MENA start-up funding fell to $176 million in May, its lowest monthly level so far in 2022, but still a 62.7 percent year-on-year increase, according to start-up platform Wamda.

Funding fell by 40 percent from April, but the deal count saw a 31 percent uptick, with 42 deals in total, Wamda said in its May 2022 Investments in MENA update.

Egypt led funding with $81 million across 11 deals, the largest being Paymob’s $50 million Series B round.

Saudi Arabia was the second largest recipient of start-up funding, with $46 million across nine deals, including Hyperpay’s $36.7 million round led by Mastercard. The UAE was in third position with $45 million across eight deals.

(Reporting by Imogen Lillywhite; editing by Seban Scaria)