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Well into Q3, the VC ecosystems in Emerging Venture Markets are still on a steady sprint to outperform previous years as observed in our monthly data dashboard. The month of July marked a pick-up for industries that were left behind in the first half of the year as investors diversify their portfolios, alongside a continuous ramp up as startups raise record-breaking investments and secure their exits.
Based on our MAGNiTT curated July 2021 Venture Investment Dashboard, MENA’s third-largest funding ecosystem, Egypt, has raised the lion’s share of total capital invested in MENA over July 2021. Observing a 5,700+pp growth in funding YoY, driven by major deals like E-commerce platform MaxAB’s $40M Series A funding round and Food & Beverage startup elmenus’ $10M bridge round, to account for almost half of total funding raised in MENA over July 2021.
In the first month of Q3, we observed industry and funding shifts, but what was specifically remarkable was the volume and nature of startup exits across all geographies in Emerging Venture Markets. Exits are great indicators of startup progress and most importantly of ecosystem maturity. Accordingly, based on our July 2021 Venture Investment Dashboard, here are the top 3 exit stories of the past month:
MENA Almost Tops 2020
MENA recorded only 4 fewer exits in July 2021 than the total amount of exits over the full first half of the year, marking this a promising start to Q3. With exits like Egypt’s elmenus acquired by Fawry, UAE-headquartered Eventtus acquired by Bevy, and Cairo-based Connect Ads acquired by Aleph Holding, the MENA VC ecosystem is on the track to make or surpass 2020’s 17-exit record. Shortly after the closing of our July Dashboard, ride-sharing platform Swvl announced its $1.5Bn IPO exit bridging the gap with FY 2020 with only 2 exits left to go and less than half the year remaining.
Turkey Reaches Second-Highest Yearly Record
The 5 Turkey-based exits recorded in July 2021 were equivalent to total exits in H1 2021, with exits like E-commerce platform Marketyo acquired by YemekSepeti.com, and Gaming startup ByteTyper acquired by Zynga, taking the lead. With a half-yearly record of exits already broken, the 10 exits in 2021 become Turkey’s second-highest amount recorded in a year.
Pakistan Hits a First
Even though top deals in E-commerce like Dastgyr’s $3.5M Seed round, and in Fintech with DigiKhata’s $2M Seed round were very remarkable, especially in their respective industries, the EdTech sector takes center stage as Edmatrix records Pakistan’s first exit since 2018. Breaking the two-year plateaux in exits, Pakistan-based Edmatrix gets acquired by Jordan-based e-learning platform Abwaab, the latter wishing to tap into a high volume student market through consolidating expertise with an excelled Pakistan-based startup.
So what was the industry that made a strong comeback in Q3 2021, and what were the top-performing geographies in Emerging Venture Markets? All that and more, covered in the data on our July 2021 Venture Investment Dashboard.
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