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MENA (ex. Israel) Deal Flow and Funding Slump Showing First Signs of Bottoming Out
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.
Related Report
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Dubai's Venture Capital Ecosystem
There are 749 scale-ups that have raised over US $1 million in fundraising in the Middle East and North Africa region; collectively raising over US $19.5 billion, cumulatively, as of December 2022. Over 40% of these scale-ups call Dubai home.
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