The top 50 most-funded MENA startups have been ranked by Forbes Middle East. Combined, the 50 startups raised USD 3.2 billion in 2022.
Forbes Middle East’s yearly “MENA’s Top 50 Most-Funded Startups” list has been released. The 50 startups have raised USD 3.2 billion this year, up from USD 3 billion in 2021.
Top 50 most-funded MENA startups: Criteria for inclusion
Forbes’ list includes startups founded no earlier than 2015 and only those that raised a minimum of USD 20 million can be considered for inclusion. Startups that were acquired, merged, went public on stock markets, or didn’t provide sufficient data on funding and investors, were excluded. The funding cutoff date was November 10.
Pure Harvest Smart Farms took first place, rising from second place in 2021’s list. The agritech startup raised USD 387 million in total funding. In the summer, the company partnered with Al Dahra Group to increase its capacity and Pure Harvest now manages over 22 hectares of farmland.
Fintech, e-commerce and delivery and mobility
Fintech continues to be a leading sector among regional startups. Buy-now-pay-later Fintechs Tabby and Tamara retained their top five positions in second (USD 275 million) and third place (USD 216 million), respectively. Fintech accounted for 21 companies on Forbes’ list, attracting USD 1.3 billion in funding in total.
e-commerce (10) and delivery and mobility (4) startups raised USD 576.7 million and USD 299.6 million, rounding out the top three largest sectors.
The 50 startups hailed from nine MENA countries. Retaining top spot for the third year in a row, the UAE was the most active in terms of terms of deals and funding, with 18 startups raising USD 964 million.
Saudi Arabia came in second, with 12 local startups raising USD 946.7 million. Egypt was third, with 11 startups raising USD 508.5 million.
Founders and new entries to the list
Between them, the 50 startups were created by 112 co-founders, with only 10 startups being led by a solo founder.
There are 19 are newcomers on the list. One newcomer, crypto-asset exchange Rain, reached the top ten, ranking sixth.
2022’s top 5 most-funded startups in MENA
Pure Harvest Smart Farms
- Total funding: USD 387 million
- Headquartered: UAE
- Total funding: USD 275 million
- Headquarters: Saudi Arabia, U.A.E.
- Total funding: USD 216 million
- Headquarters: Saudi Arabia
- Established: 2020
- Total funding: USD 203 million
- Headquarters: Saudi Arabia
- Established: 2016
- Total funding: USD 193.25 million
- Headquarters: Algeria, Tunisia, Morocco
- Established: 2017
Digest Africa recently released their “100 Most Funded African Startups” list. Again, fintech dominated. Regionally, Nigeria, Kenya, South Africa and Egypt were the most active markets, in that order.
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