Mena startups raised $156 million in October 2023

Mena startups raised $156 million in October 2023

Funding in October 2023 saw a turnaround after exhibiting a downward trend for the past four months. Startups in the Middle East and North Africa region (Mena) raised $156 million in October, way ahead of September’s $63 million figure, representing a 333 percent increase month-on-month but a 76 per cent drop year-on-year.

This also takes the total amount raised over the period of January–October to $1.9 billion, a decline of 36.6 per cent from the $3 billion recorded in the corresponding period last year.

Despite the drop-off in deal value month-on-month, the deal count saw a surge from 36 in September to 51, bolstered by the deals completed through accelerators.