Investment in Middle East and North Africa (MENA) tech startups slowed in June, with 38 startups raising $116 million, bringing the half-year total to $882 million, according to Wamda. This marks a 59% decline from May’s $282 million but a 182% increase year-on-year.
UAE-based startups led, securing $82.5 million across 15 deals. Egypt followed with $15 million from four companies, while Saudi Arabia saw seven initiatives raise $13.5 million.
June saw no mega deals, with Tenderd’s $30 million agreement being the largest. Fintech was the top-funded sector with $38 million across 10 deals. Most investment went to the pre-series A stage, totaling $45 million, and the seed stage with $27.3 million.
Business-to-business startups dominated funding, raising $66.4 million across 18 deals, while business-to-consumer startups raised $49.5 million. Male-founded startups received $103.4 million, while female-led startups raised $200,000.