UAE, Egypt logistics startups among the most funded in H1 2021 — MAGNiTT
UAE, Egypt logistics startups among the most funded in H1 2021 — MAGNiTT
RIYADH: Delivery and logistics startups in the Middle East and North Africa, Turkey, and Pakistan saw a jump in funding activity in the first half of the year, making the sector the fourth busiest in terms of deal count, according to data platform MAGNiTT.
At $1.1 billion, the sector attracted almost 10 times more capital in the region compared with full-year 2020 as the number of deals increased by 1,729 percent year on year in the first six months of 2021, MAGNiTT said.
Turkey-based Getir drove much of the gains. Its three rounds of fundraising accounted for 91 percent of venture funding in the sector as it achieved unicorn status with a valuation of more than $1 billion.