Startups in the Middle East and North Africa raised about $632 million last July

Pioneers Investors – Startups in the Middle East and North Africa raised about $632 million last July, through executing 77 deals, which represents a new record.

The increase in funding last July was due to the implementation of a number of large deals, such as the financing round of Emirati cloud kitchen operator Kitopi, which raised $ 450 million, the Egyptian SWVL which raised $ 100 million, and the Egyptian e-commerce company MaxAb, which raised $ 40 million.

The UAE ranked first in terms of total new investments in startups, with $530 million, followed by Egypt with $70.7 million, then Saudi Arabia ($23 million), Jordan ($3 million), Qatar ($1 million), and Morocco ($1 million), Tunisia ($584,000), and the Sultanate of Oman ($100,000).

Egypt ranked first in terms of the number of start-ups with investments, with a total of 19 companies, then Qatar (16 companies), the UAE (12 companies), Saudi Arabia (11 companies), Tunisia (8 companies), then Jordan (6 companies) then Morocco (4 companies).

In terms of startup activity, food technology companies topped the list with $428 million in funding, followed by mobility ($107 million), e-commerce ($62 million), and health technology ($11 million).