🌟 Get ready for some exciting news from the vibrant world of startups in the MENA region! This year, the 50 Most-Funded Startups have collectively raised a jaw-dropping nearly $3 billion! 🚀 And guess what? The top 10 superstars alone have pulled in a whopping $1.9 billion. 🌐💰
The U.A.E. is absolutely owning the scene, with 22 startups raking in close to $1.8 billion—over 60% of the total funding! 🏆 Saudi Arabia is making waves too, with 12 dynamic startups bringing in a solid $520.4 million. And let’s not forget Egypt, where seven innovative ventures have raised a fantastic $248.6 million.
Fintech and e-commerce are buzzing with activity, featuring 13 and 11 startups respectively. But the real showstopper is the food-tech sector, which has attracted a mouth-watering $874.9 million. 🍔🌟 This is largely thanks to Kitopi, the cloud-kitchen champion, which alone bagged an astounding $804 million! 🥇 Following closely is Pure Harvest Smart Farms, an agri-tech pioneer, with $272 million. 📈
In third place, we have STARZPLAY, the subscription video-on-demand sensation, with $150 million, and in fourth, the fintech platform tabby, with $130 million. 🎥💳
Saudi Arabia’s star, Tamara, a buy-now-pay-later platform, is the kingdom’s highest-funded startup with $116 million. And in Egypt, MaxAB, the e-commerce dynamo, leads the pack with $62.5 million. 🛒✨
This year’s list also welcomes 30 newcomers, including North African ride-hailing and delivery wonder Yassir and the innovative fintech firm PostPay. 🚖💸
Arab sovereign wealth funds have shown a hearty appetite for investment in 2021. Saudi Arabia’s Sanabil Investments, owned by the PIF, has pumped capital into Sary and Foodics. Meanwhile, the U.A.E.’s Mubadala Investment Company has backed tabby and Sarwa. 💼💵
The mergers and acquisitions scene sizzled in 2021. Swvl struck a deal to merge with U.S.-based SPAC Queen’s Gambit Growth Capital, marking it as a publicly-listed company and the first $1.5 billion unicorn from the Middle East on Nasdaq. 🦄📈 Egypt’s fintech marvel Halan raised $120 million, entering a share swap agreement with Netherlands’ MNT BV. And REEF Technology Inc from the U.S. acquired the U.A.E.’s cloud kitchen startup iKcon for an undisclosed amount.
According to the Global Startup Ecosystem Report 2021, MENA had four emerging ecosystems in the world’s top 100: Dubai, Cairo, Riyadh, and Abu Dhabi. 🌍 The number of late-stage funding rounds in MENA has nearly doubled in the last five years, and the total funding amount has also doubled, indicating a booming entrepreneurial spirit. 🌟🔥
Stay inspired, MENA! The future is bright and full of opportunities! 🚀
Discover the State of Funding in MENA – 2019 to 2023 : The white paper of this month is taking you through the ups and downs of MENA’s startup funding over the last 5 years. If you’re a startup founder, an investor or an ecosystem builder, this is your chance to learn from the past, spot the trends, and write your own success story.
Don’t miss out on knowing the history that could shape our future!
