MENA Startups Secure $258 Million in November 2024

MENA startups raised $258 million in November 2024, marking a 92% month-on-month growth and a 66% increase compared to November 2023.
The UAE led the funding landscape with eyewa and Lean Technologies raising $100 million and $67.5 million, respectively.
E-commerce emerged as the top sector, attracting $104 million, followed by fintech with $80 million and SaaS with $21 million.
Later-stage funding dominated, with eyewa’s Series C, Lean Technologies’ Series B, and Cipher’s pre-IPO round contributing significantly, while pre-seed startups led in deal count with 16 transactions.
Male-led startups received 90% of the funding, while female-led ventures garnered only $583,000, with co-founded startups attracting $22.5 million.

As the final quarter of 2024 draws to a close, the tech startup scene in the Middle East and North Africa (MENA) has shown remarkable growth. In November, startups in the region raised an impressive $258 million across 46 deals, reflecting a 92% month-on-month (MoM) increase.

This marks a 66% year-on-year growth when compared to the same month in 2023. This surge in funding indicates a positive shift in the region’s startup ecosystem and investor confidence.

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UAE Leads the MENA Ecosystem with $146 Million in November

Once again, the United Arab Emirates (UAE) emerged as the top performer in the MENA startup landscape. Two prominent UAE-based startups, eyewa and Lean Technologies, attracted the largest funding rounds in the region, securing $100 million and $67.5 million, respectively.

This helped the UAE maintain its position as the best-funded startup ecosystem in the MENA region for the second consecutive month, raising a total of $146 million across 11 deals.

The UAE’s continued dominance reflects the growing strength of its entrepreneurial ecosystem, where innovative startups are catching the attention of global investors. These startups, particularly in tech-driven sectors like fintech and e-commerce, are poised for significant growth in the coming years.

Saudi Arabia and Egypt Show Strong Performance

Saudi Arabia’s startup scene also demonstrated strong momentum in November, securing the second-highest funding total in the region. A total of 23 Saudi startups raised $94 million, further showcasing the country’s growing appeal to investors.

Meanwhile, Egypt, despite facing ongoing geopolitical challenges and a declining currency, saw a remarkable increase in funding. Eight Egyptian startups raised nearly $16 million, a significant jump from the previous month’s $1.6 million.

This boost highlights the resilience of the Egyptian startup ecosystem, which continues to thrive even in difficult circumstances.

E-Commerce Surges Ahead, Fintech Takes a Backseat

When it comes to sector performance, e-commerce emerged as the clear leader in November, largely due to eyewa’s substantial $100 million deal. The e-commerce sector saw a total of $104 million raised across seven startups.

This surge in investment marked a shift from fintech, which had dominated the sector for most of 2024. Fintech startups in MENA raised $80 million across four deals, positioning the sector in second place for the month.

Software-as-a-Service (SaaS) companies, the rising stars of 2024, also captured attention in November. SaaS startups raised a total of $21 million across seven funding rounds, indicating growing investor interest in this sector as it continues to grow and mature in the region.

Later-Stage Startups Draw Attention

November saw a marked shift towards later-stage investments, particularly in the Series B and C stages. Eyewa’s Series C round, Lean Technologies’ Series B, and Cipher’s $13.3 million pre-IPO funding round were among the most notable deals of the month. These funding rounds represent a growing interest in scaling startups with proven business models and products.

Despite the increased attention on later-stage deals, Series A startups still attracted a significant share of funding, securing $23 million across two deals. Meanwhile, early-stage startups in the pre-seed stage raised approximately $5 million across 16 transactions, indicating a broad interest in supporting nascent businesses with high growth potential.

B2B Model Continues to Lead the Way

The Business-to-Business (B2B) model continued to dominate the funding landscape in November, securing 48% of the total investment in the region. This reflects a long-standing trend observed throughout 2024, where B2B startups have attracted consistent investor interest.

In contrast, Business-to-Consumer (B2C) startups raised just $11.5 million across 12 deals. The remaining funds were distributed among eight startups operating in both domains, further highlighting the appeal of hybrid business models.

Gender Representation in MENA Startups

A continuing trend in MENA’s startup ecosystem is the disparity in funding between male-led and female-led startups. In November, startups with male founders secured a significant 90% of the total funding raised in the region.

Female-led startups, on the other hand, raised just $583,000. Startups co-founded by both men and women saw more balanced results, securing $22.5 million in funding.

This gender funding gap remains a challenge for the MENA startup ecosystem, despite the increasing involvement of women in entrepreneurship. However, the growing number of startups with both male and female co-founders presents a promising trend for more inclusive funding in the future.

Looking Ahead

November 2024 marked a significant month for MENA’s tech startups, with a notable increase in funding across a variety of sectors. The UAE, Saudi Arabia, and Egypt led the charge, with e-commerce and fintech emerging as dominant sectors.

Later-stage startups and the B2B model showed strong momentum, and despite gender disparities in funding, there are signs of increasing diversity in the entrepreneurial landscape. This trend highlights the region’s potential as a global hub for innovation and investment in the coming years.

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