MENA Startup Ecosystem Insights: How MENAPT Funding Rounds Changed from May 2023 to May 2024

The MENA startup ecosystem experienced a significant downturn in May 2024 compared to the previous year in May 2023, with venture capital funding witnessing a dramatic 41% reduction in total deal value. The figures plummeted from an impressive $961.6 million in May 2023 to a mere $571.2 million in May 2024. This decline was further underscored by a 38% drop in the number of deals, which fell from 133 to 83, highlighting a challenging environment for startups and investors alike. Notably, the absence of any megarounds during this period indicates a cautious approach from venture capitalists, reflecting broader economic uncertainties.

In summary, the VC scene saw a notable year-over-year decline in May, with total deal value dropping by 41% from $961.6 million in May 2023 to $571.2 million in May 2024. This decline was paralleled by a 38% decrease in deal count, from 133 in May 2023 to 83 in May 2024, notably absent of any megarounds.

Notably, 3 proptech startups are in top 5 of the largest funding rounds of May 2024 raising a combined $154 million. The top five funding activities, spanning proptech, gaming and robotics, included:

1. Property Finder: Secured $90 million through debt financing.
2. Spyke: Raised $50 million in its Series A funding.
3. XTEND: Captured $40 million in a Series B round.
4. Agora: Achieved $34 million in a Series B round.
5. Keyper: Closed the list with a $30 million through debt financing.

Related: MENAPT Funding Rounds H1 2024 vs H1 2023