Riyadh – Mubasher: Startups in the Middle East and North Africa region earned $375 million through 81 deals in February 2022, an increase of 51.6% month-on-month, and 134% year-on-year..
A report by Wamda, in cooperation with the Digital Brief, revealed that Saudi startups had the largest share of this total, as they obtained $219 million through 23 investment deals, equivalent to 58% of the total funding, primarily thanks to the round Trocker’s second financing, worth $96 million, and Nana’s growth round, worth $50 million.
Emirati startups received a total of $77.6 million through 20 deals, while Egyptian startups got $70 million through 18 deals, and together, these three markets received 98% of the total funding value..
Tunisia and Morocco were other markets that saw increased momentum, with Tunisian startups receiving $1 million, and Moroccan startups receiving $4 million..
Investors residing in Saudi Arabia were the most active, participating in 27 transactions, while investors residing in the United Arab Emirates participated in 22 transactions..
The last month witnessed a clear increase in the financing provided in various stages of companies, with a noticeable increase in the number of investments in the first financing round. The establishment and pre-incorporation stage deals are still dominant in terms of the number of deals.
Accelerators remain a major source of funding for early-stage start-ups. Last month, the accelerator “Techstars Riyadh” was the most active, investing in more than 12 startups across the region, followed by Flat6Labs Which witnessed the graduation of eight of its Tunisian group.
American investors were the most optimistic regarding the rise of emerging companies in the Middle East and North Africa, as they supported 30 deals out of a total of 35 deals that witnessed foreign direct investment..
In terms of sectors, the start-ups operating in the logistics sector got the largest share last February, with an amount of $120 million, led by the Saudi companies Truker and Retilo..
Within the logistics sector, Egyptian company Milsmore, which provides cloud solutions in the field of delivery to the end customer, received $5 million from start-up company Primore, also an Egyptian company engaged in the field of social commerce. (social commerce).
Eight food technology startups raised $74 million, thanks in large part to a $50 million funding round by Nana for its fast-growing e-grocery platform..
Fintech remains an attractive target for investors, with start-ups in this sector earning $67 million through 19 deals..
Startups founded by men received 96% of the $375 million in funding last month through 69 deals. Less than $4 million was invested in startups founded by women, while startups co-founded by men and women received nearly 11 million dollars.
Last month, the following companies did not disclose the exact amount they received: BithTVAndPostpayAndSiFiAndNymCardAndNawah ScientificAndOro, in addition to the startups that graduated from the accelerator “Techstars Riyadh”. So we set a moderate estimate of $100,000 for each.
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