What's Hot

    Africa Energy Week – Set to be bigger than ever

    September 29, 2023

    Unlocking Nigeria’s maritime potential – NESG explores path to prosperity

    September 27, 2023

    Oman’s Duqm Refinery completes start-up

    September 25, 2023
    Gulf Africa ReviewGulf Africa Review
    • Industry
    • Infrastructure
      1. Airport
      2. Hospitality
      3. Ports
      4. Power
      5. Rail
      6. Roads
      7. Transport
      Featured

      Osun seeks to capitalise on infrastructure momentum

      Infrastructure May 21, 2018
      Recent

      Africa Energy Week – Set to be bigger than ever

      September 29, 2023

      India reveals expansive rail and ports corridor for Middle East and South Asia

      September 13, 2023

      Green energy – UAE funds African projects through $4.5 billion initiative

      September 6, 2023
    • Business & Trade
      1. Agri-Business
      2. Entrepreneurship
      3. FDI
      4. Legislative
      5. MEA
      6. Telecoms
      7. Properties
      Featured

      Analysts predict bullish future for Nigeria’s REITs market

      Business Business & Trade January 21, 2018
      Recent

      Unlocking Nigeria’s maritime potential – NESG explores path to prosperity

      September 27, 2023

      CYNK – Africa’s first verifiable carbon market launches in Kenya

      September 22, 2023

      Ionic Rare Earths engages DRA Global to advance Makuutu Development

      September 20, 2023
    • Finance
      1. Banking
      2. Islamic finance
      Featured

      MENAT to see investment flows increase substantially

      Business Business & Trade Finance September 4, 2023
      Recent

      MENAT to see investment flows increase substantially

      September 4, 2023

      Ballim – GGC can play a major role in Africa

      July 17, 2023

      Africa50 invests USD 6.6bln in infrastructure over 6 years

      July 7, 2023
    • Innovation
    Gulf Africa ReviewGulf Africa Review
    Business

    MENA startups raised almost USD 4 billion in 2022

    January 30, 20233 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    MENA startups
    Regional startups saw increased investments across a wider number of deals in 2022.
    Share
    Facebook Twitter LinkedIn Pinterest Email

    MENA startups raised USD 3.94 billion in 2022 across 795 deals, according to startup platform Wamda. Smaller and later stage deals on the up.

    MENA startups raised USD 3.94 billion across 795 deals in 2022, according to startup and news platform Wamda. This represents an increase of 24% in terms of total investment and a 22% increase in deal count compared to 2021.

    MENA startups: Top 3 markets

    The top three markets remained the UAE, Saudi Arabia and Egypt.

    The UAE saw the most investments (USD 1.85 billion) across 250 deals, representing a rise of 5% in terms of value. Saudi Arabia raised USD 907 million across 153 deals, a 40% rise in value. Egypt secured USD 736 million in investment, a 70% rise, over 180 deals. Algeria, Bahrain, Palestine, Oman, Iraq, Qatar, Yemen, Sudan and Tunisia also saw a rise in funding and deal count.

    Kuwait, Lebanon and Morocco witnessed a downward trend in terms of deal value. Jordan saw the steepest fall, with investment in Jordanian startups dropping by 76% year on year.

    Sectors

    Fintech continues to lead, with USD 1.1 billion invested in 2022, almost double that of 2021.The top sub-sectors were neobanks, crowdfunding, open banking and corporate and personal lending.

    Cleantech saw a 101% rise from 2021 thanks to Yellow Door Energy’s USD 400 million raise in October. Logistics was the third-highest funded sector, bringing in USD 362 million in funding, fueled by the growth in e-commerce and the need for efficient warehousing and last-mile delivery solutions. 

    Small and later stage deals on the rise

    The number of smaller deals grew in 2022 and there was an uptick in the value of funding rounds raised by later stage startups, which represented over half of the VC activity in 2022. Debt financing also gained traction, with almost USD 500 million raised in debt, an increase of 89% compared to 2021.

