The UAE led the way in MENA startup funding in November 2024, raising $146 million across 11 deals. Saudi Arabia followed closely, with 23 startups securing $94 million. Egypt ranked third, as eight startups obtained nearly $16 million, a significant increase from $1.6 million the previous month.
E-commerce emerged as the top-performing sector, largely due to eyewa’s significant deal. Seven startups in this space attracted $104 million in funding. Fintech took second place, garnering $80 million across four startups.
SaaS providers also performed well, attracting $21 million across seven funding rounds.
UAE drives MENA funding growth
November saw notable later-stage investments in the MENA region, including eyewa’s Series C round, Lean Technologies’ Series B, and Cipher’s $13.3 million pre-IPO funding.
Series A startups secured $23 million through two deals, while pre-seed startups led in the number of deals, amassing approximately $5 million across 16 transactions. The B2B model continued to be the leading recipient of funding, securing 48% of the overall investment. In comparison, only $11.5 million was allocated to 12 B2C startups, with the remaining funds distributed among startups operating in both domains.
Male-led startups received a significant portion of the investment, constituting 90% of the overall funding. Female-led startups garnered $583,000, while startups co-founded by both male and female entrepreneurs secured $22.5 million. Overall, the MENA startup ecosystem showed substantial momentum in November 2024, with a 92% increase in funding compared to the previous month.
This growth demonstrates the region’s thriving landscape and the potential for further advancements and opportunities in the coming months.
