Difficult April for Fundraising in the MENA Region

The month of April was challenging for startups in the Middle East and North Africa (MENA) region, with a significant decline in fundraising amounts. Only 19 startups managed to raise $54.8 million, a 78% drop from the $254 million raised in March, but an 87% increase year-over-year.

Top Deals of the Month

The largest deal of the month went to Fortis, a fintech based in the United Arab Emirates, which raised $20 million in Series A funding, followed by WEE with $10 million in pre-Series A funding. In total, 19 startups convinced investors, including 6 from the UAE, 5 from Egypt, and 3 from Saudi Arabia.

Sector Breakdown

Fintech was the most funded sector in April, with four companies raising $25.7 million. E-commerce came in second, with two deals worth $10.5 million, and an AI startup raised $8 million. Three SaaS (Software as a Service) providers received $3.5 million.

Investment Trends

Most investments went to startups in the Series A development phase, while pre-Series A startups raised $14.3 million, and Series B startups received $8 million.

B2B Remains Strong

Investors' appetite for B2B remained strong, with 12 deals worth $42.5 million. B2B2C raised $11 million, and the B2C model received $1.2 million.

Challenging Times Ahead

The first half of the year has been marked by a slowdown, with investors exercising caution. Macroeconomic indicators do not favor an improvement in the context. The focus on profitability over growth is making it challenging for startups seeking funding.