MENA startups see 474% year-on-year funding increase

RIYADH: Startups across the Middle East and North Africa region raised $247 million in 46 deals in January 2022, a 474 percent increase year-on-year.

The highest amount of funding secured was in Bahrain, with a $110 million series B round by Rain, according to a report by Wamda and Digital Digest.

Saudi Arabia came second with $55.6 million, Egypt third with $33 million, then UAE with $24.4 million, and Iraq with a record of $15 million.

Although Bahrain saw the highest amount in funding, Saudi Arabia came first in terms of deal count with 15, then Egypt with 11, and UAE with nine.

The fintech sector alone accounted for more than half of the funding raised last month, followed by e-commerce and foodtech.