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Saudi Arabia emerged as a significant player in the startup ecosystem in February, raising $16.3 million, making it the second-highest amount secured by any country across the Middle East and North Africa.
According to Wamda’s monthly investments report for the region, the Kingdom secured the funding across seven transactions, marking a 48.18 per cent increase from a total of $11m in January 2023.
The UAE led the region in startup funding in the second month of 2024, securing $65.6m across 22 deals. This was greatly influenced by a $35m sum raised by Flare Network to take over half of the total number of deals.
Investments in Mena startups amounted to $88.7m in February, after 2024 kicked off at a slow pace with $86.5m in January. The figure represented an 88.28pc decrease from the $760m raised in February 2023.
Egypt saw only two startups raising $4.6m in total.
“Web3 providers are the market’s rising stars this month, having raised $39m in three rounds, led by Flare Network’s $35m,” the report stated.
In terms of sector performance, foodtech showcased a robust performance, securing $21m across two deals, with a notable $12m directed toward The Cloud’s Series B round.
Fintech and logistics startups raised $6.9m and $5.4m, respectively. Seed-stage ventures continued to dominate investment, with a total of $25.5m raised by 11 companies.
Business-to-consumer startups received a significant portion of funding, amounting to approximately $55m across 16 transactions, while business-to-business enterprises secured $18.4m through 17 deals.
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