Mena startups raised $173 million in September 2022

Mena startups raised $173 million in September 2022

Startups in Mena raised $173 million across 51 deals as investment levels continue to decline this year. This marks a 54 per cent drop month on month in investment value and an almost 50 per cent drop when compared to the same period last year. 

The global economic crisis which has resulted in rising inflation and a drop in tech stocks is continuing to show its effects on investors focused on the region.

Nonetheless, Saudi Arabia-based truck aggregator TruKKer, managed to secure one of the largest funding rounds this year, raising $100 million in a pre-IPO round led by Bahrain’s Investcorp. The startup closed a $96 million Series B round earlier this year and has to date raised more than $320 million.