Magnitt unveiled its FY 2023 MENA Venture Investment Summary, providing a detailed account of the region's venture capital landscape.
In a year of contrasts and surprises, the MENA region experienced a 23% year-on-year decline in funding, raising $2.6 billion in 2023. In addition, despite a surge in global VC interest, MENA's capital dip results from a 30% decrease in investors, with just 45% from outside the region.
However, the final quarter of the year defied global trends, emerging as the highest-performing quarter with a remarkable $1.2 billion across 128 transactions. And with $1.4 billion raised in 2023, Saudi Arabia ranked first by total funding for the first time, constituting 52% of all MENA funding.
Read the full report here.
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