> ## Content Index
> Fetch the complete content index at: https://www.techloy.com/llms.txt
> Use this file to discover other available public pages before exploring further.

# 📊 The MENA region's startup funding declined by 67% in March 2023
- URL: https://www.techloy.com/mena-region-startup-funding-march-2023/
- Published: 2023-04-07T16:15:47.000Z
- Updated: 2023-04-07T16:15:47.000Z
- Author: Acquah Nana Yeboah
- Tags: / Insights, / Money

The startup scene in the Middle East and North Africa (MENA) region witnessed a significant decline in funding, as per the latest report by MAGNiTT, a data platform for startups in the region.

According to the report, MENA-based startups raised $247 million across 67 deals in March 2023, marking a 67% decline compared to the previous month and a 17% dip YoY. However, the total funding raised by startups in Q1 surpassed $1.1 billion, marking a 17% increase QoQ.

Saudi Arabia led the investment charts with $175 million across 20 deals, mainly attributed to Tamara, a buy now pay later (BNPL) startup, which [raised $150 million](https://www.techloy.com/tamara-secures-150-million-funding/) in a debt financing round led by Goldman Sachs.

![](https://storage.ghost.io/c/c1/a6/c1a6d111-d951-41ad-a392-c1e841210b93/content/images/2023/04/MENA-Investment-march.jpg)

The UAE came in second with $59 million across 18 deals, with fintech, foodtech, and edtech sectors leading the charts.

While late-stage funding activities witnessed a significant lull, the report suggests the earliest stages of funding witnessed noteworthy investor traction, accounting for the majority of transactions. Fintech remained the preferred sector for investors, with 73% of VC activity in March.

However, the report noted a concerning trend that male-led startups attracted 98.8% of the total amount raised, with female founders and gender-mixed teams securing only 1.2% of funding.

Eight startups did not disclose their financial details, including Almatar, Vuz, Nuqtah, telfaz, Amplifidor, HORIZOONX, Ygii, and neutrality.one.