MENA startups raise $324m in June

MENA startups raise $324m in June

Mubasher: Startups in the Middle East and North Africa region (Mena) secured $323.7 million across 66 transactions in June 2022, according to monthly reports published in collaboration between Wamda and Digital Digest.

In June, Mena recorded a rise of 84% month-on-month (MoM) in terms of value and 57% in terms of the number of deals, driven by the graduation of cohorts from three different accelerator programmes.

Four countries in MENA together represented 97% of the total funding value, led by the UAE startups that raised $278.8 million across 16 deals, accounting for 86% of the total amount.

The large rounds in the UAE included agritech Pureharvest's $180.5 million round, accounting for 55.7% of the funding value.

Lebanon was placed in the second position for the first time after super app toters had secured $18 million in a round, led by the International Finance Corporation (IFC), March Holding, and B&Y Ventures.

Egypt came in third with $8.6 million raised across 15 deals, followed by Tunisia with $8.5 million secured across nine deals.

Meanwhile, Saudi Arabia, Qatar, Palestine, and Morocco startups recorded the remaining $9.5 million.

The agritech, proptech, and fintech dominated the deal activity with 75.6%.

In the first quarter (Q1) of 2022, MENA startups raised $796.7 million, down