Infographic: MAGNiTT's 2016 State Of MENA Funding
MAGNiTT, an online platform connecting and tracking MENA startups, predicts that “it won’t be long” before MENA startups breach the US$1 billion mark in annual investments raised. In its latest report titled 2016 State of MENA Funding (arrived at based on proprietary data and publicly available information), MAGNiTT considers 2016 as a milestone year for the region’s startups, with the amount of investment raised in the year totaling to over $870 million. While it is a heartening sign for the region, almost 72% of this amount comprises of funds raised during the year by just two companies: SOUQ.com ($275 million) and Careem ($350 million). In addition, the UAE’s status as a regional startup hub is further reinforced with the study stating that 54% of funding relates to businesses in the Emirates, with Jordan seeing a decline in investments, likely due to “migration towards the UAE ecosystem.” As for the people who make the investments happen, the study declares WAMDA Capital, Middle East Venture Partners and BECO Capital as the most active venture capital funds in the region, based on the number of transactions. Check out the infographic below for all of the findings from MAGNiTT.
Sindhu Hariharan is the Features Editor at Entrepreneur Middle East. She is a financial consultant turned business journalist with a FOMO when it comes to everything technology.