Saudi Arabia startups secure more than half of MENA funding in February 2022

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RIYADH: The Middle East and North Africa region secured $375 million in startup funding across 81 deals in February 2022, with Saudi firms taking in 58 percent of the money.

Investment funding in the MENA region has seen a 51 percent increase on a month-to-month basis, and a 134 percent on a year-to-year basis, according to a report by Wamda.

Startups in the logistics sector raised the most funding in February with $120 million in the region, and the Kingdom’s startup Trukker secured $96 million in its series B round.

The Kingdom was also the most active in terms of investor participation with 27 deals, while UAE investors participated in 22 agreements, according to a report by Wamda.

UAE startups raised $77.6 million while Egypt pulled in $70 million.

Together with Saudi Arabia, those three markets amounted to 98 percent of overall funding in the region.