February 2020Dubai Internet City
February 2020 DUBAI INTERNET CITY
MENA Startup discovery platform, Magnitt, has released its H1 2019 MENA Venture Investment Report. The positive findings of the report indicate that the MENA region saw 238 investment deals worth a total of $471M in the first half of 2019. This is 66% increase in total funding compared to H1 2018, an all-time record, as the report indicates.
The MENA region also witnessed its first unicorn exit, when Uber acquired the Dubai ride-sharing startup Careem for $3.1B. 14 other MENA startup exited in H1 2019, a 50% increase from H1 2018.
The UAE remains the most active startup ecosystem in MENA with 26% of all deals, followed by Egypt (21%), Lebanon (13%), and Saudi Arabia (11%).
FinTech remains the most attractive industry for investors in the region, retaining its top spot as the most active industry by number of deals, followed by E-Commerce and Delivery & Transport.
A summary of the report is available for download here, and the full report can be purchased at this link.
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