Riyadh - Sharikat Mubasher: The rapidly evolving startup ecosystem in the Middle East and North Africa (MENA) region became one of the most promising regions for entrepreneurship and innovation, triggered by a youthful and tech-savvy population, as MENA startups secured $83 million across 30 rounds in August, showing a 76% decline compared to $355 million in July.
Saudi startups secured investments worth $15.8 million across nine deals, following UAE startups that raised $55.7 million across 15 deals, a recent report by the Digital Digest revealed.
Egypt came in third place with $7.6 million raised across four rounds, trailed by Kuwait which collected $3 million in one deal.
Male-owned startups seized 99.7% of the funding raised in August across 28 deals, while female-owned startups secured $100,000 across one round, representing 0.1% of total funding.
Meanwhile, startups owned by males and females raised $150 million in a funding round, capturing 0.2% of the total funding raised in August.
Fintech was the most-funded sector with $54 million in investments secured across eight deals, followed by the Web 3 sector with investments worth $13.5 million, and the foodtech sector with investments amounting to $9 million.
