March & Q1 2024 MENAPT VC Funding Recap: Telegram and Salla Lead with Major Investments Amid VC Winter

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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