MENA Startup Ecosystem Insights: How MENAPT Funding Rounds Changed from May 2023 to May 2024
10 June 2024•
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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:
- Property Finder: Secured $90 million through debt financing.
- Spyke: Raised $50 million in its Series A funding.
- XTEND: Captured $40 million in a Series B round.
- Agora: Achieved $34 million in a Series B round.
- Keyper: Closed the list with a $30 million through debt financing.
Author
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We are a team of passionate Researchers, Data Junkies, and Story-Tellers that believe there is not enough quality business insights and compelling data analysis available in the marketplace, told in the formats users want. We want to give an insider's look into the industries, businesses and economies that are changing the world today, so our users can become inspired, empowered and equipped to run their businesses as best they can.
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