In November 2023, startups in the Middle East and North Africa (MENA) region secured a significant funding milestone, raising $764 million across 42 funding rounds. Modus Capital emerged as the most prolific investor, contributing $2.8 million across eight startups incubated through its flagship venture builder program. Saudi Arabian investors secured the second position in terms of activity, engaging in 10 deals. Startups founded by males secured the majority of funds, amounting to $753 million across 29 deals, accounting for 98.5%. Female founders, on the other hand, received less than two percent of the capital, totaling $9 million.

Source: The North Africa Journal December 19, 2023 07:31 UTC