{"id":91450,"date":"2024-11-12T00:00:00","date_gmt":"2024-11-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/11\/12\/saudi-startups-secured-the-second-highest-funding-in-the-mena-region-in-october\/"},"modified":"2024-11-12T00:00:00","modified_gmt":"2024-11-12T00:00:00","slug":"saudi-startups-secured-the-second-highest-funding-in-the-mena-region-in-october","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/11\/12\/saudi-startups-secured-the-second-highest-funding-in-the-mena-region-in-october\/","title":{"rendered":"Saudi startups secured the second highest funding in the MENA region in October"},"content":{"rendered":"

Saudi Arabia-based startups raised a combined USD 50 mn across 21<\/strong> transactions in <\/strong>October<\/strong>, down from USD 170.8 mn<\/a> 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<\/a>.<\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

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

The regional angle:<\/strong> 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. <\/p>\n

Proptech has dethroned fintech for the month:<\/strong> Property tech startups raised USD 38 mn over five transactions, ending the fintech sector\u2019s four-month reign \u2014 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). <\/p>\n","protected":false},"excerpt":{"rendered":"

Saudi\u2019s Ejari secured the largest ticket during the month<\/p>\n","protected":false},"author":1,"featured_media":91451,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2556],"tags":[3195,3243,10,3404,31,3302,3403,179],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-91450","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-al-menu","tag-ejari","tag-enterpriseam-ksa","tag-funding","tag-investment-watch","tag-invygo","tag-mala-inc","tag-startup-watch","wpautop","entry"],"acf":{"mongo_id":"9a09fb87-610b-4801-ad8f-16162a1ddd3e","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/11\/1027.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Saudi startups secured the second highest funding in the MENA region in October","related_issue":[91437],"teaser":"Saudi\u2019s Ejari secured the largest ticket during the month","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.775b7aac-ddbd-46bf-a50f-52c59bed3332.mp3"},"yoast_head":"\nSaudi startups secured the second highest funding in the MENA region in October - 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