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MENAPT Funding Rounds April 2024 vs April 2023
In April 2024, the MENAPT region experienced a remarkable year-over-year increase in total deal value, soaring by 770% from $246.4 million in April 2023 to $2,142.6 million in April 2024. This sharp rise was driven by three megarounds, although the number of deals significantly decreased by 50%, dropping from 109 deals in April 2023 to 54 deals in April 2024.
The standout megarounds were led by G42 in the UAE, along with Data Ownership Protocol (DOP) and Hailo in Israel, which together accounted for 83% of the total investment for the month. The top five funding activities, spanning various industries and stages, included:
- G42: Secured $1.5 billion through a corporate round.
- DOP: Raised $162 million through their Initial Coin Offering.
- Hailo: Captured $120 million in its Series C funding.
- MagnusMetal: Achieved $74 million in a Series B round.
- Midas: Closed the list with a $45 million Series A round.
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Dubai’s Digital Economy and Its Expanding Startup Ecosystem
Dubai’s startup ecosystem will have raised over USD 2 billion by the end of 2022, with self-employed and digital economy roles tripling. Few MENA markets have a 20-year-old startup ecosystem birthing multiple unicorns. Dubai has been the digital startup hub for tech giants and new unicorns alike. Since 2017, Dubai has raised 96% of UAE’s funds, totaling over USD 2 billion by October 2022. LinkedIn data shows a booming digital economy job market with increasing opportunities and remote work options. Learn from top home-grown startups and global transplants why Dubai is poised to become the next digital economy capital of the world.
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