MENA Startups Raised $560 Million In Funding Across 260 Deals In 2017, MAGNiTT Report Reveals

Author: Sindhu Hariharan

MAGNiTT, a platform that tracks and reports developments in the MENA entrepreneurship space, starts 2018 by taking a look at the year gone by and how it treated the region’s startups. Releasing its annual State of MENA Funding report, MAGNiTT finds that in 2017, MENA’s startups attracted US$560 million of investment across 260 deals. This investment activity constitutes a 65% rise from 2016 (excluding amounts raised by Careem and, making 2017 “a record year” for the MENA entrepreneurship world, according to MAGNiTT. MAGNiTT’s State of MENA Funding reports are based off proprietary data and publicly disclosed deals covering the period 2014-2017 across MENA.

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