MENA Investment Rounds for H1 2023

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.

Related Report

Investing in Egypt’s Startup Ecosystem

Micro, Small and Medium Enterprises contribute over 40% to Egypt’s economy, and account for over 75% of the country’s total employment. Entrepreneurship is critical to Egypt’s future. Today, Egypt consistently ranks as a top 3 tech startup ecosystem in both the MENA and Africa regions, based on funds raised by local startups. In this special report, we speak to the most active investors in Egypt and cover some of the country’s most successful startups to give you an inside scoop on how they are navigating the current VC winter, inflationary pressures and currency devaluation woes.

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