Startup investment in MENA was through the roof in 2020, topping USD 1b, which is 13% more than the year before. Though the total funding pool increased, the number of deals was less, meaning that larger-ticket investments were made.
Some of the big names that attracted the most cash were EMPG, Kitopi, Vezeeta, and Jahez. These startups operate across various tech subindustries from e-commerce, FinTech, to healthcare.
Similar to previous years, startups in the United Arab Emirates, Saudi Arabia, and Egypt took home the bulk of the funding, cementing their positions as the tech hubs of the region.
Most of the money raised was for deals that took place in the first half of the year, indicating that COVID-19 had an impact on fundraising after all.