Startups in the Middle East and North Africa region (MENA) raised $95 million across 31 deals in July 2023, a slight dip from the $105 million recorded in the same month last year, according to Wamda, the leading website tracking the development of the startup ecosystem in the region.
Month-on-month, the dollar figure showed a 167% increase from June’s $35.6 million, while the deal volume fell by 31%.
Once again, a single deal accounted for a large portion of the total deal figure for the month: one Moto’s $40 million lease financing round. Without that deal, Wamda notes, the the equity investment of July in the MENA region is reduced to $55 million.
Still, that accounts for a 55 per cent increase month-on-month.
The UAE dominated the monthly total in the report with $64.7 million, followed by Saudi Arabia with $18.9 million.
