MENA investments recovers after 63 startups raised $282 million in September
| Date | Type | Companies Involved | Key Datapoint |
|---|---|---|---|
| Oct 14, 2024 | report | MENA startups raise $282m |
- MENA investors continue to back fintech, which has remained the top-funded sector for the fourth consecutive month
The MENA investment landscape has significantly recovered in September 2024 after 63 startups raised $282 million to bring Q3 total to $727 million.
According to a report from Wamda and Digital Digest, this marked a 234% increase month-on-month and a 607% rise year-on-year, with debt financing comprising 12% of the total investment.
Saudi Arabia's mobility startup SHIFT secured the largest investment with $82.8 million, followed by Syarah raising $60 million in a Series C round, with $20 million financed through debt.
Increase in investments
In September 2024, Saudi startups reclaimed their position as the top-funded ecosystem in MENA, attracting over 60% of the region's total investment with $170.8 million across 23 deals.
The UAE followed in second place, raising $73.8 million from 12 startups, while Egyptian startups lagged behind, securing only $25 million among 13 companies.
MENA investors continue to back fintech, which has remained the top-funded sector for the fourth consecutive month, raising $102.5 million across 14 startups, with mobility in second place thanks to SHIFT's funding round.
The e-commerce and edtech sectors each raised $63 million and $4.35 million through nine deals, respectively, while eight SaaS providers secured $10 million in investments.
The games industry is also picking up investment. Saudi Arabia-based UMX Studio just secured $4.5 million to build new mobile titles.
The data from Wamda and Digital Digest comes after a report by Magnitt claimed MENA startups had experienced a double-digit decline in investments during the first nine months of the year.