Forbes Middle East’s most-funded startups secure $3bln in funding

A total of 22 of the 50 startups are headquartered in the UAE, including four of the list's top five startups

  
Forbes Media Chairman and Editor-in-Chief Steve Forbes speaks during a news conference before the Forbes Global CEO Conference in Kuala Lumpur September 12, 2011. REUTERS/Bazuki Muhammad Image used for illustrative purposes

Forbes Media Chairman and Editor-in-Chief Steve Forbes speaks during a news conference before the Forbes Global CEO Conference in Kuala Lumpur September 12, 2011. REUTERS/Bazuki Muhammad Image used for illustrative purposes

REUTERS/Bazuki Muhammad

The 50-most funded startups in MENA have raised a total of around $3 billion in funding, with the top 10 startups securing $1.9 billion combined, as shown by the annual list of Forbes Middle East.

Forbes Middle East's list has selected startups from nine MENA countries that were established no earlier than 2014 and have raised at least $15.5 million in total funding, according to a press release on Thursday.

A total of 22 of the 50 startups are headquartered in the UAE, including four of the list's top five startups.

The UAE-based cloud-kitchen operator Kitopi leads the list with $804 million in total funding, followed by Pure Harvest Smart Farms with $272 million and the streaming service STARZPLAY with $150 million.

Meanwhile, the list features 12 startups from Saudi Arabia, seven from Egypt led by MaxAB with $62.5 million in total funding, and two from Kuwait.

The Fintech and e-commerce startups are the most represented sectors, with 24 out of 50 entries.

The ranking also includes 115 cofounders from 31 nationalities, with Egyptians and Saudis dominating the list with 21 and 20 cofounders, respectively.

 

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