50 most-funded MENA startups raise $3.2bln in 2022

50 most-funded MENA startups raise $3.2bln in 2022

The 50 most-funded startups in MENA region have raised $3.2 billion in funding, up from $3 billion in 2021, according to a Forbes Middle East report.

Forbes Middle East has released its annual list of MENA's Top 50 Most-Funded Startups for 2022, celebrating the mission-driven young businesses attracting investor attention.

Of the 50 startups, 19 are newcomers to the ranking. One newcomer penetrated the top 10 -- regulated crypto-asset exchange Rain Management. The Bahrain-headquartered startup ranked sixth after raking in $118 million.

The startups had to have been founded no earlier than 2015 and have raised a minimum of $20 million in total funding to be considered for the list. Startups that were acquired, merged, went public on stock markets, or didn't provide sufficient data on funding and investors, were excluded. Cut off for funding was November 10, 2022, said a statement.

Agri-tech business Pure Harvest Smart Farms climbed from second place in 2021 to secure the top spot this year, having raised $387 million in total funding. In June 2022, the UAE-based startup formed an alliance with Al Dahra Group, increasing the total operating capacity under its management to over 22 hectares. Buy-now-pay-later Fintechs Tabby and Tamara retained their top five positions at