MENA region funding in July in reaches $95 million largely driven by the UAE startups 

MENA region funding in July in reaches $95 million largely driven by the UAE startups 

CAIRO: Startups across the Middle East and North Africa accrued a solid $95 million across 31 deals in July 2023, marking a slight decrease from last year’s $105 million for the same month, yet demonstrating a robust 167 percent month-on-month surge from June’s $35.6 million.  

While the deal volume decreased by 31 percent, the numbers yield a different perspective when factoring out the UAE’s electric vehicle startup One Moto’s $40 million lease financing round. 

Excluding that, the total equity investment for July recalibrates to $55 million, reflecting a 55 percent growth from the preceding month.  

Moreover, UAE startups led the month with $64.7 million raised, thanks to One Moto’s round.  

Saudi Arabia came in second with $18 million raised via five deals. The highest funding for the month was clinched by Riyadh-based foodtech Kaso, amassing $10.5 million in a seed round. 

Egypt and Morocco held the third and fourth positions, securing $7 million and $2 million in funding, respectively. 

Founded in 2021 by Manar Alkassar and Ahmed Soliman, Kaso isaB2BF&B marketplace for restaurants. (Supplied)

Seed and pre-seed stage startups took the lion’s share with 15 deals. However, late and growth-stage startups witnessed a funding contraction, contributing to the slowdown in venture capital activities in July. 

The mobility sector