Key Insights From MENA's Funding Landscape

MENA saw a mixed performance in the first nine months of 2024.

- SAMRA AHMED

While total funding in the region's venture capital (VC) market fell by 13% year-on year to $1.3 billion in the first nine months of 2024, nonmega funding, those below $100 million, increased by 7%, driven by Seed and Series A deals, a report by Dubai based MAGNITT showed in October 2024.

Deal activity was also down by 6% year-on-year in the region but remained relatively resilient at 352 deals, outperforming other emerging markets like Africa's 42% slump and South East Asia's 28% decline.

Country-wise, Saudi Arabia led the region, securing 39% of MENA's total funding, driven by mega deals like SaaS e-commerce startup Salla's $130 million pre-IPO round in March 2024. The U.A.E remained the most active market, with a 12% increase in deal volumes, accounting for 38% of all deals.

Meanwhile, Egypt's VC market also witnessed strength in the first nine months of 2024, with non-mega funding increased by 36% year-onyear, driven by the activity in the fintech sector.