Startups in Saudi Arabia received highest funding in the MENA region

RIYADH: Saudi Arabia raised $195 million in startup funding from a total of $297 million raised in the Middle East and North Africa in April 2022, making it the highest amount in the region.

The UAE came in as the second highest country last month with $61.5 million, and Egypt third with $37 million.

Saudi-based startup Foodics contributed to $170 million in its series C round last month which made the Kingdom the highest in terms of amount, according to a report by Wamda.

In terms of deal count, the UAE was first, followed by Saudi Arabia and Egypt but the overall deal numbers in the region saw a drop from 79 in March to 29 in April.

The fintech industry continues to lead the sector with the highest deal count but when it comes to amount raised, the software as a service and e-commerce industry contributed to 85 percent of the total amount in the region, according to a report by Wamda.