Mena startups raised $160 million in August 2021

Mena startups raised $160 million in August 2021

Startups in Mena raised just shy of $160 million in August across 44 deals, taking the total raised so far this year to $1.78 billion. While the amount raised in August is a substantial drop when compared to July, it still marks a healthy amount for the region.

UAE-based buy now pay later startup Tabby raised the most with $50 million in a Series B debt financing round, helping the UAE maintain its top rank in the region where 14 startups raised $83.6 million in total.

As has become the case almost every month this year, startups in Saudi Arabia and Egypt ranked second and third respectively in terms of number of deals and amount raised. More interestingly in August, we have started to see greater activity in the smaller markets, this time in Jordan and Kuwait, two countries whose ecosystems are regaining momentum. The two startups from Morocco – Chari.ma and Freterium – that raised investment were both accepted onto the coveted Y Combinator accelerator programme in the US. They are joined by four others from across the region, the largest Mena-based cohort for YC to date.