UAE, Egypt logistics startups among the most funded in H1 2021 — MAGNiTT

  • Date: 27-Aug-2021
  • Source: Arab News
  • Sector:Transport
  • Country:UAE
  • Who else needs to know?

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.