracted the majority of funding, securing $23 million through a couple of deals. But if the number of deals are considered, pre-seed startups led the race, attracting nearly $5 million across 16 transactions.

In one of the most important Mena startup trends, startups led by male founders attracted a significant portion of funding. On the other hand, female-led startups garnered just $583,000. Startups led by both male and female founders secured $22.5 million.