April 2024 MENAPT VC Funding Breaks Records with Megarounds in AI and Web3

May 01, 2024

April 2024 MENAPT VC Funding Breaks Records with Megarounds in AI and Web3

As we enter Q2 2024, the MENAPT region sees a remarkable recovery in venture funding, signaling a potential end to the VC winter. April 2024 recorded a substantial increase in total deal value, rising from $246 million in 2023 to an impressive $2.1 billion. This surge was fueled by three mega rounds, including Microsoft's $1.5 billion investment in Abu Dhabi's AI giant G42, marking the largest private round for an AI startup in the region. Israeli Web3 startup DOP raised $162 million, achieving the ninth-largest token sale globally. Tel Aviv-based AI chip producer Hailo secured $120 million in Series C funding. Other notable deals include Israel's MagnusMetal with $74 million and Turkish fintech Midas with $45 million. Despite a lower number of deals, these significant investments highlight the region's growing prominence on the global stage.

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