MENA Startups raised $323 mln in June with UAE at the Top

Startups in the MENA region raised $323.7 million across 66 deals in June 2022, with UAE companies leading the market. The sum represents an 84 per cent increase in value and 57 per cent in deal volume month-on-month.

As in the previous months this year, early-stage companies scored the biggest number of deals, however the overall funding value was largely driven by late-stage and high-growth companies such as UAE-based agritech Pureharvest, which accounted for 56 per cent of the overall funding value with its stunning $180.5 million round.

It is no surprise then, that the agritech company propelled UAE into the top position. Collectively, UAE startups raised $278.8 million across 16 deals, accounting for 86 per cent of the total amount raised.

Other large rounds included proptech Huspy with a $37 million round led by Sequoia Capital India; NymCard, a neo banking startup that raised $22.5 million and logistics startup Cartlow with an $18 million round from AlSulaiman Group.

After the UAE come Lebanon and Egypt with the former setting a new record with its super app toters’ $18 million investment round led by the International Finance Corporation (IFC). Egypt came in third with $8.6 million raised across 15 deals, followed closely by Tunisia with $8.5 million raised across nine deals, thanks primarily to Flat6Lab’s accelerator graduates. The four countries together accounted for 97 per cent of the total funding value.

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

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In terms of sectors, agritech, proptech and fintech were the most popular sectors in June, representing a total of 75.6 per cent of all the deals.