Investment in Middle Eastern and North African startups slowed in October, with funding dropping to $134 million across 56 deals. This marked a 52% month-on-month decline and a 13% reduction compared to the same period last year, according to Wamda’s report. Despite the slowdown, the PropTech sector emerged as a standout performer, attracting significant investments.
Saudi Arabia’s real estate technology platform Ejari secured $14.65 million in a seed funding round led by PFG and BECO Capital. This was the largest startup funding deal in the region during October, reflecting strong investor confidence in early-stage ventures. Kuwait’s Sakan also contributed to the sector’s growth, raising $12 million in its latest round.
FinTech, a dominant sector earlier this year, slipped to second place as PropTech led with $38 million across five deals. The e-commerce sector raised $14.6 million, while EdTech garnered $11 million over seven deals.
Early-stage funding remained a priority for investors, with seed rounds accounting for $40 million (30% of the total). Series A deals reached $20 million, while pre-seed rounds contributed $15.5 million. Notably, nine startups secured $25.8 million without disclosing their funding stage.
Business-to-consumer (B2C) startups attracted $83.8 million across 19 deals, while business-to-business (B2B) ventures secured $42.4 million over 27 transactions. Hybrid business models received nearly $8 million in funding.
Female-founded startups saw a positive trend, raising $10.5 million across four deals. However, male-led ventures continued to dominate, securing $115 million across 31 deals.
Lean Technologies Secures $67.5 Million in Series B Funding
Saudi-based Lean Technologies, an open banking platform, raised $67.5 million in a Series B round led by US-based General Catalyst. Founded in 2019 by Hisham Al-Falih, Ashu Gupta, and Aditya Sarkar, Lean provides bank data access and payment solutions. This funding will support its product expansion and growth across the Middle East.
UnifyApps Raises $20 Million for Regional Expansion
UAE-based UnifyApps, a SaaS provider automating enterprise workflows, raised $20 million in a Series A round led by Iconiq Growth. Co-founded by Pavitar Singh and Abhishek Khurana, the company plans to scale its AI-driven platform across the Middle East.
Epik Foods Secures $15.5 Million for Expansion
Food and beverage group Epik Foods, established through a merger in 2023, raised $15.5 million from Ruya Private Capital to expand operations in Saudi Arabia and the UAE.
Efreshli Advances Interior Design Tech
Egypt’s Efreshli, a virtual interior design platform, raised an undisclosed seed funding round led by Algebra Ventures. Co-founder Heba El-Gabaly emphasized plans to enhance the platform and expand its product line.
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By Proptechbuzz
By Ravi Kumar
