Dynamic Developments in MENA Startup Landscape
In the Middle East and North Africa region, the startup scene is buzzing with activity, from accelerator program graduations to fintech funding boosts and market entries.
Exciting investments, strategic expansions, and collaborative initiatives are fueling growth and innovation across various sectors.
Egypt’s Raya FutureTECH Leads the Way
Egypt’s Raya FutureTECH, the innovation arm of Raya Holding, has successfully wrapped up its first accelerator program in partnership with GIZ.
The Demo Day in Cairo celebrated the graduation of 13 startups, including Arzaq Masr, Cultivaet, and Accounting Club, among others.
These startups will receive additional support and funding to further develop their solutions and make an impact in the market.
UAE’s Maalexi Secures $1 Million in Venture Debt
Maalexi, an agriculture-focused fintech startup based in the UAE, has raised $1 million in venture debt from Stride Ventures.
This investment will help Maalexi accelerate its growth plans and enhance its operational capabilities, making cross-border trade more efficient.
Jordan’s ISSF Invests in Global Ventures’ Fund III
The Innovative Startups and SMEs Fund in Jordan has invested $5 million in Global Ventures’ Fund III, a series-A focused VC firm.
This collaboration aims to support mission-driven founders across the MENA region and capitalize on local talent in Jordan.
UAE’s Hala Makes Moves in Egypt
UAE-based mobility company Hala has entered the Egyptian market through a partnership with MwaslaTech, aiming to enhance the travel experience in new cities like the New Administrative Capital.
Qatar’s Startup Grind Teams Up with Builder.ai
Startup Grind Qatar has partnered with Builder.ai to empower local businesses with digital tools and resources, fostering innovation and growth in the Qatar startup community.
MENA VC Landscape Sees Growth Despite Challenges
The MENA venture capital ecosystem saw a 33% increase in investor numbers in the first half of 2024, with rising sentiment driving more funds being launched.
Despite challenges, e-commerce and fintech remain popular sectors for funding, with Saudi startups leading the funding race in the region.