MAGNiTT’s MENA funding report card reveals a pick up in Q2 investments: $290m invested in 88 disclosed deals across the region in the first six months of the year!
(Dubai, United Arab Emirates) July 19th, 2017 – With transparency at the core of MAGNiTT’s values, today it publishes their follow up to the Q1 funding report card with an update overviewing the first six months of the MENA funding landscape. It’s report highlights positive news for Entrepreneurs and Investors alike with a solid start to 2017. In the first six months of this year they identified 88 disclosed deals amounting to $290m in startup funding.
Key takeaways from MAGNiTT’s H1 report card include:
1. H1 Funding: Following a slow start to Q1, a flurry of activity in the three months leading up to the summer has seen H1 2017 funding surpass both of each of the full year funding of 2014 and 2015:
MAGNiTT’s founder, Philip Bahoshy, states “this is positive news all around for Entrepreneurs and Investors showing a healthy appetite for investment in MENA startups”. He also notes “ There is generally a lag in reporting of startup funding because of confidentiality concerns and time to close deals and I expect there to be a further flurry of activity after the summer”. These positive signs highlight a growing and healthy ecosystem with continued room for improvement.
2. Investment Breakdown: In their second report MAGNiTT looked to provide a more granular breakdown of the disclosed investments taken place in 2017:
This report looked to provide additional information to further empower stakeholders to make decisions on how best to further boost and develop the startup ecosystem across the region. The MAGNiTT founder also highlighted that they continue to build relationships with VCs and startups to gather the most comprehensive data set of startups but that transparency of information remains an issue for the region with regards to data reporting.
3. VC activity and Exits: VCs continue to be active in the region participating in the investment of multiple startups:
Bahoshy notes “there was a flurry of activity leading up to Ramadan and the summer”. As noted in their previous report VC are investing to close out existing funds while simultaneously looking to close new funds which will no doubt create continued momentum into Q3 after the summer.
In conclusion, the latest report card shows continued funding in the MENA region and raises further awareness and transparency on the MENA regions funding environment. A strong start to the region sets it up to match if not exceed 2016 numbers. All data of investments on startups are available on www.magnitt.com where you are able to track funding history as well as portfolios of the regional VCs.