MENAP and Turkey-based startups raise $5.1bln in H1 2022

MENAP and Turkey-based startups raise $5.1bln in H1 2022

VC funding in MENA, Africa, Pakistan and Turkey reached a record high in H12022, with startups raising nearly 70 percent of last year’s entire funding. Yet, the global economic turmoil is expected to slow down investments in H2 2022, according to a Magnitt report.

All four emerging venture markets had raised a total of $ 5.1 billion with more than 750 deals in the H1 2022, the Dubai-based startup data platform said in a report.

Africa outranked all markets in terms of the amount of capital raised with a total of $2 billion, which marked a 192% increase from the amount of funds raised in the same time last year, the report said.

“Africa was the only emerging venture market to cross the 50% mark of last year’s total transactions while MENA, Pakistan, and Turkey averaged 43% in H1 2022,” it noted.

The MENA region came second with a total of $1.8 billion, secured primarily through three mega deals by three different GCC-based startups. In the meantime, nearly half of a total of 67 exists closed across all four markets were executed by Middle East-based startups.

Turkey, alone, has raised $ 1.4 billion in investment led by logistics startup Getir, and gaming company Dream Games.