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The Top 10 Most Funded Startups in the UAE (2023)
The UAE is increasingly establishing itself as a vibrant hub for innovative technology companies, drawing substantial venture capital investment across diverse sectors. In 2023, the top-funded companies highlight the region's dynamic and multifaceted tech ecosystem, encompassing fintech, social media, augmented reality, and virtual reality gaming. This strategic focus on fostering a favorable business environment and strong governmental support for digital transformation is significantly bolstering the UAE's position as a key player in the global tech landscape.
2023 saw two megarounds with Alpheya raising US $300 million in a venture round and Telegram Messenger with a US $210 million in the form of debt financing.
The other 8 startups making the top funded list in 2023 are:
- HyperSpace secured US $55 million in series A financing led by Galaxy Interactive
- Cadena raised US $43 million in its series A funding round led by ADCN
- Xpanceo closed its seed round at US $40 million from Opportunity Ventures in Hong Kong
- Sabre56 raised US $35 million
- Tarabut completed a US $32 million Series A funding round led by local investor Pinnacle Capital
- Zeebu raised US $25 million in a presale funding round with participation of Bankai Ventures
- qlub closed its second Seed round of US $25 million led by Cherry Ventures and Point Nine
- Nümi raised a Seed round of US $20 million led by Venom Ventures
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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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