MENAPT Funding Rounds October 2024 vs October 2023

The MENAPT region saw the total value of VC funding reach US $690.1 million in October 2024, marking an impressive 83% year-on-year increase from October 2023's total of US $377 million. On the other hand, the number of deals fell to 79, a 14% decrease from the 92 deals recorded in the same month last year. This indicates a shift towards larger, more impactful investments highlighted by the two megarounds raising US $100 million or more seen in October 2024. Four out of the five largest funding rounds this month were in Israeli startups, pointing to a robust interest in high-growth opportunities within the region, despite Israel's current wars on several fronts and broader economic uncertainties.

Notably, October 2024 marks a first for the MENAPT region in two significant ways. For the first time this year, a Bahraini company, AFS, appeared in the Top 5 funding rounds, securing a notable US $50 million for its fintech endeavors. At the same time, this is also the first month in 2024 where no UAE-based company made the Top 5 list, highlighting a surprising shift in the distribution of high-value investments across the region. These developments underscore the dynamic and evolving landscape of MENAPT's startup ecosystem.