In February 2022, startups in the Middle East/North Africa region (Mena), raised $375,000,000 across 81 deals, an increase of 51.6 percent month-on-30 and a 134% increase in year-on-year.
Of the total amount raised, Saudi startups hauled in the most with $219 million in 23 investment deals, amounting to 58 percent of the overall funding value, thanks mainly to Trukker’s $96 million Series B round and Nana’s $50 million growth round. UAE startups raised $77.6m across 20 deals, while Egypt’s startups raised $70m across 18 deals. These three markets combined received 98 per cent of the total funding value.
Tunisia and Morocco saw rising momentum, with startups raising $1 million and $4 millions respectively.
Last month saw a significant increase in funding across all stages. There was also a notable increase in the number Series A investments. Deal count remains strong in Pre-Seed, Seed-stage and Venture-stage stages.
Early-stage startups still have a great deal of access to funding from accelerators. TechStars Riyadh, which invested in more than 12 startups in the region, was the most active accelerator. Flat6Labs followed, with eight of its Tunisia cohort graduates.
Regionally, investors based in Saudi Arabia were the most active and participated in 27 deals, while investors based in the UAE participated in 22 deals. US investors were the most active foreign investors in Mena startups with 30 backing deals, compared to 35 that saw direct foreign investments.
Sector-wise logistics startups received $120 million in February. Retailo and Saudi Trukker’s were the top fundraisers. Milezmore, an Egypt-based cloud-based provider of last-mile delivery services, was funded by Brimore, a compatriot social-commerce startup.
Eight foodtech startups raised $74 million, thanks largely to Nana’s $50 million round for its quick commerce, e-grocery platform. Fintech is still a popular target for investors, with 19 deals totalling $67 million.
In 69 deals, 96 percent of $375 million was raised by startups founded by men. In startups founded by women, less than $4million was invested. Startups co-founded and funded by men and women raised close to $11million.
BithTV, Postpay and SiFi were not able to disclose the exact amount raised last month. We gave them a conservative $100,000.