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.