July 2024 - Top 5 Most Funded Startups in MENAPT

By Nazmia Nassereddine • 15 August 2024

As the second half of 2024 begins, venture capital activity in the MENAPT region is gaining strong momentum. In July, VC funding surged to US $1.171 billion, a substantial increase from June’s US $497.1 million and an impressive 123% year-on-year growth compared to July 2023’s US $524.8 million.

This surge in capital, however, contrasts with a 23% year-on-year decline in the number of deals, which dropped from 93 in July 2023 to 72 in July 2024. Despite this decrease, the number of deals still shows an improvement over the 55 deals closed in June, signaling a potential rebound.

Notably, the five most funded startups in July raised a combined US $752.5 million, accounting for 64% of the total capital raised. This concentration of funding was driven by three mega-rounds exceeding US $100 millio

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Mentioned Startup & VC Profiles

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.

Magenta Medical

Magenta Medical's "Elevate™ percutaneous Left Ventricular Assist Device (pLVAD) is a next-generation low-profile arterial pump, intended for temporary support of patients undergoing high-risk coronary interventions and the treatment of patients admitted with cardiogenic shock.

CytoReason

CytoReason uses AI to transform biopharma decisions, mapping diseases with extensive data to guide research, compare drugs, and optimize drug portfolios.

Pathfinder

Pathfinder is an information technology company that provides AI-based retail intelligence solutions for brands and companies.

Sentient Labs

Sentient Foundation is aligning AI innovations toward a community-built Open AGI.