The MENA region saw a drop in investment, with only $105 million raised in 44 deals. According to the data, the number of deals closed by Mena start-ups in July nearly halved year on year and fell by about a third compared to $324 million in June.
According to the Wamda monthly report, investments in July have been the lowest to date in 2022, with funding collapsing 84 percent year on year and 68 % month on month, and Saudi Arabia experienced a 55% decrease compared to June.
“Overall, the deal volume and value at later stages witnessed a sharp fall, a sign that investors are pulling back on writing larger cheques”, says Wamda.
The UAE has seen a 73% drop in investment, followed by Saudi Arabia, which experienced a 55% drop. Egypt is the only country to see a 72 percent increase in startup investments.
The phenomenon is not constrained to the MENA region; according to CB Insights, the global venture capital market fell 23 percent in the second quarter as a result of economic uncertainty.
Last Updated on October 23, 2022 by Safiya K
