MENAPT Funding Rounds Highlights: July 2024 vs July 2023

The first month of H2 2024 saw a significant surge in funding activity within the MENAPT region, with total deal value soaring to US $1,171.4 million in July 2024, compared to $524.8 million in July 2023—a remarkable 123% increase year-over-year. Despite this substantial growth in funding value, the number of deals continued to decline, consistent with trends observed in previous months where fewer funding rounds have been announced.

July 2024 witnessed three major funding rounds:

• Pathfinder (UAE): Raised US $325 million in debt financing. Pathfinder is a fintech platform revolutionizing the region's financial services by providing advanced payment solutions and financial infrastructure to businesses.
• MNT-Halan (Egypt): Secured US $157.5 million. MNT-Halan is a leading Egyptian fintech and e-commerce company that has recently closed multiple funding rounds.
• Magenta Medical (Israel): Raised US $105 million. Magenta Medical is a cutting-edge medical technology company specializing in innovative cardiovascular solutions, particularly in the development of devices for heart failure patients.

In addition to these megarounds, other notable funding activities in July 2024 included:

• Sentient Labs: Raised US $85 million in a seed round
• CytoReason: Secured US $80 million in a Series B round