Fintech, foodtech shine in Forbes list of 50 most-funded startups in MENA
The 50 most funded startups in MENA this year raised nearly $3.2 billion in total funding.
Forbes Middle East has released its annual list of the 50 most-funded startups in the Middle East and North Africa (MENA) region.
The startups mentioned in the MENA list this year have raised nearly $3.2 billion in total funding—an increase from $3 billion raised in 2021.
The top 10 in the list account for $1.9 billion in capital raise. Overall, the United Arab Emirates (UAE) stands first with 22 of its startups secured close to $1.8 billion, which makes up over 60% of the list's overall funding.
Saudi Arabia comes second with a total fundraise of $520.4 million, followed by Egypt with a sum of $248.6 million.
In terms of sectors, foodtech stood in terms of the most capital raised, which equals $874.9 million in total funding. Further, fintech and ecommerce were the "most represented sectors" in the list, with 13 and 11 entries respectively.
Out of the 50 listed startups, 19 are newcomers including fintech firm PostPay.
Overall, cloud kitchen operator Kitopi raised a total of $804 million. Next came agritech business Pure Harvest Smart Farms bagging $272 million. STARZPLAY, a subscription video-on-demand service platform, stood third with $150 million and fintech platform Tabby came fourth with $130 million in total.
Overall, the ranking features 112 co-founders and 10 solo founders.
To qualify for the list, the startups had to be no more than seven years old. In addition, they had to have raised a minimum of $15.5 million in total funding. The cut-off set for funding was December 20, 2021.
Startups that acquired, merged, or went public in stock markets did not qualify for the evaluation.
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Edited by Kanishk Singh
