Regional startup platform MAGNiTT has just released their Q1 Venture Investment Report, showing that 108 startup investment deals in the MENA region raised a total of $277 million in the first three months of 2020.

While total funding has increased 2% from Q1 ‘19, the number of deals has dropped 22% from 138 deals in Q1 ‘19 to 108 in Q1 ‘20. Though March saw a year-over-year drop of 67%, the prolonged nature of investment cycles means the true impact of the COVID-19 crisis will be delayed.

“Investment rounds across MENA tend to take, on average, 6 months to come to fruition,” explains Philip Bahoshy, MAGNiTT’s founder & CEO. “We will most likely not see the full impact of COVID-19 on the venture funding space for a few months. However, early indications have already shown a slowdown in funding announcements, as startups and investors reevaluate their positions in this new environment.”

You can purchase the full report here.