MENA startups raised $646m in October

MENA startups raised $646m in October

CAIRO: Startups in the Middle East and North Africa region raised $646 million in funding across 69 deals witnessing a 331 percent year-on-year growth. The region’s startup ecosystem raised a total of $3 billion this year with over 551 deals so far, according to startup news outlet Wamda. Companies from the UAE, Egypt and Saudi Arabia were the top-performing last month, as all three countries have been securing their positions on top of the list since the beginning of the year. First on the list is the UAE which raised $460 million in 24 deals in October, a huge boost compared to the country’s $27 million raised in September. The UAE saw one of the biggest investment rounds in the region thanks to clean technology startup Yellow Door Energy’s $400 million fundraising. Egypt came in second with investments totaling $113 million in 18 deals, with the top three fundraisers going to MaxAB’s $40 million pre-series B, MoneyFellows’ $31 million series B and Telda’s $20 million seed round. Egypt also witnessed a massive upturn in its investments compared to a total of $8 million raised in September. The Kingdom raised a total of $70 million across 12 deals ranking it in