According to a Saturday (April 16) story from The National, startup funding in the Middle East and North Africa (MENA) area has more than doubled, reaching $864 million in the first quarter of this year.
This comes as the region’s economies continue to recover from the pandemic.
Investors have also started putting more money into potential firms. According to Magnitt data, funding surged by 161 percent on an annual basis, while the number of deals increased by 16 percent.
Startups across the Middle East, Africa, Pakistan, and Turkey have already raised 48 percent of all capital invested in 2021 in the first three months of the year.
“VC ecosystems in Mena … seemed to catch the tailwind of last year’s capital investment spree over the first quarter of 2022,” Magnitt said in the report, adding that the UAE also ranked in the top VC market in Q1.
Africa and Turkey were the only regions to exceed $1 billion in the first quarter of 2022, according to the research. In the first quarter, startups accounted for 41% of total fundraising in the MENA area, raising more than $1.2 billion and $1.3 billion, respectively.
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