Investment in the Middle East and North Africa (MENA) region saw a significant decline in April 2024 with only 19 startups raising $55 million.
This marked a 78% decrease month-on-month (MoM) from the $254 million raised in March 2024, but it represented an 87% increase year-on-year (YoY).
- Tunisian AI startup, Qodek, was one of the standout investees in April 2024 having raised an $8 million Series B
- 3 Saudi startups received $4.8 million
- UAE-based businesses earned $32 million across six deals
- Egyptian startups received $8.7 million over five deals
- The Web3 sector saw $1.8 million during April 2024
- Fintech emerged as the most funded sector with four firms collectively raising $25.7 million
- The fintech investments include the largest deal size in April 2024 by UAE-based fintech Fortis, which secured $20 million of the total
- E-commerce followed fintech receiving $10.5 million across two rounds
- AI startup, Qodek, raised $8 million
- 3 Software-as-a-Service (SaaS) providers collectively received $3.5 million in funding.
Several venture capital firms launched their funds in April 2024, including:
FUNDING | Verod-Kepple Africa Ventures Secures $60 Million, Plans to Invest in 21 Growth-Stage African Companies
The VC fund allocates investments ranging from $1 million to $3 million, with the capacity for follow-on investments.
To date, it has already deployed $17.5… pic.twitter.com/IIEFqoaek4
— BitKE (@BitcoinKE) April 11, 2024
Bahrain-based alternative asset manager, InvestCorp, completed a significant merger and acquisition deal by acquiring NSEIT, the digital technology division of India’s National Stock Exchange (NSE), in a transaction valued at $120 million.
U.S. tech giant, Microsoft, also invested $1.5 billion for a minority stake in UAE-based regional AI player, G42, with the aim of delivering advanced AI solutions with Microsoft Azure across various industries and markets.
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