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!
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
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.
Watch the video to explore May 2024 MENAPT startup investments: 41% drop in deal value, key Proptech deals, and notable funding rounds. Discover trends!
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.
