Mena startups raise $2.3bn in 2024

Startup funding deals across the Middle East and North Africa (Mena) saw an annual increase of 3.5 per cent in 2024, with 610 agreements recorded across the region.

According to a report from Wamada, fintech remained the dominant sector, attracting 30pc of total funding, or $700 million.

Software-as-a-service saw strong traction in Saudi Arabia, while Web 3.0 saw $256.8m and e-commerce also gained momentum with $253m in funding.

Despite the strong showing in these sectors, the overall funding value across the startup ecosystem of $2.3 billion represented a 42pc year-on-year drop.

When excluding debt financing, the decline stood at just 11pc.

The UAE led with $1.1bn raised across 207 deals, followed by Saudi Arabia at $700m from 186 deals, and Egypt securing $334m across 84 deals.

Oman ranked fourth with $41.5m, while Morocco and Tunisia led in North Africa, raising $20.8m and $13.1m, respectively. Emerging ecosystems in Jordan, Qatar, and Lebanon also showed modest growth.

Early-stage startups accounted for over $1.2bn in investments, while later-stage and pre-IPO rounds saw limited activity. Female-founded startups raised $27.6m, or 1.2pc of total funding, with mixed-gender founding teams securing $192m.

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