In September 2024, startups in the Middle East and North Africa attracted approximately $282 million, experiencing substantial growth compared to previous months.

Major Investments in September

The report confirmed that of the 63 MENA startups, only 12% of the total investment came from debt financing. Saudi company SHIFT secured $82.8 million, while Syarah received about $60 million in its Series C round.

Sectors and Investment Rounds

Fintech startups received the most money, about $102.5 million from 14 deals. Mobility was next, with SHIFT's investment. Other sectors also gained significant funding, including e-commerce and SaaS with $63 million and $10 million respectively. The seed stage startups drew $105 million, marking the largest funding round.

Quarterly Performance and Forecasts

In the third quarter, UAE and Egypt showed substantial growth. The UAE experienced a 23% quarter-on-quarter growth, while Egypt saw a 345% increase. Positive trends are expected to continue in Q4 despite political tensions in the region.

Startups in the MENA region showcase resilience and notable growth, attracting interest from both local and foreign investors. Trends observed in Q3 are likely to persist into Q4, creating positive prospects for the regional market.