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Middle East startups raise $1.8 billion in first half of 2022

The fintech sector remained the most capital attracting sector, raising nearly $1.7 billion and accounting for 34 percent of the total funding secured across all markets.
By TRENDS Desk
July 7, 2022 12:24 pm
  • The fintech sector remained the most capital attracting sector, raising nearly $1.7 billion and accounting for 34 percent of the total funding secured across all markets
  • Transport and logistics and e-commerce came in second and third, each raising respectively $1 billion and $501 million

During the first half of the current year, startups in the Middle East have succeeded in raising $1.8 billion, according to a MAGNiTT report.

The fintech sector remained the most capital attracting sector, raising nearly $1.7 billion and accounting for 34 percent of the total funding secured across all markets.

Transport and logistics and e-commerce came in second and third, each raising respectively $1 billion and $501 million.

The region saw three startups in the top-10 investment rounds across the MENA region, Pakistan, Turkey, and Sub-Saharan Africa, thanks to Saudi Arabia’s Foodics, UAE’s Pure Harvest Smart Farms, and Bahrain’s Rain.

The report also indicated that 33 mergers and acquisitions were recorded in the MENA region.

 

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