By Lucidity Insights Research Team • 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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Shaping the Future of Fintech in MENA: Key Trends & Market Insights
The MENA region is emerging as one of the world’s most dynamic fintech frontiers. This Lucidity Insights report explores 19 MENA markets, spotlighting fintech hotbeds like Egypt, the UAE, and Israel. It provides deep analysis of market readiness, smartphone and internet penetration, and investment trends. With fintech unicorns rising and massive unbanked populations ripe for digital transformation, the report highlights opportunities across digital banking, BNPL, payments, and remittances. A must-read for fintech investors, entrepreneurs, and policy makers eyeing exponential growth in the Middle East and North Africa.
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The AI race is shifting—U.S. dominates, China slows, and the Middle East rises. Who’s leading the next wave of AI breakthroughs? Watch now!
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June 2024 MENAPT VC funding rose 17.3% with InSightec leading in healthtech. Explore the month's key investments in blockchain and SaaS.
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UAE and Oman have the highest internet and smartphone penetration rates of over 90%
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This means that there will be more payments revenue in Asia Pacific than in North America + Europe + Middle East + Africa and Latin America combined.
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The UAE is home to the largest cluster of fintechs and is the first destination for prominent global fintechs to establish themselves in the Arab world.
