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# MENA startups raised $35.6 million in June 2023
- URL: https://www.techloy.com/mena-startups-raised-35-6-million-in-june-2023/
- Published: 2023-07-04T16:36:48.000Z
- Updated: 2023-07-04T16:36:48.000Z
- Author: Yusuf Balogun
- Tags: / Startups, / Money, Tech in MENA

​June was an unenergetic month for startups in the MENA region, raising $35.6 million across 45 deals, and bringing the half-year fundraising total to $1.6 billion, data from *Wamda* shows.

The funding shows that the half-year investment including debt, has dropped by more than 21% from $2 billion in 2022 to a little under $1.6 billion this year.

While [May 2023 was a bounce-back month for investment in the region](https://www.techloy.com/mena-region-startups-raised-445-million-in-may-2023/), June has been less dazzling, marking a 92% decrease month-on-month. But, excluding Tabby’s $350 million debt financing round announced in May, then June's decline fell to 62.5%, according to *Techloy*'s analysis.

[MENA startups raised $445 million in May 2023The month of May was a bounce-back month for venture capital activity in the Middle East and North Africa (MENA), as venture funding into the region’s startups reached a $445 million split over 39 transactions, a significant increase from the $7 million raised across 11 acquisitions reported in Apri…![](https://storage.ghost.io/c/c1/a6/c1a6d111-d951-41ad-a392-c1e841210b93/content/images/size/w256h256/2021/07/techloy-dot.png)Yusuf BalogunTechloy![](https://images.unsplash.com/photo-1546412414-8035e1776c9a?crop=entropy&cs=tinysrgb&fit=max&fm=jpg&ixid=M3wxMTc3M3wwfDF8c2VhcmNofDZ8fG1pZGRsZSUyMGVhc3R8ZW58MHx8fHwxNjg3MDk4MzA5fDA&ixlib=rb-4.0.3&q=80&w=2000)](https://www.techloy.com/mena-region-startups-raised-445-million-in-may-2023/)

With $25 million in investments across 12 rounds, Saudi Arabia came out on top in terms of funding value. UAE startups came in a distant second, drawing $6 million throughout 20 rounds. Trella, Egypt's trucking marketplace, raised $3.5 million, making it the third largest investor in the region.

The most deals were in the finance sector, where seven firms raised $3 million, but the biggest investment was in the food tech sector, where just over $20 million was raised across four startups, representing 56% of the total raised. Logistics, e-sports, and mobility were other industries that attracted investor interest.

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