By 
In July 2024, Egypt emerged as the frontrunner in startup funding within the MENA region, securing the largest investment inflows. The country’s vibrant startup ecosystem has garnered significant attention from investors, surpassing other nations in the region and underscoring Egypt’s growing influence as a hub for innovation and entrepreneurship in the Middle East and North Africa.
Egyptian startups led the charge by raising an impressive $185 million across seven deals, with a substantial portion—$157.5 million—stemming from a single transaction by MNT-Halan. This marks a significant leap from the $15 million raised in four deals during the previous month. Following Egypt, the UAE ranked second with $96 million invested across 12 startups.
Conversely, Saudi Arabia experienced a notable decline in investment, attracting just $31 million across seven deals, placing it behind Oman in fourth place. The fintech sector emerged as the most lucrative, drawing in $181 million across 16 startups. The Web3 sector followed closely, with $85 million invested in two startups, while deeptech and cleantech secured third and fourth positions, respectively. E-commerce remained a strong player in terms of deal volume, with six startups raising $15.7 million.
Seed-stage startups attracted the highest amount of capital, securing $96 million across eight deals, followed closely by Series A funding, which garnered $91.7 million across eight deals. However, pre-seed startups struggled to attract significant investment, raising only $1.8 million across five deals.
The business-to-business (B2B) model continued its dominance, attracting $345 million across 27 startups for the second consecutive month. In contrast, just nine business-to-consumer (B2C) startups raised nearly $8 million, while the remaining funds were allocated to two B2B2C startups.
In terms of gender dynamics, only two female-led startups secured a modest $270,000 in July 2024. Meanwhile, four co-founded startups, led by both male and female entrepreneurs, raised $20.5 million, with the remaining funds going to male-led startups.
Egypt’s performance in July 2024 underscores its position as a key player in the MENA region’s startup landscape, with the country’s entrepreneurs continuing to attract substantial investment and drive innovation across various sectors.
Comments