As of H1 2023, VC winter is apparent with noticeably smaller funds raised for each of these startup ecosystems, except Egypt. Israel still leads with $1.83 billion raised in H1 2023, but is on a crash course, as this is 80% lower than H1 2022’s $9.4 billion.
UAE fundraised 16% less this H1 2023, with $590 million versus last year’s $699 million by this time. Saudi Arabia raised 10% less, with $528 million raised, versus last year’s $584 million.
Egypt, on the other hand, has raised 40% more this year than last year, having raised $432 million in H1 2023 versus $307 million in H1 2022.
However considering 2023 full year performance tells a different story as final figures for Egypt stand at US$ 503 million implies that H2 2023 only saw another US$ 71 million in funding.
Given that US$ 400 million is accounted for by MNT-Halan, the overall scenario goes to show that investors have been cautious in their investment approach in the country.
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