Innovation and flexibility allowed North African and Middle Eastern startups to raise over $1 billion in 2020

MyAimReport

Despite the ongoing Covid-19 pandemic, investors continued to believe in the potential of North African and Middle Eastern tech start-ups.

The growth in venture capital investments in MENA countries in the latter portion of 2020 speaks volumes about the expected high returns in the coming years.

While the total number of investment transactions in 2020 decreased 13% overall from numbers in 2019, a record breaking first half of 2020 and a rebound in late Q3 led to a year that, despite a global pandemic, shattered expectations for investment numbers.

The sectors benefiting most from high investment

While the total number of deals may have dropped, several key industries have experienced major growth throughout 2020:

  • Fintech, or financial tech did very well. Despite losing 19% of the number of deals, total funding for this industry shot up to $162 million.
  • eCommercewas a sector that lost 23% in deals but…

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