Start-up funding in the Middle East and North Africa (MENA) region made a comeback in July 2024, with investments surging by over 200%.

The region’s start-ups raised $355 million during the month, up by 206% from the previous month and 260% from a year ago, according to the latest data from Wamda and Digital Digest.

A total of 38 start-ups attracted the investments, led by the UAE with 12 deals, followed by Egypt and Saudi Arabia, each had 7 investments, and Jordan, which had six.

In terms of investment value, Egypt topped the charts, with seven deals in the country raking in $185 million. The funding secured in July surpassed the previous month’s $15 million, which was spread over four deals.

The fintech sector was a clear favourite among investors, raising a total of $180.8 million, while Web 3 logged $85 million, cleantech recorded $37 million and deeptech and e-commerce attracted $20 million and $15.7 million, respectively.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com