In August, startup funding in the Middle East and North Africa surged by 74 percent year-on-year, totaling $337.5 million across 47 deals, despite a significant drop from July’s record. Saudi Arabia emerged as the leader for the second month in a row, securing $166 million in 19 deals, followed by the UAE with $154 million across 11 startups. This underscores the dominance of these two countries in regional venture activities. Egypt experienced a downturn, raising only $14.7 million, while Iraq slipped in the rankings. The property tech sector led with $96 million raised, followed by fintech and construction technology. Later-stage funding was predominant, with series B and A deals accounting for a substantial portion of the total. Debt financing made up 18 percent, while early-stage funding saw a decline. B2B startups attracted the majority of investments, highlighting a preference for clear monetization models. Male-led startups dominated the funding landscape, though female-led ventures made notable gains. Saudi-based Orbii and Fitting secured seed funding to expand their operations. Strategic partnerships, such as MoneyHash’s collaboration with noon payments, are enhancing regional business capabilities. Health tech startups like 21Doctors and DawaDose are advancing AI-driven solutions in the region. TERN Group raised $24 million to expand its healthcare talent platform, and VentureSouq closed its second fintech fund to support early-stage startups. UAE-based Metric received funding to scale its fintech solutions, while Property Finder raised $525 million through a minority stake sale to accelerate growth. PRYPCO closed a pre-series A round to expand its proptech offerings across MENA.
Is Saudi Arabia Leading MENA in Startup Funding for August?
