MENA BeehiveNews

Funding hits record high for startups in MENA region in first half of 2019

Dubai: In the major boost to the startup entrepreneurs Middle East North Africa (MENA) region, the number of funding deals for startups in the during the first half of this year reached the highest number on record for a first half of a year, according to startups platform Magnitt.

The number of deals increased by 28 per cent year-on-year in the first half of 2019 to 238, while the total funding increased by 66 per cent to USD 471 million.

The report further elucidated that of the sectors receiving investment, FinTech was the most active in terms of the number of deals, accounting for 17 per cent of all deals in the first half of 2019. This was followed by e-commerce, which accounted for 12 per cent of all deals, and then delivery & transport and food & beverage, with both sectors accounting for 8 per cent of total deals. IT solutions accounted for 7 per cent of deals, while both the education and consumer services sectors each accounted for 5 per cent of deals and healthcare accounted for 4 per cent.

As for the countries, the United Arab Emirates was the largest recipient of funding for startups in terms of the number of deals in the first half of 2019, recording 26 per cent of the total number of deals. This was followed by Egypt, which accounted for 21 per cent of deals, and Lebanon at per cent. Saudi Arabia was the fourth-most popular market, accounting for 11 per cent of deals, followed by Tunisia and Jordan which received 8 per cent and 5 per cent of total deals respectively.

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