MENA’S TOP 50 MOST-FUNDED STARTUPS

Despite the global economic downturn, startups in MENA have continued to attract significant funding in 2022, with a total of $3.2 billion raised by the 50 most-funded startups, compared to $3 billion in 2021.

Fintechs reign this year, with 21 companies attracting $1.3 billion in total funding, followed by 10 e-commerce players with $576.7 million, four delivery and mobility startups with $299.6 million, and three logistics firms with $292 million.

The U.A.E. is the most represented country, with 18 startups raising $964 million in total funding. Saudi Arabia follows with 12 startups raising $946.7 million, and Egypt with 11 startups raising $508.5 million.

U.A.E.-based agri-tech business Pure Harvest Smart Farms tops the 2022 list, having raised $387 million in total funding, followed by buy now, pay later Fintechs Tabby and Tamara, which secured $275 million and $216 million, respectively. Ride-hailing, delivery and payment platform Yassir became the most-funded startup in North Africa after securing $150 million this year, bringing its total funding to date to $193.25 million.

While new startups emerge amid the global turmoil, others have witnessed downfalls. For example, Egyptian B2B e-commerce platform Capiter, which raised more than $33 million over a year ago, has been hitting headlines in Egypt since the cofounders of the cash-strapped company were dismissed by its investors in September 2022. Other startups have experienced cost-cuts and layoffs, including Brimore—which raised $25 million earlier this year yet said later it will be restructuring and cutting costs—and Swvl.

Methodology

To qualify for the list, startups had to be no more than seven years old. They had to have raised at least $20 million in total funding. Cut off for funding was November 10, 2022. We excluded startups that were acquired or merged, went public, or didn’t provide sufficient information about funding and investors. New entries are marked with an asterisk (*).