Once again, the funding raised by startups in the Middle East and North Africa has dropped to a meager amount. In June 2023, the total funding amounted to only $35.6 million, distributed across 45 deals, with 17 of them being grants.

Despite the significant decline in startup funding in June 2023, as well as in April 2023, startups in the region raised over $1.6 billion during the first half of the current year.

Distribution of startup funding by country

Saudi Arabian startups took the first position in terms of funding value, with a total of over $25 million raised across 12 deals. Emirati startups ranked second with a total funding of $6 million distributed across 20 deals.
Egyptian startups secured the third position with approximately $5 million raised across 5 deals, of which $3.5 million came from a funding deal for the logistics platform Trella in the Egyptian trucking market. Moroccan, Omani, and Tunisian startups followed in subsequent positions with a total funding amount of less than half a million dollars. At the same time, startups from other countries were absent from the funding list for June 2023.

Distribution of startup funding by sectors

In terms of sector-wise distribution of funding in June 2023, the food tech sector occupied the first position with around $20 million raised across 4 deals, representing 56% of the total funding. The logistics services sector followed with approximately $4 million raised across 4 deals. In the third position, we find the gaming sector with around $3.4 million raised across only 2 deals.
Regarding the sectors that received the highest number of deals, the fintech sector ranked first with 7 deals, totaling $3.3 million in funding.