MENA startups raised $328.3 million in September 2024, reflecting strong investor confidence across the region. According to Rasmal’s latest report, 60 startups secured funding, with Saudi Arabia leading the way, attracting $165.34 million. This surge is largely tied to the Kingdom’s Vision 2030, which focuses on tech-driven growth and innovation.
The UAE followed closely, securing $114.32 million, with FinTech, e-commerce, and PropTech emerging as the top sectors. Notably, late-stage startups dominated, raising $129.08 million, while early-stage companies still attracted significant attention with $57.30 million. Despite this growth, gender disparity remains a challenge, with male founders receiving 96.79% of the total funding, compared to just 3.21% for female founders.
Among the standout startups were SHIFT, a logistics tech company, raising $83 million, and Syarah, an online car marketplace, which secured $40 million. These figures highlight the increasing diversity and opportunities for investment within the region.
As Saudi Arabia and the UAE continue to lead, other countries, such as Egypt, are showing promise, positioning MENA as a growing hub for innovation and investment.
