MENA Startups Raise $471 Million in 1H2019, with UAE and Egypt As Leading Recipients
A total of 238 funding agreements were made in the first half of 2019, with Egypt accounting for 21% of them.
According to Magnitt’s MENA Venture Investment Report 1H2019 Update, Middle Eastern startups have raised $471 million during the first half of the year, a 66% surge from last year’s report. A new record of 238 funding agreements were made, growing 28% from the previous year’s report.
Egypt came in as the region’s second largest funding recipient, accounting for 21% of the number of agreements signed. The UAE maintained its top position at 26%, with Lebanon and Saudi Arabia coming in third and fourth at 13% and 11%, respectively. “In relative terms, Egypt, Saudi Arabia and Jordan have witnessed the greatest funding growth, while Lebanon and Kuwait have witnessed the biggest market decline,” states Magnitt founder Phillip Bahoshy in a live webinar yesterday.
The top two funding rounds were UAE-based Emerging Markets Property Group (EMPG) and Yellow Door Energy, which attracted $100 million in Series D, and $65 million in Series A funding, respectively. Coming in third place is Egypt’s SWVL with its $42 million Series C round. Last but not least, Fintech remained the most attractive and investment-worthy industry after overtaking e-commerce as the most active in last year’s report. The fintech industry accounted for 17% of the total agreements, increasing by 9% over the year.
