Saudi Arabian emerging companies topped the list for attracting the most funding in the month of December, securing over one billion dollars. Notably, Tabby, a consumer finance firm, garnered approximately $700 million in debt financing, while Tamara, a financial technology enterprise, received $340 million in a Series C funding round, according to a market research report released on Tuesday by Wamda Research.
Following closely were startups in Egypt, which came in second place with $12 million raised, and United Arab Emirates-based startups in third, amassing a total of eight million dollars in funding.
In total, 60 startups across the Middle East and North Africa raised about $1.15 billion in December. Excluding debt financing, the figure stood at around $456 million, marking a 253% year-on-year increase and an 18% rise from the previous month.
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For the entirety of 2023, startups in the MENA region secured funding amounting to $3.98 billion (including debt financing) across 498 deals, the Wamda report detailed. Compared to 2022, debt financing saw a slight 1% increase, with the previous year’s total funding reaching around $3.95 billion through 802 transactions. Last year’s debt financing soared by 256%, reaching $1.77 billion.
The report also noted that the total value of non-debt financing reached $2.2 billion through 488 deals by the end of 2023. This is in contrast to $3.45 billion in 2022, which was accumulated across 786 funding transactions.
When it came to the sectors garnering the most funding, financial technology was the clear frontrunner in December 2023, amassing a total of one billion dollars. Clean technology ranked second in attracting funds, with a total of $20 million across nine deals. The Saudi company Sow garnered $18 million, while the UAE’s emerging Zero company, which focuses on reducing carbon emissions through artificial intelligence, raised $2.2 million.
