Top five investment deals in the second quarter of 2020

Top five investment deals in the second quarter of 2020

The second quarter of this year was dominated by Covid-19 and a lockdown that drastically weakened economic activity, but investors in the Middle East and North Africa (Mena) appear to have maintained faith in the startup sector. 

The top five disclosed venture capital (VC) deals in Mena totalled $91 million in the second quarter. While it is $82 million less than the top five deals of the first quarter, it is on par with the year-on-year investment levels. 

For the first time, UAE startups were absent from the top five deals and instead it was Saudi Arabia startups that attracted the lion's share with $73 million. The investments align with the wider trends brought on by the pandemic - a rise in foodtech, fintech edtech and e-commerce. 

1-Jahez 

Saudi Arabia-based food delivery startup Jahez, raised a $36 million in its Series A funding round led by Impact46. This round marks the largest VC deal of its kind in Saudi Arabia so far this year.

The company said it plans to use the funds to expand into cloud-kitchens, grocery delivery, and non-food e-commerce services.

2-Wahed

Saudi Arabia-based Islamic fintech startup Wahed, raised $25 million. The startups enables its customers to invest their money into a diversified portfolio consisting