November 2024 - Top 5 Most Funded Startups in MENAPT

In November 2024, the MENAPT region raised a total of US $510.1 million across 58 deals, making up less than half of the US $1322.6 million raised from 112 deals in November 2023 for a 61.4% drop. Despite witnessing 2 megarounds, this month also saw a 26.1% decline in deal value and a 26.6% reduction in deal count from October 2024. These downturns suggest not only a decrease in the availability of capital but also a potentially cooling interest in the region's startups. Nonetheless, let’s take a look at the top funding rounds of November 2024.

1. Advanta Seeds | AgTech

UAE | US $100 Million (Private Equity)

Founded in 1994 as a subsidiary of Indian multinational agricultural UPL Limited, Advanta Seeds specializes in the development of high-quality hybrid seeds that are climate-smart, disease-resistant, and high in nutrition for various crops. Advanta Seeds operates in over 80 countries worldwide with a product portfolio including seeds for sorghum, corn, sunflower, canola, rice, soybeans, vegetables, and forage crops.

In November 2024, Advanta Seeds raised US $100 million in private equity from Alpha Wave Global, bringing its total raised to US $650 million. Alpha Wave will acquire a 12.44 per cent stake in Advanta, and the funds will be used to facilitate expansion as well as reduce debt.

2. Eyewa | D2C eCommerce

UAE | US $100 Million (Series C)

Founded by Anass Boumediene and Mehdi Oudghiri in 2017, Eyewa is an online and offline retailer specializing in eyewear. Eyewa aims to provide high-quality, affordable eyewear with a focus on fashion and functionality, offering prescription glasses, sunglasses, blue light glasses, and contact lenses in over 150 stores across the Middle East.

In November 2024, Eyewa raised US $100 million in a Series C round led by General Atlantic, bringing its total fundraising to US $129.8 million. The capital will be allocated to Eyewas next growth stages, including a production facility and fulfillment center to open in Saudi Arabia, as well as plans for a network of 250 eyewear stores by the end of 2025.

3. Lean Technologies | FinTech

Saudi Arabia | US $67.5 Million (Series B)

Founded by Hisham Al-Falih, Ashu Gupta, Aditya Sarkar, and Mehdi Tazi in 2019, Lean Technologies is a fintech infrastructure platform that provides open banking solutions, allowing businesses to access their customers' financial data and initiate payments through a universal API. Lean helps over 160 businesses across the MENA region connect to their consumers’ bank accounts, retrieve vital financial data, and make account-to-account payments.

In November 2024, Lean Technologies raised US $67.5 million in a Series B round led by US-based VC firm General Catalyst, bringing its total funds raised to US $104 million. Lean will use the funds to expand its Pay-by-Bank and open banking solutions, while also strengthening partnerships and growing its workforce.

4. TailorMed | FinTech, HealthTech

Israel | US $27.5 Million (Series B)

Founded by Srulik Dvorsky and Adam Siton in 2016, TailorMed is a financial navigation technology company that helps patients and healthcare providers remove financial barriers to care. The platform connects patients with financial resources to reduce out-of-pocket costs for medications and treatments, collaborating with over 50 hospitals, 200 clinics, and 300 pharmacies across the US.

In November 2024, TailorMed closed a Series B round of US $27.5 million led by Windham Venture Partners, bringing its total funds to US $79 million. "This new funding will fuel our mission to break down even more barriers to care, creating a healthcare system where affordability is the standard, not the exception, and working with patients and care teams to alleviate whatever barrier that comes next," TailorMed released.

5. Appcharge | FinTech, Gaming

Israel | US $26 Million (Series A)

Founded by Maor Sason and Roei Barassi in 2022, Appcharge is a D2C platform that allows mobile game publishers to sell virtual items and currency directly to players, bypassing traditional app stores like Apple's App Store and Google Play Store. Supporting over 500 payment methods and 80 currencies to operate globally, Appcharge helps developers retain a higher percentage of their revenue and build stronger connections with their players.

In November 2024, Appcharge raised US $26 million in its Series B round led by Creandum, bringing its total fundraising to US $31 million. The funds will be used to scale operations and increase market reach while enhancing product development.