Spring For Startups – Global Finance

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Spring For Startups – Global Finance


MENA startups are now a magnet for new funding. 

The startup ecosystem in the Middle East and North Africa (MENA) is booming, with $704 million invested in a record 564 deals in 2019, an increase of 12% in funding over the prior year, according to a recent report by Magnitt, a research network based in the United Arab Emirates.

Five years ago, a Middle Eastern startup pipeline barely existed; today, it is gaining confidence and maturing. Magnitt reported that last year broke all records with 27 exits and an average deal size at $1.9 million, up 7% from 2018. The region also witnessed its first unicorn exit as US giant Uber bought rival car-hailing company Careem for $3.1 billion.

Not so coincidentally, Magnitt reported that the Middle East is starting to show up on the global tech map. Last year, over 200 institutions invested in MENA startups, up 33% from 2018. But as more companies reach later stages of the startup cycle, new funding needs arise, opening opportunities for
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