For the first time ever, start-ups in the Middle East and North Africa received more than $1 billion in venture capital last year, says a new study. Start-up data platform Magnitt said VC funding in the MENA region reached $1.031 billion last year, up 13% from 2019. Funding volumes were bigger as total deal count decreased by 13% to 496, said the Dubai-based company. TURKEYVC funding in Turkey almost tripled last year to $383 million: $239 million disclosed funding, $14 million undisclosed proxy, $130 million from one mega deal that went to online furniture platform Vivense. Top sectors: Transport (28% share of total funding), E-commerce (21%), Delivery & Logistics (17%)Top funding rounds: Airlift Technologies $22 mln Series A, Bykea $13 mln Series B, Finja $9 mln Series ATop investors: Karavan, Fatima Gobi Ventures, Indus Valley Capital, Lakson Investments Venture Capital, Sarmayacar, Walled City Co, Y Combinator© SalaamGateway.com 2021 All Rights Reserved

Source: The North Africa Journal January 13, 2021 07:41 UTC