MENA Startups Raise $2.3 Billion in 2024
Despite a funding drop, MENA’s startup scene stayed active with 610 deals, with UAE dominating raises at $1.1 billion.
MENA startups raised $2.3 billion in 2024, marking a 42% decline in funding from the previous year, according to WAMDA Research Lab.
Despite the drop, deal activity and sectoral diversity continued to expand. The UAE led the region with $1.1 billion secured across 207 startups, followed by Saudi Arabia with $700 million in 186 deals, and Egypt with $334 million in 84 transactions. The total number of deals grew by 3.5%, reaching 610, signaling sustained investor interest in the region’s entrepreneurial ecosystem.
GCC nations dominated funding, with Oman making the most significant leap, climbing from 10th place in 2023 to 4th in 2024 with $41.5 million secured across 12 startups. Bahrain followed with $29 million in 12 deals, while Kuwait’s startup scene attracted $22 million across eight companies. In North Africa, Morocco and Tunisia raised $20.8 million and $13.1 million, respectively. Meanwhile, smaller ecosystems like Jordan, Qatar and Lebanon saw modest but steady growth, indicating long-term potential.
Within the UAE, fintech, Web 3.0, and proptech were the top three investment sectors. Fintech attracted $265 million across 47 deals, while Web 3.0 startups secured $255 million in 19 transactions, highlighting the country’s strong adoption of emerging technologies. Proptech followed closely, raising $197 million across 13 deals. The UAE’s status as a global business hub, coupled with its high concentration of wealth, continues to drive investments in these sectors, particularly as digital transformation accelerates across financial and real estate markets.
Fintech remained the dominant force across MENA, accounting for 30% of total startup funding at $700 million. In Egypt and the UAE, fintech led investment inflows, while Saudi Arabia saw software-as-a-service (SaaS) emerge as the most-funded sector.
Early-stage startups attracted the majority of funding, with over $1.2 billion invested across 300 startups from pre-seed to Series A. Later-stage funding, including Series B and C, amounted to $332 million across 10 deals, while only two startups managed to raise pre-IPO rounds, securing $143.3 million. Female-founded startups saw incremental progress, raising $27.6 million, or 1.2% of total funding, while mixed-gender co-founded startups secured $192 million despite a lower deal count.
