MENA startup investment drops to 76% in August 2024
| Date | Type | Companies Involved | Key Datapoint |
|---|---|---|---|
| Sep 11, 2024 | report |
- Kuwait entered the top four with payment platform Kem securing $3 million in a single deal
MENA start-ups raised $83 million across 30 deals in August 2024, marking a 24% decrease from the previous year and a 76% drop from the prior month.
According to a report from Wamda and Digital Digest, there were no megadeals last month, with payment provider Yuze's $30 million deal being the largest.
In August, UAE-based startups led investments with $55.7 million raised across 13 deals. Saudi startups followed with $16 million from nine deals.
Egyptian startups saw a sharp decline after raising just $7.6 million in four deals, while Kuwait entered the top four with payment platform Kem securing $3 million in a single deal.
A broader impact
August saw most investments go to early-stage startups, with two raising $19 million in Series A rounds and five seed-stage startups securing $15.6 million.
Seven startups did not disclose their stages, leaving $35.4 million unassigned. B2B MENA startups attracted $46 million, while B2C raised $15 million across five rounds.
The decline aligns with a broader trend impacting businesses across multiple regions. In the Middle East, Africa, Southeast Asia, Turkey, and Pakistan, venture funding dropped to $287 million in August, the lowest total recorded this year, according to analytics firm Magnitt.