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.
Shaping The Future of Fintech
In this report, we take a look at the attractiveness of each of the 19 MENA countries in terms of fintech and identify the top 5 hot spots for fintech activity in the region today.
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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.
UAE and Oman have the highest internet and smartphone penetration rates of over 90%
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.
