As we get closer to the end of the year, let us take a look back on the changes and trends that have taken place in the startup ecosystem in the Middle East and North Africa.
In MAGNiTT’s November 2019 Dashboard, it was highlighted that more than 30 deals took place in November 2019, an increase of 192% compared to the same month last year. With this, the year has surpassed last year by a number of deals, which can be considered as a record.
In additional, November 2019 saw a 62% drop in total funding compared to November 2018, with $66M being invested in those 35 deals. The United Arab Emirates (UAE) still accounting for the lion’s share of total funding, while Egypt accounts for the highest number of deals – more on that in MAGNiTT’s upcoming 2019 MENA Venture Investment Report.
Moreover, 500 Startups, the most active venture capital fund in the MENA region by number of deals in 2019, also sees Egypt as a key market in the region. As of late, a lot of focus has been placed on the Egyptian startup ecosystem, according to Hasan Haider, Partner at 500 Startups, with a specific focus on FinTech, logistics, transport and on-demand products and services.
Maintaining the trend from 2018 and 2019, the FinTech industry tops the list with the highest number of deals (7 last month), bringing the total number of deals in the industry to 68 this year. As highlighted in MAGNiTT’s 2019 MENA FinTech Venture report, in collaboration with Abu Dhabi Global Market (ADGM), the FinTech industry is growing rapidly, but is still in its early stages.
Coming up in January, MAGNiTT will be launching the 2019 MENA Venture Investment report. An in-depth report taking both a bird’s eye view as well as an analytical approach to identifying trends and changes in the ecosystem, the readers will be able to understand the events, announcements that unfolded during 2019 as well as a breakdown of funding activity and exits.