RIYADH: Investment activity across the Middle East and North Africa startup ecosystem strengthened at the start of the year, with 42 MENA-based startups raising a combined $563 million in January.
That figure marked a 228 percent month-on-month increase, although it was an annual drop of 35 percent.
Debt financing was limited, representing nine percent of total capital raised during the month.
Funding was heavily concentrated by geography. The UAE led MENA in January, attracting $426.3 million across 12 deals, driven largely by two large transactions: Mal’s $230 million agreement and Property Finder’s $170 million round.
Saudi Arabia ranked second, with 18 startups raising $56 million in total, while Egypt placed third as four startups secured a combined $22.1 million.
