Despite no mega rounds being signed in the MENA region (excluding Israel) for the past two quarters, Q2 and Q3 2023, there is the slightest 33% QoQ increase in funding in Q3 vs Q2, indicating perhaps the first signs that this VC winter bottoming out.
It's too small a bump to state that any recovery has begun, but the downward trajectory has eased.
Despite that, 2023 VC funding is expected to end the 2023 year with a 45% to 50% dip from 2022 funding figures. It's been a tough year, but there are signs of improvement.
In Q3 2023, VC fundraising rose by 33%, but the number of deals remained roughly the same—indicating higher ticket sizes for the cheques that are being written.
Time will tell when this VC winter will truly thaw out.