🚀 2022 wraps up with $3.56B* in investments across 684 deals, a small jump from what we had shared last week in value, but a bigger jump in deal number.
We deep-dived into the startup investments of 2022, tied loose ends and triple-checked some sources during the week. We expect these numbers to increase as the new year rolls in, as has commonly happened for the past decade of tracking private market activity, but it's safe to say that this is the closest we will get to a solid number for a while.
UAE-based startups attracted 47.3% of the total value of investments in 2022, followed by Saudi-based startups which attracted 25.4%, and Egypt-based startups attracting 15.7%. Egypt-based startups did attract 3.4% more deals than Saudi-based (at least that is what is disclosed).
81% of the total funding value went to 72 investment deals only, 6 of which have raised rounds valued at over $100M. This is a jump from 2021, where deals over $10M represented 75% of the total funding value, especially considering Kitopi's outsized series C round.
*we base our data on equity-based rounds into tech startups only, so this value does not include $380M in debt that the startups secured in 2022, nor $5.25M in grants (non-equity-based funding), or $15.3M raised through Initial Coin Offerings (ICO). It also does not include capital injections by founders or companies that already acquired or own the startups in question. Given this methodology, our data may vary from other sources.
🙌🏼 Finally, last chance to take our short survey this week |
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 INVESTMENTS
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At Home Doc, Qatar-based healthtech startup, raised $1.9M in a pre-series A funding round led by Tawasol Holdings, the investment arm of Elaj Group, and joined by Qatar Development Bank (QDB) and angel investors. The startup was founded in 2016 and will be launching a joint venture with Elaj Group, ELAJ-AT HOME, that would focus on the Saudi market.
🚀 Quick Investments:
- Millesima Technologies, (Tunisia) video-platform-as-a-service, raised $480k in funding from BH Equity, the venture capital arm of BH Bank.
- Nourish, (UAE) company in-flight meals platform, raised $400k in funding from undisclosed ‘strategic investors’.
- Ninja, (Saudi) quick commerce startup, raised a pre-seed funding round led by Bunat Ventures, and other undisclosed investors, value undisclosed.
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SECTOR NEWS
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Vice Media Group announced the launch of a Saudi-based regional headquarters. The group has been operating in MENA since 2017 from its Dubai-based HQ. It counts the Ministry of Culture, Saudi Research and Marketing Group (SRMG), NEOM, MBC, and the Royal Commission for Riyadh City as their partners.
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REPORTS
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Cooper Fitch published the ‘UAE Salary Guide 2023’ and the ‘Saudi Arabia Salary Guide 2023’ their annual reports that surveys corporates on the status of recruitment in the countries and trends for the upcoming year. According to the reports, at least 55% of companies in the UAE and Saudi have increased headcount in 2022, and at least 57% of the companies plan on increasing their headcount still in 2023. While 57% of companies in the UAE say they plan on adjusting salaries upwards, compared to 43% in Saudi. The reports also include a breakdown of average salaries by sector and function. [UAE Guide] [Saudi Guide]
Ookla published the ‘Speedtest Global Index’ which tracks countries’ internet speeds and the overall global median internet speeds. According to the report, the UAE now ranks 8th globally by fixed broadband internet median speeds, and second globally by median mobile internet speed. Qatar now ranks first globally for median mobile internet speed.
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POLICY
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🇸🇦 Saudi Arabia
The Saudi Central Bank (SAMA) announced the launch of the Open Banking Lab, which will provide banks and fintechs with a technical testing environment to enable them to develop, test, and certify their open banking services to ensure compatibility with the Open Banking Framework before a full launch in the kingdom.
🇦🇪 UAE
Dubai launched the ‘Dubai Economic Agenda (D33)’, a plan to strengthen and grow Dubai’s economy over the next 10 years leading to 2033. The proposed agenda includes plans to launch a ‘Dubai Unified License’ which provides companies with access across economic zones within the emirate. As well as the launch of ‘Sandbox Dubai’, an incubator for trialing new products and technologies for the city. Also, ‘Dubai Project’ scheme which looks to attract leading universities globally to improve talent and higher education access. The plan includes achieving self-sufficiency in a number of key sectors and industries, including manufacturing.
The UAE General Civil Aviation Authority (GCAA) has published national regulations related to vertiports, vertical take-off and landing (VTOL) aircraft ports.
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