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Egypt came in third after Web3 raised 15% of all startup funding for the MENA region in August 2023.

In 26 agreements, startups in the Middle East and North Africa (MENA) raised $101 million, a 6% month-over-month rise in deal value.

97% of the month’s total fundraising was raised in only two nations:

With a total of $54 million, Saudi Arabia is the region’s biggest beneficiary of fundraising.
Startups in the UAE attracted $44 million.
Third-place finisher Egypt won $1.5 million, with HR-tech startup Talents Arena being the biggest winner after raising $750,000.
Morocco and Tunisia ranked fourth and fifth, respectively.

Here are the stats:

Saudi Arabia – $54 million
UAE – $44 million
Egypt – $1.5 million
Tunisia – $539,000
Morocco – $153,600
Palestine – $100,000

The $36 million in cash received by the logistics industry in the area was mostly attributable to Rewaa’s Series A fundraising round. Following the logistics industry, significant investments were also made in the travel technology (traveltech), health technology (healthtech), and Web3 industries.

Particularly, $15 million (15%) of the entire funding at this time was accounted for by Web3.

In August 2023, the four sectors together raised 76% of the total amount of money. Fintech fell to the fifth spot in funding when compared to other industries, although still having a high deal count.

The statistics provided to BitKE show that early-stage investment rounds were mostly responsible for the increase in funding. Series A rounds received the majority of the investment in terms of stages, encompassing more than 63% of the overall investment. With a total of 10 completed deals, seed-stage startups dominated the deal volume category.

Business-to-business (B2B) companies dominated the investment scene in August 2023, accounting for more over half of all capital raised.
However, through nine acquisitions, consumer-focused firms were able to receive 27% of the capital.
Startups in the B2B2C (business-to-business-to-consumer) sector received the final 17% of the money.
Only six of the 26 transactions involved got foreign direct investment.

Investors from the United Arab Emirates (UAE) participated in 10 investment rounds, making them the most active regional participants. Investors from Saudi Arabia were the second most active group, taking part in nine acquisitions.

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