Startups in the MENA (Middle East and North Africa) region raised $445M in May 2023. The figure is a significant increase from the $7M raised in the month prior. Startups in the UAE raised most of the funding, managing to score $422M across 14 deals. - Qatar placed second, with $12M raised by the delivery app Snoonu.
- Saudi Arabian startups placed third, raising $6M across 15 funding deals.
- In terms of verticals, VC invested mostly in fintech, followed by e-commerce.
- 92.8% of the investments went to startups with all-male founding teams, while only 7.2% went to companies with female founders.
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