The Top 10 Most Funded Startups in GCC Countries (H1 2024)

In the first half of 2024, the UAE secured 9 out of the top 10 most funded startups in the GCC, reflecting its strong presence in the regional startup ecosystem. The funding is diverse, covering sectors such as Blockchain, Proptech, and more, and spans various stages of business growth—from seed rounds for emerging startups to debt financing for more mature companies.

Notably, the period saw three megarounds, two of which were in the UAE. G42 led the way with a $1.5 billion corporate round backed by Microsoft, highlighting its leadership in AI. Meanwhile, Telegram raised $330 million in debt financing, underscoring its growing influence as a major global messaging platform. The sole non-UAE entry, Saudi Arabia’s Salla, secured $130 million in a pre-IPO round, positioning itself for further expansion in the e-commerce sector.

Rest of the top 10 most funded startups in H1 2024:

• Property Finder secured $90 million in debt financing from Francisco Partners to repurchase shares from BECO Capital.
• Avail raised $70 million across Seed and Series A rounds to advance its blockchain scalability and interoperability solutions.
• True Gamers attracted $45 million to expand its gaming and e-sports presence in Saudi Arabia.
• Tumodo garnered $35 million in pre-seed funding to scale its TravelTech platform, targeting 25 countries by 2026.
• Flare Network secured $35 million to enhance its blockchain ecosystem, with Google Cloud joining as a validator.
• Keyper raised $30 million in Shariah-compliant sukuk financing to scale its Rent Now Pay Later solution in the UAE.
• Tenderd raised $30 million in Series A funding to integrate AI into heavy industries and drive global expansion.