By Lucidity Insights Research Team • April 01, 2024
March & Q1 2024 MENAPT VC Funding Recap: Telegram and Salla Lead with Major Investments Amid VC Winter
As we wrap up Q1 2024, the MENAPT region's venture capital funding scene reflects a challenging VC winter, with a nearly 50% year-on-year drop to $1.52 billion. In March alone, startups raised $649.5 million, down 23% from the previous year. The number of deals fell significantly to 61, marking a 62% decline. Despite this, March saw notable megarounds: Dubai-based Telegram raised $330 million, and Saudi e-commerce platform Salla secured $130 million. Israeli cybersecurity startup Sweet Security and social media platform Hunch also made significant gains. The standout funding month shows potential for future growth. Follow Lucidity Insights for more updates!
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Dubai's Venture Capital Ecosystem
There are 749 scale-ups that have raised over US $1 million in fundraising in the Middle East and North Africa region; collectively raising over US $19.5 billion, cumulatively, as of December 2022. Over 40% of these scale-ups call Dubai home.
Other Videos
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MENAPT’s H1 2024 VC funding reached $4.73B, with G42 and Telegram leading the top 10 funded startups. Discover key investments shaping the region.
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H1 2024 - Top 10 Funded Startups in the UAE
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Watch the video to explore May 2024 MENAPT startup investments: 41% drop in deal value, key Proptech deals, and notable funding rounds. Discover trends!
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Join free founder masterclasses with top VCs from the Middle East & Africa. Learn about VC funding, perfecting pitches, and mastering fundraising strategies.
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Dubai, home to 306 scale-ups, leads with over 90% in the UAE and 40% in MENA. Watch our video to see why it's the MENA region's top digital economy hub.
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Which technology sectors are leading the pack in terms of funding and growth in Dubai? Watch this video to discover insights from global venture capitalists.
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The rise in large funding rounds and diverse capital sources is driving Dubai's startup scene to new heights. Watch this video to explore Dubai's growing role as an innovation hub
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Viability and availability of exit options for startups remain key concerns for venture capitalists. What about startups in the Middle East and North Africa?
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Watch this video to explore the total funding in the MENA region based on funding types between 2012 and 2022, encompassing venture capital, corporate rounds, and private equity investments.
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Which venture capital firms have actively invested in Dubai-based startups over the past five years, and what impact have they had on the local tech scene? Find out all in this short video.
