In H1 2022, MENA startups collectively secured about 1.7 billion in 343 deals. However, in 2023, the startups accrued approximately 1.6 billion in the same period, signifying a slight drop in funding deals within the region.
The MENA VC ecosystem witnessed a slow start in 2023, with funding declining by 13% YoY, and deals plummeting by 55%. In the first half of 2022, the highest funding deal was recorded in February with $375 million whereas May saw the minimum funding of $176 million. Similarly, in the first half of 2023, February saw the highest amount of funding deal of $760 million, only MNT Halan raised $400 million while April recorded the least with $7 million. April's decline in funds can be attributed to the Ramadan season, however, February saw the highest amount of funding in H1,2022 and H2,2023.