MENA Startup Ecosystem Sees Slowdown in October 2024
According to data from Wamda, a platform that empowers entrepreneurship, the startup ecosystem in the MENA region experienced a slowdown in October 2024.
Funding Figures
A total of 56 startups managed to raise $134 million, representing a 52% decrease compared to the previous month.
Country Rankings
The United Arab Emirates (UAE) topped the regional ecosystem ranking, with 15 startups raising $61.8 million. Tunisia ranked fourth, with two startups raising $3 million, followed by Qatar, which raised $2.7 million through a single startup. Morocco, on the other hand, raised only $1 million through four startups.
Sector Performance
After dominating funding for four months, fintech slipped to second place in October, raising $26.4 million through six startups. Proptech took the lead, attracting $38 million through five startups.
