RIYADH: 黑料社区 led Middle East and North Africa startup funding in July, with 16 deals worth $396.5 million, reinforcing its position as the region鈥檚 largest market for venture capital.聽
The Kingdom鈥檚 performance was boosted by three major rounds, including Q-commerce platform Ninja鈥檚 $250 million raise led by Riyad Capital, propelling it to unicorn status, foodtech startup Calo鈥檚 $39 million Series B extension, and SaaS provider Lucidya鈥檚 $30 million Series B, according to Wamda鈥檚 monthly report. 聽
The聽deals underscore 黑料社区鈥檚 strength across e-commerce, foodtech, and enterprise technology, drawing strong participation from regional and international investors.聽
鈥淲hile many startups did not disclose their funding stages, two mega deals 鈥 Ninja and XPANCEO 鈥 accounted for 56 percent of July鈥檚 total,鈥 the report said.聽
The UAE followed as the second-largest destination for funding, securing $359 million across 22 startups.聽
Iraq emerged in third place, propelled by a single $15 million deal for InstaBank, overtaking Egypt, which has traditionally been among the top three markets. 聽
Morocco claimed fourth position after Ora Technologies鈥 $7.5 million raise, while Egypt fell to fifth with $4 million across seven startups, a drop linked to macroeconomic pressures and currency fluctuations.聽
In total, 57 startups raised $783 million in July, marking a 1,411 percent jump from June and more than double the total from a year earlier.聽
Later-stage rounds brought in $158 million, Series A deals raised $267 million, and early-stage startups secured $36 million. Debt financing represented just 2 percent of the month鈥檚 total, underscoring equity鈥檚 dominance in the funding mix.聽
Across the region, deeptech overtook fintech as the top-funded sector for the first time in months, raising $250.3 million in four deals.
E-commerce matched that total, buoyed by Ninja鈥檚 record-setting round, while SaaS secured $89 million, and fintech collected $61 million. 聽
