The online platform MAGNiTT indicated that 144 venture capital (VC) firms, angel investors, accelerators and funds invested $659m in startups based in the Middle East & North Africa (MENA) region in the first half of 2020, which constitutes an increase of 35% from the same period of 2019. It noted that investments in UAE-based startups stood at around $390m, or 59% of investments in the region's startups in the first half of 2020, followed by startups in Egypt (19%), Saudi Arabia (15%), Jordan (2%), and Kuwait (1%). It added that the five largest deals amounted to $321.5m, or around 50% of the region's investments in the covered period. Further, it pointed out that there were 251 deals in startups based in the MENA region in the first half of 2020, down by 8% from the same period of last year. It said that the number of deals in startups in Egypt and in the UAE each represented 25% of total transactions in the region, followed by Saudi Arabia (18%), Oman (12%), and Jordan (6%). It indicated that the financial technology (fintech) sector attracted 16% of the number of deals in the MENA region in the first half of 2020, followed by the e-commerce sector (14%), delivery & transport (10%), and the information technology and food & beverage sectors (6% each). In addition, it noted that 31% of investors in MENA startups in the first half of 2020 were from outside the region. MAGNiTT is an online platform for startups across the MENA region that connects entrepreneurs directly with ecosystem stakeholders, including funders and mentors.
Source: MAGNiTT