Startups in the Middle East and North Africa (MENA) region raised an impressive $258 million across 46 deals in November 2024. This marks a 92% increase from the previous month, although it represents a 196% decrease from the same period last year when debt financing is taken into account. The UAE led the way, securing the largest ticket sizes and pushing it to the top of the best-funded ecosystems in MENA for the second consecutive month.
UAE startups raised $146 million across 11 transactions. Saudi Arabia followed, with 23 startups securing $94 million in funding. Egypt ranked third, with eight startups obtaining nearly $16 million, a significant increase from the $1.6 million reported last month.
E-commerce took the lead in terms of sector performance, with seven startups in this space attracting $104 million in funding. Fintech, which had been the top choice for investors for four months straight, came in second place, garnering $80 million across four startups.
MENA startup funding trends in November
SaaS providers also emerged as notable leaders, attracting an investment totaling $21 million across seven funding rounds. November saw a rise in later-stage investments, thanks to eyewa’s Series C round, Lean Technologies’ Series B, and $13.3 million pre-IPO funding. Series A startups secured $23 million through two deals, while pre-seed startups led in terms of the number of deals, amassing approximately $5 million across 16 transactions.
The B2B model emerged as the leading recipient of funding, securing 48% of the overall investment. In contrast, only $11.5 million was allocated to 12 B2C startups, with the remaining funds distributed among eight startups operating in both domains. Gender disparity in funding remained evident, with startups led by male founders constituting 90% of the overall investment.
Female-led startups garnered only $583,000, while startups co-founded by both male and female entrepreneurs secured $22.5 million. This monthly report reflects the significant developments in the MENA startup ecosystem, showcasing the diverse range of investment across various stages and sectors, despite some persistent challenges.
