Egypt leads MENA in startups' raised funds in December: Wamda

Doaa A.Moneim , Thursday 5 Jan 2023

Egypt came first in the Middle East and North Africa (MENA) region in terms of the funds the region’s startups secured in December with a total of $45.7 million, UAE-based startups accelerator Wamda said in its monthly report released on Thursday.

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Egypt was followed by the UAE and Saudi Arabia, which secured $31.8 million and $31.7 million, respectively, according to the report.

In total, MENA’s startups raised $125 million over 38 deals in December, bringing the total amount raised in 2022 to $3.6 billion with a growth of 13 percent compared to 2021 over 628 deals, added the report.

December’s secured funds are 40 percent less than those raised in December 2021. They also mark a 72 percent decline on a monthly basis, according to the report.

The report attributed the decline to fears of global recession that may follow the Russia-Ukraine conflict.

The hike in deal count is driven by the graduation of 15 startups from the Sanabil 500 Mena accelerator programme in Saudi Arabia, the report noted.

On a sectorial level, agritech came on top of funding, receiving around 31 percent of the total funds raised in December, followed by fintech, HR-tech and foodtech, which all received $79.5 million ( 64 percent of the total amount).

Of the 38 deals,10 were conducted in foodtech, making it the top sector in terms of deal count, the report said.

B2C startups collectively raised $19 million, while B2B startups secured $102 million.

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