Startups in the Middle East and North Africa are experiencing a surge in funding, with multiple rounds completed recently across various industries. This growth in early-stage funding highlights the region’s appeal to investors, even amidst global economic challenges. In August, startup funding in MENA increased by 74% year-on-year, reaching $337.5 million across 47 deals, according to a report. Saudi Arabia led the region, securing $166 million from 19 deals, while the UAE followed with $154 million raised by 11 startups.
Riyadh-based Spare, specializing in open banking infrastructure, raised $5 million in a pre-Series A round. The funding will enhance their platform and expand their reach in the Gulf Cooperation Council region. Meanwhile, Saudi fintech firm HALA raised $157 million in a Series B round to strengthen its market position and expand its services for MSMEs in Saudi Arabia and beyond.
Another Saudi fintech, LDUN, secured $4.8 million to enhance digital financial services for MSMEs. Bahrain-based Fintologya closed a $1 million seed round to develop secure, cloud-native payment platforms. In the beauty sector, Amaani raised $3 million to scale its Arab beauty brand AÏZA regionally and globally. Lastly, UAE-based luxury luggage brand Armoir secured $500,000 to expand its product lines and market presence in MENA and Europe.
