MENA startups raise $55 million in April 2024, down 78% from March

MENA startups raise $55 million in April 2024, down 78% from March

The amount invested in the Middle East and North Africa (mena) region fell drastically in April 2024, with only 19 startups raising $55 million, a 78% fall month-on-month (MoM) from $254 million raised in March but an 87% increase year-on-year (YoY).

Apparently, the ecosystem is still suffering from the first-quarter downturn, with most venture capital (VC) companies maintaining a cautious approach.

The largest ticket size last month went to Fortis, a uae-based fintech that received $20 million in Series A, followed by WEE's $10 million pre-Series A round and Tunisia's Qodek, which got $8 million in Series B.

One of the most notable trends last month was a decrease in investment in Saudi Arabia, with only three Saudi startups receiving $4.8 million, while UAE-based businesses earned $32 million across six deals, followed by Egyptian startups, which received $8.7 million over five deals.

Fintech was the most funded sector in Apirl, with four firms raising $25.7 million, $20 million of which went to Fortis. Then there's e-commerce, which received $10.5 million in two rounds, and an AI startup (Qodek) raised $8 million. Meanwhile, three SaaS providers received $3.5 million.

Last month, the majority of investment went to later-stage startups, as Fortis claimed $20 million in its