Saudi Arabia’s startup ecosystem claimed 60% of the Middle East and North Africa (MENA) region’s funding in September, securing $170.8 million across 23 deals. The region saw a total of $282 million raised across 63 startups, a 234% increase month-on-month and a massive 607% jump year-on-year, according to Wamda’s report.
The biggest funding round was led by SHIFT, a Saudi mobility startup, which raised $82.8 million. Syarah, an online car marketplace, followed closely with $60 million in a Series C round, $20 million of which was debt financing.
The UAE ranked second, raising $73.8 million across 12 startups, while Egypt took third place with $25 million raised by 13 startups.
Fintech continued to dominate the MENA investor scene, attracting $102.5 million across 14 startups. Mobility, e-commerce, and edtech sectors also showed significant activity.
Early-stage investments led the way, with $102 million funneled into 15 seed deals. However, female-founded startups faced challenges, raising only $583,000, while male-founded ventures secured $260 million.
Saudi Arabia’s innovation landscape continues to thrive, contributing significantly to the region’s growing startup ecosystem.