MENA Startups Raised $116 Million in June 2024

Investment activity amongst Middle Eastern and North African startups totalled $116 million in June 2024, bringing the total for the year thus far to $882 million. June’s total was raised by 38 tech startups, and represents a significant 59% month-on-month drop compared to May’s total of $282 million.

Notwithstanding the month-on-month drop, a wider view of the MENA startup investment space reveals that the $116 million figure is a 182% year-on-year increase compared with the same period in 2023.

Leading the regional statistics for June were UAE-based startups, which secured 71% of the total with $82.5 million across 15 deals. Next were Egyptian startups, which raised $15 million across four companies. In third place were Saudi startups, which raised $13.5 million across seven initiatives.

MENA startups have now raised $882 million since the beginning of 2024, with funding to UAE startups representing more than half of the total. Meanwhile, Saudi startups have raised $300 million this year, and investment in Egyptian startups - affected by the country’s economic crisis - has declined dramatically since 2023, dropping 80% year-on-year to $83 million so far this year.