MENAPT Funding Rounds August 23 vs August 24

In August 2024, MENAPT startups secured US $283.6 million across 56 deals, marking a significant drop from the previous year. Despite the downturn, SpaceTech dominated the funding landscape, claiming the top two positions, including the only megaround.

Here’s a look at the top five most funded startups and their rounds:

1. Orbitworks, a joint venture between Marlan Space and Loft Orbital, raised US $100 million. This funding will help the company scale its production of 500 kg low-earth orbit (LEO) satellites, with plans to manufacture up to fifty satellites per year.

2. Plan-S, Turkey’s leading satellite technology startup, secured US $40 million in a venture round led by Ziraat Bank, pushing its valuation to $400 million. The funds will be used to expand its fleet to 22 satellites by mid-2025, with a goal to reach 200 by 2030. 

3. FinTech startup Yuze Digital raised US $30 million in a seed round led by Osten Investments. With this funding, Yuze plans to expand its services beyond the UAE, aiming to serve one million small businesses in the next five years.

4. Electric vehicle (EV) startup E Daddy, based in Dubai, secured US $15 million in seed funding from Euroblast Middle East executives. The funds will support the launch of E Daddy’s two-wheeler electric motorcycles, set to debut in Q1 2025. 

5. Quantum-inspired computing startup LightSolver raised US $11 million in a venture round, alongside a $13.7 million grant from the European Innovation Council. The funds will be used to commercialize its technology and accelerate growth in the high-performance computing sector.

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