NORTH AFRICA | Egypt Leads in Startup Funding in MENA region in July 2024, Led by Fintech and Web3 Startups

38 startups in the Middle East and North Africa (MENA) raised a combined $355 million in July 2024, a 206% rise month-on-month (MoM) and a more than 260% increase year-on-year (YoY).

• Egyptian entrepreneurs secured the highest funding in the region, raising $185 million over seven deals, $157.5 million of which went to one transaction made by MNT-Halan. Egypt’s haul is still a remarkable growth from last month’s $15 million raised through four deals

• The UAE dropped to second place with $96 invested in 12 startups

• Saudi startups experienced a dramatic decline in investment in July 2024, garnering just $31 million over seven deals, sending them to fourth place behind Oman


• The fintech sector was the most attractive, responsible for up to $181 million invested in 16 startups
• The Web3 sector had $85 million invested in two startups
• Deeptech and cleantech took third and fourth positions, respectively, while
• E-commerce still holds its own when it comes to deal volume, with six e-commerce startups raising $15.7 million


• The majority of investment went to seed-stage startups, with eight of them raising $96 million, closely followed by

• Series A receiving $91.7 million across eight deals

• Meanwhile, five pre-Seed startups raised only $1.8 million

• The business-to-business (B2B) model attracted the most investment for the second consecutive month, with $345 million going to 27 B2B businesses

• In contrast, only nine business-to-consumer (B2C) startups raised almost $8 million, while

• The remaining funds went to two B2B2C startups

• Only two female-led startups raised $270,000 in July 2024.

• Four male and female co-founded startups managed to secure $20.5 million, and

• The remaining amount went to male-led startups