While investments raised by startups in the Middle East and North Africa (MENA) rose to a total of $2.87 billion across 639 deals in 2021, investments in startups founded by women, across 52 deals, dropped to just $34.6 million, or 1.2 percent of the total, according to a report by startup platform Wamda. Start-ups with both male and female co-founders raised $210 million across 61 deals. When combined, female representation in investments amount to 8.5 percent of the total raised in 2021, or $244 million. Start-ups founded by men attracted 91.5 percent of the $2.87 billion raised across 526 deals. The biggest round last year--Kitopi’s $415 million Series C--accounted for 14 per cent of the total raised in 2021. Women-led start-ups iMile and BitOasis raised $40 million and $30 million respectively, both start-ups have male co-founders and so are counted as part of the mixed-team category. Tarjama, raised the highest amount among women-founded start-ups in an undisclosed round led by Amethis Finance. The most active ecosystem for women founders and co-founders is the UAE which saw $187 million invested across 46 deals, followed by Saudi Arabia where female and mixed co-founding teams raised $14 million across nine deals and Egypt which raised $12 million across 20 deals. Egypt-based Flat6Labs was the most active investor in women and mixed-team start-ups, participating in 18 deals, the Wamda report said. (Writing by Brinda Darasha; editing by Seban Scaria) brinda.darasha@lseg.com Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here. © ZAWYA 2022
