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
    Finance

    MENA startups raised USD 646 million in October

    November 11, 20223 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    MENA startups
    This October, MENA startups saw a 331% YoY increase over 2021.
    Share
    Facebook Twitter LinkedIn Pinterest Email

    MENA startups have raised USD 3 billion across 551 deals in 2022, a 331% YoY increase over October 2021.

    MENA startups have raised USD 646 million over 69 deals in October, taking 2022’s total raised to USD 3 billion over 551 deals, according to a report by Wamda and Digital Digest.

    October’s deals value was 273% higher than that of September and 331% higher than that of the same period raised in 2021.

    MENA startups: Leading countries

    UAE-based startups received the majority of funding with USD 460 raised through 24 deals in October. Cleantech firm Yellow Door Energy received the vast majority, with its USD 400 million raise, the largest recorded in the regional startup environment.

    Egyptian startups raised a total of USD 113 million across 18 deals. These deals included USD 31 million raised by Money Fellows, USD 20 million raised by Telda and USD 40 million raised by MaxAB.

    Saudi Arabia raised USD 70 million through 12 deals, with e-commerce support platform Zid raising USD 50 million.

    Timing of investments

    The high levels of investment seen in October are largely due to an increase in late-stage financing. 84% of deals involved late stage startups, including those at Series B and growth stages.

    Seed and pre-Seed startups saw a drop in activity, representing just 7% of the capital raised.

    According to the report, debt financing is becoming a popular means of financing at startups with higher valuations, including KarmSolar and Trella.

    MENA startups: Fintech’s ongoing domination

    Yellow Door aside, fintech continued to dominate investment, accounting for 16 of the 69 deals and raising USD 70 million. Neobanks and open banking startups were the most funded fintech sector.

    Foodtech, e-commerce and Web3 startups accounted for 7%, 8% and 3.5% respectively. B2B software-as-a-service (SAAS) startups raised USD 528 million across 36 deals, B2C startups raised USD 115 cross 30 deals.

    Geographic breakdown

    Egypt-based investors were the most active, participating in 18 deals, followed by those based in the UAE with 15 and Saudi Arabia-based with 13. 

    International involvement continues to be lackluster. Only 18 out of 64 deals attracted foreign investors, with the US remaining a leading source of global funding for MENA startups. 

    Female-led startups

    Funding for female-led startups remains low, with October seeing just 0.06% of funding going to female-led companies. Startups with mixed teams raised JUST 0.47%. Male-led startups accounted for 99.47%.

    –

    Read our exclusive interviews with the leaders of two regional VC firms, Venture Souqs and Flat6Labs.

    Egypt MENA MENA Startups saudi arabia Startups UAE
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    Previous ArticleSANRAL facing scrutiny following awarding of road contracts
    Next Article Liquid Dataport launches ‘One Africa’ digital network

    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
    Business & Trade

    Turkey Exporters Assembly plans Saudi-Turkish trade summit

    September 18, 2023
    View 3 Comments

    3 Comments

    1. Pingback: CONIX.AI raises USD 1.3 million in pre-Seed round

    2. Pingback: Flapmax Launches AI Builders Garage and Global Community

    3. Pingback: Flapmax Launches AI Builders Garage at FAI Summit

    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.