    Founder demographics

    Women-founded startups attracted just 1.3% of the total raised last year. Startups co-founded by both men and women raised USD168 million, while startups founded by men attracted USD 3.7 billion (94%) of the total amount raised. 

    186 co-founders successfully raised investment last year. 694 were first time founders and 312 were second time founders, 124 were third time founders, 39 were fourth time founders, and 17 were fifth time founders.

    53% of VC-backed founders held a Bachelor’s degree as their highest educational level, 34% had a Master’s degree, 4% had a PhD. Women founders tended to be more educated. Approximately 36% of the founders received their degrees from regional universities.

    Leading deals

    Yellow Door Energy, a cleantech firm from the UAE, raised USD 400 million

    Tabby, a UAE-based fintech, raised USD 200 million

    Pure Harvest, a UAE-based agritech, raised USD 180 million

    Foodics, a Saudi-based e-commerce and logistics platform, raised USD 170 million

    MNT-Halan, an Egyptian fintech, raised USD 150 million

    The UAE’s Fenix Games raised USD 150 million

    Algerian superapp Yassir raised USD 150 million

    TruKKer, a Saudi logistics startup, raised USD 150 million

    Rain, a Bahraini crypto firm, raised USD 110 million

    Tamara, a Saudi fintech, raised USD 100 million

    2022 investment KSA MENA UAE
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    Previous ArticleAutochek acquires KIFAL Auto, expands to North Africa
    Next Article Free trade: Qatar and Morocco conclude second round of talks

    Related Posts

    Business Energy Infrastructure

    Africa Energy Week – Set to be bigger than ever

    September 29, 2023
    Business & Trade Innovation

    CYNK – Africa’s first verifiable carbon market launches in Kenya

    September 22, 2023
    Agri commodities Agri-Business Business & Trade Commodities

    Ugandan agritech startup Emata secures USD 2.4 million in seed funding

    September 15, 2023
    View 5 Comments

    5 Comments

    1. Pingback: MNT-Halan valued at USD 1 billion

    2. Pingback: Google for Startups launches Women Founders Africa Program

    3. Pingback: STV launches USD 150 million Total Growth platform

    4. Pingback: Foodics partners with SEA Ventures

    5. Pingback: Maholla secures USD 1.5 million for its consumer rewards app

    Leave A Reply Cancel Reply

    LATEST STORIES

    Africa Energy Week – Set to be bigger than ever

    September 29, 2023

    Unlocking Nigeria’s maritime potential – NESG explores path to prosperity

    September 27, 2023

    Oman’s Duqm Refinery completes start-up

    September 25, 2023

    CYNK – Africa’s first verifiable carbon market launches in Kenya

    September 22, 2023

    Ionic Rare Earths engages DRA Global to advance Makuutu Development

    September 20, 2023
    • Business
      • Agri-Business
      • Entrepreneurship
      • FDI
      • Legislative
      • MEA
      • Properties
      • Telecoms
    • Infrastructure
      • Airport
      • Hospitality
      • Ports
      • Power
      • Rail
      • Roads
      • Transport
    • Finance
      • Banking
      • Islamic finance
    • Commodities
      • Agri commodities
      • Metals & minerals
      • Precious metals
    • Culture & Society
      • Education
      • Energy
    GAR logo
    © GulfAfricaReview.com 2014-2022, All Rights Reserved.

    Gulf Africa Review is a trade news and future networking platform for businesses leaders and trade organisations, established to first inform and secondly assist in facilitating the ongoing business and trade relations between the Gulf Cooperation Council countries and Sub-Saharan Africa. We aim to provide an apolitical voice for this channel of economic activity in a way that benefits both geographies by improving the availability of information about market events, developments and opportunities, while publicising the successes achieved by this ever-broadening regional relationship.

      Subscribe to our newsletter

      Type above and press Enter to search. Press Esc to cancel.