By Lucidity Insights Research Team • June 13, 2024
May 2024 MENAPT VC Funding: Proptech Startups Take Top Spots
In May 2024, startup investments in the MENAPT region (Middle East, North Africa, Pakistan, and Turkey) saw a decline, with total deal values dropping by 41% from $961.6 million in May 2023 to $571.2 million. The number of deals also fell by 38%, from 133 to 83. However, there are promising developments, particularly in Proptech, gaming, and e-commerce.
Key highlights include:
- Property Finder (Dubai) secured $90 million in debt financing.
- Spyke Games (Istanbul) raised $50 million in Series A funding.
- XTEND (Tel Aviv) obtained $40 million in Series B funding.
- Agora (Tel Aviv) closed a $34 million Series B round.
- Keyper (Dubai) secured $4 million in pre-series A funding and $30 million through sukuk financing.
Despite the overall decline, Proptech led the way, showcasing strong investor interest in innovative real estate solutions. Watch the full video to explore how these trends are shaping the investment landscape in MENAPT!
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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.
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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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