MAGNiTT’s Venture Investment report for the first half of 2018 depicts a pretty picture for startups in the Middle East and North Africa (MENA). It states that there was a record number of transactions during H1 2018, which signifies the continued growth of the region’s startup ecosystem. However, the year-on-year growth rate was undeterred by the fact that more startups chose not to disclose their funding this year than at any point in time in the past.
As many as 141 investments were made during the first half of 2018, up 12% compared to the number of deals signed during the same period last year. The total disclosed funding, however, came down to $112 million, which is 43% lower than the corresponding figure for H1 2017. Overall, 23% of the investments announced in H1 2018 came with undisclosed figures, which is significantly higher than the 6% from a year prior.
Per an internal analysis by MAGNiTT, the total funding during the first six months of this year (including undisclosed deals), could amount to roughly $203 million, which is more or less the same as the corresponding figure from H1 2017 ($206 million, excluding Careem’s $150 million deal).
Commenting on the findings of the report, MAGNiTT’s founder, Philip Bahoshy, said: “We are pleased to launch the H1 Venture Funding report in which we have used new analysis to capture undisclosed funding across the region. This allows for more accurate estimates on the venture funding space as it continues to show signs of development and growth.”