The First Half of 2023 Saw 193 Deals Worth $1.1 Billion in the MENA Startup Sector
Startups in the MENA (Middle East and North Africa) region are continuing to gain traction and attract investment, with over $76 million raised from 18 deals in the first half of 2023.
In comparison, the broader Middle East, Africa, and Pakistan region secured $139 million across 46 deals during the same period.
Despite a year-on-year decline of 41%, the MENA region still accounted for two out of three existing records in the Middle East, Africa, and Pakistan in August.
Comparatively, the decline is better than the average global funding drop of 52%.
While MENA’s deals declined by 49%, this was quite a drop compared to the 25% decline in international deals.
As reported by Fast Company Middle East, despite a notable 51% decrease in the number of deals year-on-year, fintech maintains its dominant position as the most lucrative sector for attracting investments.
Coming in second are the e-commerce and retail sectors, with a substantial boost from investments in Saudi Arabia's Nana and Floward, contributing to a remarkable 80% of the sector's total funding during the first half of this year.
Meanwhile, the transport and logistics sector confronts considerable obstacles, with funding plummeting by nearly 90% and deal volumes slashed in half compared to the corresponding period last year.