Of all the $173m, as much as $100m was raised by one startup from Saudi Arabia. The total amount raised by the rest of the startups is only $73 million. The main reason influencing investors' decision was the global economic crisis, which has led to higher inflation and falling tech stocks. Early-stage startups find it easier to get investment thanks to small checks, the Wamda claims.
Saudi Arabia was the most successful country in the ranking: startup TruKKer received $100 million in the pre-IPO round. The startup is a truck aggregator. Earlier this year, the company closed a $96m Series B round and has raised more than $320m to date.
However, excluding TruKKer's $100m round, the total amount raised by the startup last month is just under $73m, a sign of the continued slowdown in venture capital investment in the Middle East and North Africa.
The amount raised by startups in other ecosystems gives a more realistic picture of the current situation.
— In the UAE, 12 startups have raised just under $27m;
— in Jordan, liwwa raised $18.5m in pre-series B debt and equity, placing it in third place.
The slowdown has been tempered by accelerators in the region, with 26 startups completing accelerators and pitch competitions, raising more than $2m between them.
The most active investor last month was Flat6Labs, largely thanks to seven startups that went through its acceleration programme in Jordan. This shift towards early stage funding signifies a growing desire to cut smaller cheques, leaving later stage startups with a more difficult time in raising investment.
Twenty start-ups managed to attract foreign investment, of which US investors were involved in 11 deals and UK investors were the second most active, taking part in seven deals. Regionally, Egyptian investors were the most active with 14 deals, followed by UAE investors with 11 deals.
Investors in the region remain committed to fintech, with startups in this sector closing a quarter of all deals last month, while eight healthtech startups, mainly in mental health and medtech, took the second-highest number of deals.
As always, male-founded startups attracted the vast majority of investment, while female-founded startups received 0.03%, the lowest this year.
Last month, 3atlana, 5 Quarters, Bona Invest, Karzami, Emonovo and Kashat did not disclose the exact amount they raised. We determined a conservative amount of $100,000 for each of them.
To learn more about investment in MENA follow the link.