Startups in the Middle East and North Africa succeeded in raising more than $101 million in August, an increase of 6% over the previous month, and a year-on-year increase of more than 73%.

The recent increase in the number of financing startups in the region comes in light of the relative decline and fluctuation in the volume of financing witnessed in financing startups in the region since last year. The value of startups' deals was divided into 26 deals.

Distribution of startup financing by country

Start-up companies topped the list of funding with about $54 million, distributed among 8 companies, noting that more than half of the funding ($27 million) went to the “Rawaa Inventory Management” company deal, and “Fly Akeed” travel technology services company also succeeded in raising $15.2 million. Million dollars.

Emirati startups came in second place, with a total funding of about $44 million distributed among 9 startups.

In continuation of the decline in the volume of financing for Egyptian startups, it came in third place, with a total financing not exceeding $1.5 million distributed over 5 financing deals, which represents a decrease of more than 406% compared to last month. Note that the number of financing deals for Egyptian start-ups for the month of August reached 5 deals, about half of which went to Talents Arena, a start-up company specializing in recruitment using artificial intelligence tools, as the size of the deal it obtained amounted to about 750 thousand US dollars.

In fourth place were Tunisian startups with a total funding of more than half a million dollars, followed by Moroccan and Palestinian startups, with a total funding of about 155 and 100 thousand dollars, respectively.

Distribution of financing for startup companies according to sectors

Although the financial technology sector was at the forefront in the volume of financing in 2022 and throughout almost all of 2023, the volume of financing deals for this sector declined in August, recording $5.9 million to occupy fourth place, noting that the financial technology sector remained..The number of financing deals reached 5 deals.

The sector that ranked first in the volume of funding for the month of August was the logistics services sector, in which startup companies raised about $32 million, equivalent to a third of the total funding for startup companies for the same period.

The logistics services sector came to the fore thanks to the previously mentioned “Rawaa Inventory Management” deal.

While the sectors of travel and tourism technology, health technology, and websites (Web3) received almost equal funding, amounting to about $15 million for each sector.