The Top 10 Most Funded Startups in MENA in 2023

By Nazmia Nassereddine • 19 June 2024

In 2023, the Middle East and North Africa (MENA) region has experienced a remarkable influx of investments into startups, highlighting its burgeoning entrepreneurial landscape. Among the sectors reaping significant financial backing, fintech stands out, having attracted over US $2.3 billion in funding, followed by cleantech, which, like fintech, also saw a doubling of investment since 2021. This investment enthusiasm is mirrored across other vital areas such as healthtech, logistics, e-commerce, and transportation, underscoring a dynamic and rapidly evolving venture capital landscape within the region.

Below is a table of the top 10 most funded startups in MENA for 2023, showcasing their funding amounts:

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Mentioned Startup & VC Profiles

Tamara

Tamara offers a buy now, pay later platform that enables customers to pay in installments.

Tabby

Tabby is a buy now, pay later (BNPL) platform that allows shoppers to split their purchases into multiple installments at no additional cost from various merchants.

MNT-Halan

MNT-Halan, a fintech ecosystem in Egypt, was formed through the acquisition of Halan by MNT Investment in June 2021. It offers various financial services, including Buy Now Pay Later, microfinance, and payments solutions that aims to bank the unbanked. Users can disburse, collect, and transfer money digitally through mobile applications.

Telegram is a cloud-based instant messaging app that allows users to securely send messages, photos, videos, and other files to individuals or groups with over 500 million active users worldwide.

Cato Networks

Cato Networks is a provider of a SASE platform that offers a secure enterprise network connection to locations, people, and data.

PayEm

PayEm is the comprehensive solution that transforms how your organization manages expenses, empowers employees, and takes charge of financial decisions. In a world where bottlenecks and inefficiencies have become the norm, we offer a breath of fresh air.

eToro

eToro has emerged as a global Fintech leader, reshaping financial engagement with social trading and crypto innovation. Founded in Tel Aviv in 2007, eToro democratized trading for 38 million users across 75 countries.

AI21 Labs

Balance

Alpheya

Alpheya offers a full suite of cloud-native, AI-powered wealthtech solutions designed to strip away the complexities of wealth management and deliver differentiated experiences, insights, and new opportunities for your business.

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