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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:
- 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.
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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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