Startups across the MENA region have achieved significant progress in securing funding, with a reported total of over $250 million obtained during March 2024, according to updates shared by local sources.
In detail, MENA startups successfully acquired around $254 million through 54 different investment deals, marking an impressive around 186% increase month-over-month from February’s figures of $88.7 million. Additionally, this represents a modest, roughly 1.17% year-over-year rise from the $251 million raised in March of the previous year.
Most of the capital raised in March was directed towards software as a service (SaaS) firms, which secured around $130.6 million across 9 deals. Fintech companies followed with about $40 million spread across 12 separate deals, while digital commerce initiatives received an estimated total of $18 million in funding.
March also witnessed several significant mergers and acquisitions, including the acquisition of a substantial stake in Anghami by MBC Group and Egypt’s MNT-Halan’s acquisition of Pakistan-based Advans Microfinance Bank.
The latest update reveals a notable surge in investment activity during March, effectively reversing the declining trend witnessed in January and February 2024. Overall, MENA startups have amassed around $429 million in funding across 129 investment rounds in the first quarter of this year.
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