Tech Scaleups & Cumulative Capital Raised by Scaleups in MENA
Scaleups are companies that have raised funds above US$ 1 million since inception. As of December 2022, 749 scaleups across 19 countries in the Middle East and North Africa region attracted a total of US$ 19.5 billion in capital raised.
This demonstrated impressive growth from 2021, when the number of scaleups totaled 591, resulting in a total capital raise of US$13.0 billion, representing 50% growth from 2021 to 2022. In comparison, the GDP growth across the region was also impressive at 11%, as per IMF, during the same period. The past three years have resulted in growth in the number of scaleups, from 451 to 749 between 2020 and 2022.
The Scaleup Density ratio, which is the number of scaleups per 100,000 inhabitants, and Scaleup Investing ratio, which is the Capital Raised as a proportion to the GDP, has also seen an increase of 61% (from 0.10 to 0.16) and 97% (0.11% to 0.22%), respectively, from 2020 to 2022.