Startup funding in the Middle East and North Africa (Mena) saw a decline in all but three countries. While the overall amount raised grew slightly to $4 billion in 2023 across 583 transactions, this includes the $1.77 billion in debt financing across 10 deals. Without this debt, the total amount raised by Mena startups dropped by 35 per cent. Debt financing tripled last year primarily due to the buy now pay later startups, Tabby and Tamara, which together raised $1.3 billion in debt. Perhaps most suprisingly, the amount raised by UAE-based startups decreased by 47 per cent including debt, while debt-free investment dropped by 65 per cent.

Source: The North Africa Journal January 08, 2024 02:00 UTC