Startups in Mena raised $299 million in March 2022, pushing Q1 funding to $934 million

Startups in Mena raised $299 million in March 2022, pushing Q1 funding to $934 million

Startups in the Middle East and North Africa region (Mena) raised $299 million across 79 deals in March 2022, a 22 per cent decrease month-on-month but a 71 per cent increase year-on-year. This takes the total amount raised in the first quarter of 2022 to $934 

million, an increase of 38 per cent compared to the same period last year.

In terms of deal value, UAE, Saudi Arabia and Egypt took the lead accounting for 93 per cent of the total amount raised in March.

Over half of the funding went to UAE startups thanks to fintech tabby's $54 million Series A round and healthtech startup Altibbi's $44 million Series B round, although the latter is now planning to relocate its headquarters to Saudi Arabia to drive its future growth. 

The rise in the number of funds in Egypt is beginning to show, where startups in the country raised the second-highest amount of funding at $86.8 million, with fintechs Lucky and Khazna attracting $25 million and $38 million respectively. Meanwhile, Saudi Arabia-based startups raised the third highest amount with $39.7 million.

Sector-wise, fintech continues to dominate investor interest, with $135 million raised, accounting for 45 per cent of total