Saudi Startups Lead MENA Funding with $198M in Investments in March 2024
In March 2024, Saudi Arabian startups led the MENA region in fundraising, securing $198 million over 25 deals. A significant portion of this investment, $130 million, was directed towards Salla, a Saudi-based SaaS company, in its pre-IPO funding round, as reported by Digital Digest and Wamda.
Following Saudi Arabia, the United Arab Emirates ranked second in investment attraction within the MENA region, garnering $39 million through 12 transactions. Egypt came in third, with eight startups collectively raising $7 million.
Throughout March, the aggregate funding for MENA region startups reached $254 million, escalating the total for the first quarter of 2024 to $429 million. SaaS providers dominated the funding landscape, receiving $130.6 million, while fintech startups secured $40 million, and e-commerce businesses attracted $18 million.
