Startups in the Middle East and North Africa (MENA) only raised $105 million in July, representing an 84 percent year-on-year drop in investment value.
The massive drop could be because of cloud kitchen Kitopi’s $415 million Series C round in the same month last year, but month-on-month figures still show a decline of more than 50 percent, venture capital firm Wamda said.
Most of the investments during the month was in fintech, the report said, led by UAE-based Yap’s $41 million funding round.
Saudi Arabia saw a 55 percent drop in investment value, and a 73 percent drop for UAE startups.
The investment slowdown in the region is similar to wider global trends, Wamda said, where global investment value fell by 23 percent in the second quarter of the year.
Only Egypt saw a rise in investments in July, with a 72 percent increase led by Cartona’s $12 million Series A round.
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