​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, 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 2023
The 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…

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.