Saudi Arabia-based startups raised a combined USD 50 mn across 21 transactions in October, down from USD 170.8 mn in the previous month, putting the Kingdom in second place in the MENA region after the UAE in terms of the size of funds raised, according to data compiled by Wamda and Digital Digest.

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Homegrown prop-tech startup Ejari closed the largest ticket in the region during the month, after it secured SAR 55 mn (USD 14.7 mn) in a seed funding round. Other notable rounds include restaurant management startup Al Menu raising SAR 38 mn (USD 10.1 mn), Mobility startup invygo closing a USD 8 mn series A extension round, and fintech B2B startup Mala Inc. raising USD 7 mn in a pre-seed funding round.

The regional angle: Total funds raised across some 56 transactions eased 13% y-o-y to USD 134 mn last month, a 52% m-o-m decrease. The UAE ranked first with USD 61.8 mn raised across 15 transactions, followed by Saudi, and Kuwait with USD 13.5 mn raised between two transactions.

Proptech has dethroned fintech for the month: Property tech startups raised USD 38 mn over five transactions, ending the fintech sector’s four-month reign — moving it down to the second most funded sector at USD 26.4 mn across six transactions. These were followed by e-commerce (USD 14.6) and edtech (USD 11).

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