The first quarter of 2024 has seen venture capital investments in the Middle East and North Africa (MENA) region plummet by approximately 50% compared to the same period last year, with a total investment of around 430 million dollars across 163 deals as reported by the latest figures from a digital briefing platform.
In terms of distribution, Saudi Arabia commanded roughly 50% of these investments, followed by the United Arab Emirates with 37%, and Egypt with around 9%. Investments were predominantly channeled into 126 deals worth 190 million dollars in the seed and pre-seed stages, as well as Series A rounds. In stark contrast, funding for growth stages, specifically Series B and C, witnessed a significant downturn when compared to the previous year, with investments totaling 142 million dollars, a steep drop from the 648 million dollars recorded in the first quarter of 2023.
The largest startup investment deals in the first quarter of 2024 included a 130 million dollar investment in ‘Salla’—a Saudi e-commerce company. Additionally, ‘Flare Network,’ a UAE-based fintech and blockchain enterprise, garnered an investment of 35 million dollars.
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Another UAE-based company, ‘Tumodo,’ operating in the travel technology sector, also secured an investment of 35 million dollars. Similarly, ‘Hunch,’ a UAE-based social networking company, attracted the same amount in funding.
Meanwhile, ‘Meisr,’ a Saudi fintech firm, received an investment of 21 million dollars.
