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FinancialNews
07-10-19
Surge in Mideast startups funding
(MENAFN) Startups in the Middle East raised a total of USD517 million of funding from January to September 2019, marking a 30 percent jump.
According to a report that tech platform Magnitt issued, Middle East startups recorded a 3 percent boost in the volume of funding contracts that were wrapped up by September, standing at 354.
Firms based in the United Arab Emirates amounted for the largest share of funding when it comes to completed deals, the report affirmed, noting that they grabbed 62 percent of the total amount raised.
Meanwhile Egyptian companies accounted for 13 percent of the money raised while Saudi Arabia amounted for 9 percent.
Chief executive and founder of Magnitt, Philip Bahoshy, stated "these exits have multiple benefits - a positive externality is that we have seen examples of employees of these successfully funded and exited companies such as ex-Careemers receiving funding, including Swvl, MaxAB and Trella. These success stories and their alumni show lucrative opportunities for venture capital as an asset class and aids investors in raising their second, third, and subsequent funds."
MENAFN0710201900450000ID1099093778
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