MENA’s startups raised $110 million in May 2021

Pioneers Investors  – Startups in the Middle East and North Africa raised nearly $110 million via 35 deals in May. While it is a significant decrease when compared to April, it is still an impressive amount when compared to the monthly average raised last year. Since February, startups in the Middle East and North Africa have raised more than $100 million per month, indicating increased investor interest and increased capital in the market.

Most of that investment is now concentrated in Saudi Arabia, where Jada and SVC funds have led to more venture capital (VC) firms emerging in the country, which are now obligated to spread some of that money to Saudi-based startups. As a result, these companies can now get higher ratings and therefore larger round sizes.

In May, nine Saudi startups raised $46.6 million, mainly due to Sary’s $30.5 million Series B round. Meanwhile, nine startups in Egypt raised $32 million, while the UAE again lagged behind as seven startups raised $28.4 million.

The majority of startups that raised investment in May were in the fintech sector, but thanks to Sary’s round, the B2B e-commerce sector was the most profitable.

 Reflecting the lack of tech startups in the Middle East and North Africa, only $6 million was allocated to a female-founded startup, while more than $100 million was invested in male-led startups last month.