By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Al-Sisi rejects claims of militarising teachers
    Al-Sisi rejects claims of militarising teachers
    September 27, 2023
    Egypt, Switzerland discuss improving economic ties, investment opportunities
    Egypt, Switzerland discuss improving economic ties, investment opportunities
    September 27, 2023
    Egypt aims to boost private sector’s role in economic activity to 65% in medium term: Finance Minister
    Egypt aims to boost private sector’s role in economic activity to 65% in medium term: Finance Minister
    September 27, 2023
    City Farm targets $50m in sales of frozen agricultural products in American market
    City Farm targets $50m in sales of frozen agricultural products in American market
    September 27, 2023
    Smoking alternatives could reduce cigarette use, save lives: NCI study
    Smoking alternatives could reduce cigarette use, save lives: NCI study
    September 26, 2023
  • Politics
    PoliticsShow More
    Egypt denounces Houthi attack on Bahraini forces in Saudi Arabia
    Egypt denounces Houthi attack on Bahraini forces in Saudi Arabia
    September 27, 2023
    Presidential election in Egypt set for 10-12 December
    Presidential election in Egypt set for 10-12 December
    September 25, 2023
    Defence Minister meets NATO Military Committee chief
    Defence Minister meets NATO Military Committee chief
    September 25, 2023
    Egypt, Jordan, and Iraq discuss economic, political cooperation in New York
    Egypt, Jordan, and Iraq discuss economic, political cooperation in New York
    September 24, 2023
    Al-Sisi highlights opportunities for mutual benefit with China
    Al-Sisi highlights opportunities for mutual benefit with China
    September 24, 2023
  • Interviews
    InterviewsShow More
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    September 18, 2023
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    September 14, 2023
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    September 12, 2023
    India welcomes Egypt's BRICS membership: Boosting trade, investment, and access to strategic commodities
    India welcomes Egypt’s BRICS membership: Boosting trade, investment, and access to strategic commodities
    September 11, 2023
    The box office is not a measure of success: Basma Hassan
    The box office is not a measure of success: Basma
    September 6, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Middle East and Africa startup funding falls 64% in 1H 2023: MAGNiTT
Share
Notification
Latest News
Egypt denounces Houthi attack on Bahraini forces in Saudi Arabia
Egypt denounces Houthi attack on Bahraini forces in Saudi Arabia
Egypt Politics
Al-Sisi rejects claims of militarising teachers
Al-Sisi rejects claims of militarising teachers
Business
Egypt, Switzerland discuss improving economic ties, investment opportunities
Egypt, Switzerland discuss improving economic ties, investment opportunities
Business
Egypt aims to boost private sector’s role in economic activity to 65% in medium term: Finance Minister
Egypt aims to boost private sector’s role in economic activity to 65% in medium term: Finance Minister
Business
City Farm targets $50m in sales of frozen agricultural products in American market
City Farm targets $50m in sales of frozen agricultural products in American market
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Middle East and Africa startup funding falls 64% in 1H 2023: MAGNiTT
Business

Middle East and Africa startup funding falls 64% in 1H 2023: MAGNiTT

Mohamed Alaa El-Din
Last updated: 2023/07/30 at 2:40 AM
By Mohamed Alaa El-Din 3 Min Read
Share
Middle East and Africa startup funding falls 64% in 1H 2023: MAGNiTT
SHARE

Startups in the Middle East, Africa, Turkey, and Pakistan (MEAPT) region witnessed a decline of 64% in funds raised during the first half of 2023 (1H 2023) compared to the same period last year, according to a report by MAGNiTT, a specialist in venture investment and entrepreneurship research.

MAGNiTT’s report stated that startups raised $1.8bn in the first half of 2023, which is a 64% decline compared to the same period last year. The number of deals reached 530, which is 40% less compared to the same period in 2022.

In terms of quarterly data, the second quarter of 2023 was the lowest funded quarter since the fourth quarter of 2020, while the number of deals fell back to its 2018 level.

The Middle East and North Africa (MENA) region accounted for the majority of funding, making up nearly 60% of the total funding. Startups in Africa accounted for 51% of the total funding in the MEAPT region.

The slowdown in the pace of the economy and the decline in venture capital activity globally was also evident in the MENA region, according to the report.

Large markets in the MENA region recorded a significant drop in the flow of deals, reaching 58% YoY. While funding was able to cross the $1bn mark, nearly half of it came from major funding rounds registered by startups in Saudi Arabia and Egypt.

The report showed a 30% decline in the number of financing deals for financial technology companies, reaching $418m in the first half of this year compared to $595.7m in the same period of 2022. The financing of the e-commerce sector increased by 80%, recording $398.2m in the first half of this year compared to $221.5m last year.

Due to the volatile market conditions, investors kept their focus on smaller investments, the report said. Interest from investors in the MENA region was growing in financing tranches ranging between $1-$5m.

The total number of investors decreased by nearly half compared to the first half of last year, according to MAGNiTT. The share of international investors fell to 33% in the first half despite the attention it received in the MENA region from the international media.

In keeping with the general slowdown trend, exit activity was also slower in the first half of the year, with the total number of M&A transactions down about 30% this year.

You Might Also Like

Al-Sisi rejects claims of militarising teachers

Egypt, Switzerland discuss improving economic ties, investment opportunities

Egypt aims to boost private sector’s role in economic activity to 65% in medium term: Finance Minister

City Farm targets $50m in sales of frozen agricultural products in American market

Smoking alternatives could reduce cigarette use, save lives: NCI study

TAGGED: MAGNiTT
Share this Article
Facebook Twitter Email Print
Previous Article Industry Minister meets with Mercedes-Benz Egypt to discuss expansion plans Industry Minister meets with Mercedes-Benz Egypt to discuss expansion plans
Next Article High-return dollar savings certificates would not affect investment in stock market: Experts High-return dollar savings certificates would not affect investment in stock market: Experts
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Ad image
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Egypt denounces Houthi attack on Bahraini forces in Saudi Arabia
Egypt denounces Houthi attack on Bahraini forces in Saudi Arabia
Egypt Politics
Al-Sisi rejects claims of militarising teachers
Al-Sisi rejects claims of militarising teachers
Business
Egypt, Switzerland discuss improving economic ties, investment opportunities
Egypt, Switzerland discuss improving economic ties, investment opportunities
Business
Egypt aims to boost private sector’s role in economic activity to 65% in medium term: Finance Minister
Egypt aims to boost private sector’s role in economic activity to 65% in medium term: Finance Minister
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?