The UAE led the way in MENA startup funding in November 2024, raising $146 million across 11 deals. Some of the largest funding rounds were secured by UAE startups, including $100 million and $67.5 million deals. Saudi Arabia followed closely, with 23 startups obtaining $94 million.
Egypt ranked third, as eight startups raised nearly $16 million, a significant increase from $1.6 million the previous month, despite ongoing geopolitical tensions and a decline in its currency. E-commerce emerged as the top-performing sector, largely due to eyewa’s significant deal. Seven e-commerce startups attracted $104 million in funding.
Fintech took second place, garnering $80 million across four startups. SaaS providers also performed well, attracting $21 million through seven funding rounds.
UAE drives MENA funding surge
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 transactions, raising approximately $5 million across 16 deals. The B2B model continued to be the leading recipient of funding, securing 48% of the overall investment.
Meanwhile, 12 B2C startups received $11.5 million, with the remaining funds distributed among eight startups operating in both domains. Male-led startups received a significant portion of the investment, making up 90% of the total funding. Female-led startups garnered only $583,000, while startups co-founded by both male and female entrepreneurs secured $22.5 million.
As Q4 2024 comes to an end, tech startups in the MENA region have shown remarkable momentum, securing $258 million through 46 deals in November, a 92% increase from the previous month. When adjusting for debt financing from the prior year’s total investments, the disparity is reduced to 32%.
