Venture capital investments in the Middle East and North Africa (MENA) region witnessed a 50% decline during the first quarter of 2024, with the total funding amounting to approximately $430 million across 163 deals.
- Saudi Arabia captured about 50% of these investments, followed by the UAE with 37%, and Egypt with around 9%.
- There were 126 deals worth $190 million in the seed, pre-seed, and Series A stages, whereas growth-stage investments in Series B and C rounds saw a significant drop to $142 million, compared to $648 million in the first quarter of 2023.
The first quarter of 2024’s largest startup investment deals included a $130 million round for Saudi-based e-commerce company ‘Salla’. Additionally, UAE-based Flare Network, a fintech and blockchain company, secured a $35 million investment.
Travel technology firm ‘Tumodo’ from the UAE also received $35 million, while social networking company Hunch, also from the UAE, garnered the same amount. Saudi fintech ‘Moyasar’ was infused with $21 million in funding.
