Mena VC funding declines by 42%

Venture capital investment in Mena-based companies exceeded US$1 billion but dropped by 42% in year-on-year funding during the first half of 2023.

According to data provider MAGNiTT and its H1 2023 Mena Venture Capital Report, VC funding also dropped by 49% in the number of transactions (193).

The second quarter of the year was the lowest quarter of funding in Mena startups since Q3 2020 and the lowest number of deals since Q2 2017.

The report does highlight one bright spot for the region’s VC market – increased interest from international investors, largely driven by general partners of global funds looking to raise capital from sovereign limited partners.

©2023 funds global mena

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