2023 MENA Region: Venture Capital Funding Trends by Growth Stage and Country
22 January 2024•
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2023 was the year Saudi Arabia topped the UAE for the first time in terms of startup fundraising, which was predominantly buoyed by a number of strong late-stage funding rounds, amounting to US $879 Million, for players like Tabby (who relocated to Saudi from Dubai), Tamara, Nana, and Floward.
The UAE on the other hand, had no mega-rounds, and nearly no late-stage rounds in 2023.
Instead, early stage and "other equity" dominated funding activity.
Egypt and Israel also tended towards "other equity" - which refers to an unclassified funding round, a corporate round, and/or a post-IPO equity round.
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