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  • 12-03-23

    MENA startups close to collecting USD1B in investment in one month following February boom

    (MENAFN) Startups in the Middle East and North Africa raised USD 760 million across 48 deals in February 2023, which is twice as much as they did during the same time period in the previous year.

    According to Wamda's monthly reports, the funding value last month increased by 638 percent month over month, and the number of deals doubled to 48.

    Egypt's startups took the lead in February's rise, raising USD 422 million in funding, the majority of it thanks to the fintech company MNT-Halan, which raised USD 400 million in a single round.

    Emirati startups came in a distant third, raising USD 8 million over seven agreements, trailing Saudi startups by a wide margin in second place with USD 316 million in funding across 13 deals.

    When compared to the month prior, when only USD 3.4 million and USD 3.3 million, respectively, were raised, funding amounts for Egypt and Saudi Arabia saw a tremendous increase.

    MENAFN12032023000045014228ID1105755686

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