NORTH AFRICA | Web3 Startups in MENA Region Raised Just $450K Out of a Total of $134 Million in October 2024

Startups in the Middle East and North Africa region raised $134 million across 56 deals in October 2024, a 52% decline from September 2024.

Startups based in,

• The UAE ranked first among the MENA ecosystem, raising $61.8 million across 15 deals, followed by
• Saudi entrepreneurs, who raised $50 million over 21 deals, while
• Kuwait was ranked third with $13.5 million raised in 2 deals

Compared to the previous month,

• The Egyptian startup ecosystem experienced a sharp decline in October 2024, with eight startups collectively raising just $1.6 million.

In contrast,

• Tunisia took 4th place securing $3 million, and
• Morocco took 7th place by securing $1 million


After leading in funding for four consecutive months in 2024, the fintech sector dropped to second place in October 2024 as six startups raised a combined $26.4 million.

• Proptech took the top spot, attracting $38 million across five deals.
• The e-commerce sector followed with $14.6 million raised by four startups, and
• Edtech ranked fourth, with seven startups securing $11 million in funding


• Investors maintained a strong preference for early-stage startups, with seed-stage companies attracting $40 million, representing 30% of the total investments raised in October 2024.
• Series A startups followed, securing $20 million across three deals. Additionally,
• 9 startups raised $25.8 million without disclosing their stages, while
• 12 pre-seed startups collectively garnered $15.5 million.

When it comes to business models,

• Business-to-consumer (B2C) model led the way, drawing $83.8 million across 19 startups. In comparison,
• 27 business-to-business (B2B) startups received a combined $42.4 million. Additionally,
• 10 startups operating both B2C and B2B models secured nearly $8 million.

In terms of gender balance,

• The month saw a positive shift in investment towards female-founded firms, with a total of $10.5 million raised across four transactions.
• 31 male-founded startups secured $115 million, while
• 4startups co-founded by both men and women received $4 million in funding.