Dubai Chamber Of Digital Economy Publishes 2023 Venture Report; Dubai Adds 64 More Scaleups In 2022

Dubai Chamber Of Digital Economy Publishes 2023 Venture Report; Dubai Adds 64 More Scaleups In 2022

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Dubai Chamber of Digital Economy, in partnership with Entrepreneur Middle East and Lucidity Insights, recently published a special report titled, Dubai's Venture Capital Ecosystem.

The special report details startup funding data from across the MENA region, focused primarily on scaleups, which are defined as startups that have raised US$1 million in funding or more. As of the end of 2022, the Middle East and North Africa (MENA) region, excluding Israel, was home to 749 scaleups, collectively raising $19.5 billion since 2010. In 2022, scaleups across the MENA raised over $6.7 billion; that's one-third of the region's lifetime total. Last year, 158 new scaleups were added across 19 countries in MENA. The report also found that 40% of these scaleups call Dubai home, keeping the startup capital crown firmly placed on the city's head.

Of these 306 scaleups that are headquartered in Dubai, 64 were added in 2022, indicating an acceleration of scaleup activity in the city. Cairo maintained its second place ranking, with 135 scaleups, nearly doubling the number of scaleups in the Egyptian capital from the year prior. Riyadh