MENA Startups Raised $277 Million in the First Three Months of 2020

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.