MENA start-ups attract $1 billion during 2020, despite coronavirus

SourceArabian Business
SectorTechnology
CountryMiddle east

Venture capitalists poured $1 billion into regional start-ups last year, signaling high investor confidence, despite the global coronavirus pandemic, a report published by Magnitt said. The coronavirus pandemic has wreaked havoc on international markets, leaving start-up markets in some regions hard hit. However, the start-up scene in the Middle East, while not left untouched by the pandemic, has weathered the storm relatively well. Experts say latest trends show the UAE is growing green shoots of new age entrepreneurial skills of a different nature In the Middle East and North Africa, 256 investors, including international venture capitalists, put money in regional start-ups, according to Magnitt, the start-up data platform for emerging venture markets. A quarter of investors were based outside the region, with 11 percent headquartered in the US. “Despite Covid-19, we saw continued interest from international investors and new funds investing in MENA based start-ups. As the ecosystem continues to mature, and as Magnitt further expands into Emerging Venture Markets, we expect to see...read more...