The startup ecosystem of the Middle East and North Africa (MENA) region has been attracting investors, with a remarkable surge in funding in May 2024, raising an impressive $282 million, according to Wamda research. 

This figure marks a 413% increase from April’s $55 million, signaling a robust rebound in investor confidence and activity.

A substantial portion of this influx, $140 million, was secured through debt financing.

While the MoM growth witnessed by MENA startups signifies interest and investor confidence, YoY figures reveal that the total funding raised in May 2024 is 58% lower than the $445 million recorded in May 2023.

The research shows that the UAE has led the region’s startup ecosystem thanks to strong innovation and entrepreneurship, securing $189 million across 23 deals. 

Saudi Arabia followed with $56 million raised through 10 deals, and Egypt secured $24.5 million across four deals.

Proptech stood out among all the sectors, attracting $167.2 million. Fintech, health tech, and e-commerce are key sectors as digitization and innovation take over the region.