NORTH AFRICA | Funding to MENA Startups Increased Over 390% MoM in November 2023 – Egypt Takes 3rd Position

In November 2023, startups in the Middle East and North Africa (MENA) region secured a significant funding milestone, raising $764 million across 42 funding rounds.

This reflects a remarkable month-on-month increase of 390% and a substantial year-on-year growth of 74%.

• Saudi Arabia took the lead by securing the top spot, raising an impressive $338 million across nine deals
• The UAE followed closely in second place, accumulating $284 million across 22 deals
• Egypt maintained the third position, raising $130.5 million through five funding rounds

The remaining capital was allocated to startups based in Kuwait, Morocco, Oman, and Tunisia.

 Value of Investments to MENA startups in November 2023

 Country by Number of Investments in November 2023

The fintech sector continues to be the leading startup sector in the region, coming out on top in terms of funding amount and second in terms of the number of rounds in the sector, with nine deals. A $130 million round by Egypt’s MNT-halan propelled the SuperApp sector to the second rank.


Number of Investments by SectorsAmong the 42 deals:

• 10 garnered direct global investment, with significant contributions originating from investors based in the United States.
• UAE-based investors displayed the highest level of activity, participating in 21 deals.
• Modus Capital emerged as the most prolific investor, contributing $2.8 million across eight startups incubated through its flagship venture builder program.

Just over a year ago, as reported by BitKE, Modus announced the launch of Modus Africa – a $75 million SDG-focused VC fund that will invest in Africa’s boldest startups powered by AI and blockchain technologies.

• Saudi Arabian investors secured the second position in terms of activity, engaging in 10 deals.
• Startups founded by males secured the majority of funds, amounting to $753 million across 29 deals, accounting for 98.5%.
• Female founders, on the other hand, received less than two percent of the capital, totaling $9 million.
• The remaining 0.2% was raised by teams co-founded by both males and females.