Startups in Mena have raised $267 million across 44 deals in June, propelling the second quarter investments to more than $552 million, a 33 per cent increase compared to the first quarter of 2021.
Perhaps one of the most exciting investment deals in June was that of Egypt-based Trella, which attracted $42 million in a debt and equity round led by global shipping giant Maersk. Overall, eight Egyptian startups raised $52 million, ranking the country second in terms of number and value of deals.
Large rounds in the e-commerce sector including those from Floward ($27.5 million) and OpenSooq ($24 million) pushed total investments in the sector to $110.9 million across nine deals, while nine fintech startups raised $71.5 million. The logistics sector raised the third highest amount with $49 million thanks to Trella’s round.
Of the 44 investments in June, 37 went to male founded startups, and seven to mixed founding teams. Startups led by female founders received no funding.
In the first half of 2021, the 249 investment deals in Mena nearly broke the billion-dollar mark reaching $978 million, of which 44 per cent went to UAE startups, 27 per cent to Saudi Arabia and 12.5 per cent to Egypt.
It was the fintech sector that attracted the most investment with $306 million, of which $110 million alone was raised by Saudi Arabia-based buy now pay later startup Tamara in its Series A round. E-commerce did well once again with $181 million in investments, led primarily by the growth of B2B e-commerce players, and finally logistics startups raised $103 million, a reflection of the strength and growth of online shopping in the Middle East.
The top 10 biggest rounds in the first six months of 2021 were:
Tamara: $110 million Series A
Pure Harvest: $50 million raised via sukkuk
Tabby: $50 million in debt financing
Anghami: $40 million ahead of its SPAC
Trella: $42 million in debt and equity
Lyve $35 million in Series B
Yellow Door Energy: $31.2 million debt financing
Floward: $27.5 million Kuwait in Series B
Starzplay $25 million in debt financing
Sary: $20.5 million in Series B
Once again, startups founded by men dominated and attracted the vast bulk of investments with 96 per cent in the first six months of 2021, while female-founded startups attracted just 0.9 per cent.
These monthly reports are a collaboration between Wamda and Digital Digest. For startups that do not disclose the amount they have raised, we provide a conservative estimate for their rounds.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
