MENA startup funding soars 66% in H1 2019
Wednesday, 07 17 2019, Category: Economy, Country: Middle East
Total funding in MENA-based startups jumped 66% in H1 2019 with 238 investments amounting to $471million as compared to $283 million invested in H1 2018, MAGNiTT’s H1 2019 MENA Venture Investment Report revealed Monday. The number of deals remained healthy at a record high, up 28% compared to H1 2018, showing continued appetite in start-ups from the region at all stages of investment.
The UAE remains the most active startup ecosystem with 26% of all deals and 66% of total funding. Saudi Arabia was one of the fastest growing ecosystems, up 1% from H1 2018 recording 26 investments in H1 2019.
The UAE has maintained its dominance with 26% of all transactions made in to UAE-headquartered start-ups in H1 2019, while it also accounted for 66% of total funding.
Meanwhile, the landscape continues to evolve. Tunisia was the fastest growing ecosystem in H1 2019 – receiving the 5th highest number of deals at 8% of all deals, up 4% from H1 2018. While Saudi Arabia recorded 2% increase in number of deals, up to 11% of all transactions across the MENA region.
FinTech retained its top spot in H1 2019 and accounted for 17% of all deals. Notable investments include the $8 million in Yallacompare, $6 million in Souqalmal and $4 million in Beehive.
E-commerce still remains prevalent accounting for 12% of all deals, followed Delivery & Transport, which was the third most popular industry in terms total deals in H1 2019, accounting for 8%.
Source: Saudi Gazette