MENA startups raised over $1-billion in 2020
Titled the2021 Emerging Venture Markets Report , this is the first time that the report analyses and compares has expanded its coverage of tech startups beyond the MENA region and included enterprises in Pakistan and Turkey.
Philip Bahoshy, MAGNiTT’s CEO attributes the success of tech startups to a demand for innovation to tackle challenges faced in 2020.
“2020 was a rollercoaster year that highlighted the importance of leveraging data to make opportunities visible across borders. COVID-19 rapidly accelerated the adoption of technology across emerging markets, creating larger markets and more opportunities to scale. By tracking and analyzing startup investments in 19 countries and counting, we have been able to provide real-time intel to governments, founders, and investors to support them in making informed decisions and policies.”
The report indicates that although there was a ‘record’ increase of just over $1-billion invested in tech startups based in the MENA region, the capital was distributed across a few deals in 2020. The total number of transactions decreased by 13% with 496 deals recorded.
“The full-year’s data illustrates that the $1BN figure was mostly driven by a record H1 2020, with $725M raised in H1 2020 versus $563M in H1 2019 (+29% increase YoY),” MAGNiTT explains in a press statement.
The three main countries which held the top spot for investment as indicated by the report were the UAE, Egypt, and Saudi Arabia.