– Startup funding in the MENA region surged to USD 355 million in July 2024, reflecting a 206% increase from the previous month and a 260% rise year-on-year.

– Egypt led in investment value, securing USD 185 million across seven deals, significantly surpassing the USD 15 million raised in the previous month.

– The fintech sector was the most attractive to investors, raising  USD 180.8 million, followed by Web 3 with  USD 85 million and cleantech with  USD 37 million.

Startup funding in the Middle East and North Africa (MENA) region rebounded strongly in July 2024, with investments surging by more than 200%.

During the month, startups in the region secured $355 million, marking a 206% increase from the previous month and a 260% rise compared to the same period last year, according to recent data from Wamda and Digital Digest, according to media reports.

A total of 38 startups received investments, with the UAE leading the pack with 12 deals, followed by Egypt and Saudi Arabia, each securing 7 investments, and Jordan with 6.

Egypt dominated in terms of investment value, with its seven deals bringing in USD 185 million. This was a significant jump from the previous month’s USD 15 million, which was distributed across four deals.

The fintech sector emerged as the top choice for investors, attracting $180.8 million in funding. Web 3 startups raised USD 85 million, while cleantech secured $37 million. Deeptech and e-commerce followed with USD 20 million and USD 15.7 million, respectively.