Startups in MENA raised $517mln in Jan-Sep 2019, +30% YoY
Wednesday, 18 December 2019 13:53
Over the first 9 months of 2019, the startups operating in the Middle East and North Africa region raised $517 million, 30% more than the amount in the same period in 2018, Magnitt announced in a recent report.
According to the document, the resources were mobilized through 354 operations and Egypt accounted for 27% of them. The top 5 also includes the United Arab Emirates, Lebanon, Saudi Arabia and Tunisia, respectively.
Real estate startups raised the lion’s share of financing, obtaining 19% of the $517 million. They are followed by e-commerce, transport and logistics, renewable energy and fintech companies. The number of investors also increased, reaching 163 over the period reviewed compared to full-year 2018’s 159.
Chamberline Moko
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