Startups in UAE, Saudi, Egypt raised $170mln in Q1
Startups in the MENA region raised $170 million in March, a 6 per cent rise month on month, across 43 deals, according to regional venture capital firm, Wamda.
This takes the total amount raised in the first quarter of this year to $396 million across 125 deals, Wamda said on its website.
Startups in the MENA region raised $170 million in March, a 6 per cent rise month on month, across 43 deals, according to regional venture capital firm, Wamda.
This takes the total amount raised in the first quarter of this year to $396 million across 125 deals, Wamda said on its website.
In terms of amount invested in March, the UAE topped with $130 million invested in 11 startups. This was primarily down to two companies, agritech Pure Harvest ($50 million) and last mile delivery, Lyve ($35 million).
Flat6Labs’ latest cohort in Cairo helped push Egypt’s investment rounds to 18 while 11 of Saudi Arabia’s startups raised $30 million in total.
Fintech attracted the highest number of deals with 10, Wamda said.
During 2020, MENA startups received $1.03 billion in funds. The funds, which were granted to about 496 deals, showed a 13 percent increase compared to the financing granted in the previous year, according to an earlier report by startup data platform MAGNiTT.