MENA Startups received $737 million from VC funds in H1

248 startup companies in the Middle East and North Africa region received approximately $737 million in financing from venture capital funds in the first half of this year, a decline of 37% compared to the same period last year.

Companies in the Emirates accounted for 45% of this financing, and 38% went to Saudi companies, followed by Egypt with about 12% of the financing.

For his part, Fadi Al-Awami, founder of the Consulting Center Office, said, “Bold investment in the financial technology sector has grown from $18 million to $700 million within five years in Saudi Arabia, and that the opportunity is still ripe to invest in Insurtech products and crowdfunding,” according to Al Arabiya.