RIYADH: Startups operating in the Middle East and North Africa witnessed multiple funding rounds in the past week, as companies across a range of industries continue to scale up operations beyond their national borders.
The sustained momentum in funding underscores investor confidence in the emerging startup landscape in the region amid global economic headwinds.
Affirming the growth of the startup ecosystem in the region, a report released by Wamda revealed that startup investments in the MENA hit a record high in September, soaring to $3.5 billion across 74 deals. This growth translates into a 914 percent month-on-month growth and a 1,105 percent year-on-year leap.
According to Wamda, Saudi Arabia led funding activity in the region, with 25 startups raising a combined $2.7 billion, a majority of this coming from the Money20/20 fintech event, which witnessed 15 deals.
KLIQ secures $2.25m in seed funding round
