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Start-ups in the Middle East and North Africa succeeded in gaining about $324 M in June with 66 deals. The value of start-up deals grew by more than 84%, and by 57% in terms of the number of deals, compared to last month.

In June, start-up deals were affected by a number of major funding deals that set venture capital trends in terms of geographical and sectoral distribution. The top five financing deals accounted for about 91% of total volume of start-ups financing in June.

The figure below shows the size of the five largest funding deals, their geographical status and the sector in which they are active

The previous chart shows that UAE startups own the lion's share of the largest financing deals in June, with the largest 4 financing deals for startups belonging to Emirati startups, while in terms of sectors, the fintech technology sector accounts for three deals. Below we review a summary of the companies that collected the five largest financing deals in the month of June.

First: Harvest

Harvest's (UAE) deal was the largest financing deal in June, after it secured a total funding volume of $180.5 M through a funding round involving a number of international and local investors, including Metric Capital Partners, IMM Investment Corp and Olayan Group. Harvest is active in agricultural technology that uses hydroponics technology to grow fruit and vegetables in harsh desert climates. Harvest is among the most highly funded start-ups with a total of more than $387 M raised by Harvest up to its last funding round. According to Harvest's press release, the company will exploit the new financing to invest in research and development, to expand its business in the GCC countries, and to break into new markets in Asia. 

Second: Huspy

Huspy (UAE) is one of the leading start-ups in real estate financing and home purchase. In its (A) Series funding round led by Sequoia Capital India and with the participation of a number of other companies and financing funds, Huspy received approximately $37 M. The company facilitates home purchases and financing operations. According to Huspy's founders, the company will use new funding to expand its business in Europe, the Middle East and North Africa as well as develop its technologies.

Third: HyperPay

Saudi Arabia's HyperPay ranked third in terms of the volume of funding deals in June, successfully raising more than $36.7 M from its funding round led by Mastercard, with the participation of  Capital Partners funds and AB Ventures. The Saudi company is active in the fintech field. Through its portal, it provides services to process traders' payments, such as risk management solutions, monitoring system, instalment and billing systems, etc. According to the company's statement on the occasion of the recent funding round, it will use the funds of the last round to support its regional expansion plans in Egypt, Qatar and Oman, as well as to develop its technical team, investing in product search and development, and accelerating its adoption of easy and fast digital payment systems.

Fourth: NymCard

NymCard (UAE) successfully raised about $22.5 M in a funding round led by “Desert ID”, Reciprocal Ventures, “Shorouk Partners”, with the participation of “Shimera Capital”, DFDF, Knollwood, Endeavor Catalyst and “OTF Jasoor Ventures”. NymCard is active in fintech and banking, enabling fintech companies to deliver and operate prefabricated finance in their applications through modern application translation interfaces, enabling companies to focus on product offerings rather than dealing with complex payments. The new funding will help the company drive its operations towards expanding in the region and developing its technical capabilities.

Fifth: Cartlow

Finally, the UAE company Cartlow came fifth, with a total funding value of about $18 million in the company's first funding round, led by Al-Sulaiman Group. Cartlow works in logistics where it provides retailers and consumers with a reverse logistics service, including return management, warranty management, repurchase and replacement. The company will employ its first funding round funds to improve its technologies, contribute to enhancing of the circular economy and reducing waste in value chains, according to Cartlow's press release.