The State of Venture Q3’23 report shows that funding in the Middle East & North Africa (MENA) region has slowed down for the third consecutive quarter, with a 24% decrease in funding from the previous quarter. Despite this, fintech and digital health sectors saw significant funding increases. The United Arab Emirates (UAE) secured the most funding in Q3’23, but both funding totals represent a quarterly decline. Late-stage deals are holding strong in MENA, with a median deal size of $30MM YTD, but only 5% of deals have been late-stage so far. Mid-stage fundraising is quickening, with a median number of months between Series B and C rounds of 19 in 2023 YTD, down from 22 in 2022. However, it is taking longer for startups to reach mid-stage status, with the median number of months from Series A to B rising from 19 to 40 over the same period.
