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.

 

Source: https://www.zawya.com/mena/en/wealth/story/Startups_in_UAE_Saudi_Egypt_raised_170mln_in_Q1-ZAWYA20210408080603/

 

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