Startup platform, MAGNiTT, which claims to track the region’s start-up ecosystem, today released its H1 2019 MENA Venture Investment Report, which provides an in-depth analysis of start-up funding and venture capital across the Middle East and North Africa.
The report highlights positive news with strong growth through a record number of transactions. It found total funding across MENA-based start-ups was up 66% from H1 2018.
Philip Bahoshy, MAGNiTT’s founder, said: “ The MENA region is hitting its inflection point. The acceleration of funding we saw in the latter half of 2018 has continued into 2019.” Bahoshy also notes “there are many signs of an ever maturing ecosystem. As startups grow, we have seen more raising larger tickets, more exits and a continued interest from international investors in the region, especially from Asia.”
He also pointed out “Uber’s acquisition of Careem is another example of a large international player acquiring a local company after Amazon’s acquisition of Souq. This will further act as a catalyst to spur on the region’s entrepreneurial environment.”