Investment in the Middle East and North Africa (MENA) region saw a significant decline in April 2024 with only 19 startups raising $55 million.

This marked a 78% decrease month-on-month (MoM) from the $254 million raised in March 2024, but it represented an 87% increase year-on-year (YoY).

  • Tunisian AI startup, Qodek, was one of the standout investees in April 2024 having raised an $8 million Series B

  • 3 Saudi startups received $4.8 million

  • UAE-based businesses earned $32 million across six deals

  • Egyptian startups received $8.7 million over five deals

  • The Web3 sector saw $1.8 million during April 2024

  • Fintech emerged as the most funded sector with four firms collectively raising $25.7 million

  • The fintech investments include the largest deal size in April 2024 by UAE-based fintech Fortis, which secured $20 million of the total

  • E-commerce followed fintech receiving $10.5 million across two rounds

  • AI startup, Qodek, raised $8 million

  • 3 Software-as-a-Service (SaaS) providers collectively received $3.5 million in funding.

Several venture capital firms launched their funds in April 2024, including:

  • Abu Dhabi’s ADQ partnering with the Oman Investment Authority (OIA) to establish the Jasoor Fund, a $180 million fund focused on technology investments

  • Nigeria-based venture capital firm Verod-Kepple Africa Ventures (VKAV) successfully concluded a $60 million final close for its pan-African VC fund

FUNDING | Verod-Kepple Africa Ventures Secures $60 Million, Plans to Invest in 21 Growth-Stage African Companies

The VC fund allocates investments ranging from $1 million to $3 million, with the capacity for follow-on investments.

To date, it has already deployed $17.5… pic.twitter.com/IIEFqoaek4

— BitKE (@BitcoinKE) April 11, 2024

Bahrain-based alternative asset manager, InvestCorp, completed a significant merger and acquisition deal by acquiring NSEIT, the digital technology division of India’s National Stock Exchange (NSE), in a transaction valued at $120 million.

U.S. tech giant, Microsoft, also invested $1.5 billion for a minority stake in UAE-based regional AI player, G42, with the aim of delivering advanced AI solutions with Microsoft Azure across various industries and markets.

 

 

 

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