In December 2021, startups in the Middle East and North Africa (MENA) region raised around $206 million. This amounted to a 215% increase as compared to December 2020, according to the entrepreneurship platform, Wamda.
According to the report, Saudi Arabia was the top receiver of funds, along with the UAE and Bahrain. The total venture capital investment of these countries stood at 88%, with Saudi Arabia receiving the highest capital of $99.5 million.
The e-commerce sector received the highest amount of funding. Across five deals, e-commerce startups raised $119.5 million, which amounted to 58% of the total deal value.
Foodtech was the second-highest funded sector with $24 million across four deals followed by fintech which raised $19 million across eight deals.
Growth-stage funding rounds led the majority of the funding. Opontia, an e-commerce enabler startup from the UAE, raised $42 million in the Series A round, while Saudi Arabia’s Sary raised $75 million in the Series C funding round.
Grubtech, the UAE food delivery app, raised $13 million, while Bahraini food-tech startup, Calo, raised $13.5 million.
Out of the 44 deals, 12 received overseas funding. US-based investors were among the most active foreign investors followed by Germany-based investors.
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