Forbes Middle East unveils MENA's Top 50 Most-Funded Startups' annual list

Forbes Middle East unveils MENA's Top 50 Most-Funded Startups' annual list

Mubasher: Startups in MENA have continued to attract significant funding in 2022, with a total of $3.20 billion raised by the 50 most-funded startups, compared to $3 billion in 2021, according to Forbes Middle East’s annual list of MENA's Top 50 Most-Funded Startups.

The startups had to have been founded no earlier than 2015 and have raised at least $20 million in total funding to be considered for the list. Startups that were acquired, merged, went public on stock markets, or didn't provide sufficient data on funding and investors, were excluded.

Financial technology (FinTech) companies dominated the funding landscape in 2022, with 21 companies attracting $1.30 billion in total funding, followed by 10 e-commerce players with $576.70 million, four delivery and mobility startups with $299.60 million, and three logistics firms with $292 million.

The UAE is the most represented country, with 18 startups raising $964 million in total funding, followed by Saudi Arabia with 12 startups securing $946.70 million, and Egypt with 11 startups raising $508.50 million.

UAE-based agri-tech business Pure Harvest Smart Farms tops the 2022 list, having raised $387 million in total funding, followed by buy now, pay later (BNPL) Fintechs Tabby and Tamara, which secured $275 million and $216 million, respectively.

Ride-hailing,