The amount invested in the Middle East and North Africa (MENA) startups rebounded in July 2024, recording $355 million raised by 38 startups—a 206% rise month on month (MoM) and a more than 260% increase year on year (YoY).
In the face of a worldwide economic downturn and an imminent full-scale conflict between Israel and Iran, the MENA tech ecosystem has demonstrated remarkable resilience, as these anxieties were capped by the approaching Fed rate cut in September, which revived hopes for cash to flow back into the global markets.
Debt financing made up less than 1% of total investments last month, sending an optimistic message that the investment slump the MENA tech ecosystem saw at the beginning of the year is abating… more
(Wamda)
