UAE-based startups reeled in the most non-mega funding in 9M 2023, according to Magnitt’s 3Q 2023 MENA Venture Investment Summary. Accounting for so-called mega rounds, Egypt and Saudi Arabia outpaced the UAE in the reporting period. Both the Egypt and Saudi Arabia figures also include debt raised.

The biggest UAE investments since the start of the year: Fintech player Tabby’s USD 58 mn series C round in January ; sportswear brand Squatwolf’s USD 30 mn funding from Asca Capital in May ; and fintech startup Qlub raising USD 25 mn in March.

Startups here and in KSA have continued to do well in the final months of the year: KSA startups gathered USD 338 mn of total investments in November, leading the race in MENA funding, according to a Wamda report. UAE startups were runner-up, attracting USD 284 mn, with Egyptian startups in third place with USD 130 mn.

Startups across the region raised some USD 764 mn in equity and debt in 42 transactions, according to the report. Startup funding last month was the highest recorded this year, up by 74% Y-o-Y and a hulking 390% M-o-M, Zawya reports, citing Digital Digest data.

UAE-based investors were the most active: UAE investors were involved in more than half of the total transactions (squaring off in 22 rounds), followed by Saudi investors, who pulled out their wallets for nine rounds. Ten of the 42 transactions attracted direct global investment, the majority of which cascaded from the United States, according to the Wamda report.

Investors liked fintech: The fintech sector attracted the most love from investors, racking up the majority of funding and the highest number of transactions, particularly in the UAE, according to the Wamda data.

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