“This is an important paradigm shift for a region where investors and fund managers have shown their willingness to write checks up to a Series B or Series C level, but have been reluctant to part with the larger amounts required for Series C and Series D.”
-Areije Al-Shakar, Director and Fund Manager, Al Waha Venture Capital Fund of Funds, on how the Middle East bucked global funding trends – which fell to their lowest level since the 2008 financial crisis– with a record-breaking $659 million invested in MENA-based startups in the first half of 2020 alone. “Larger amounts of money were flowing into a smaller number of later-stage startups, and in particular to industries that have evolved in the pandemic climate, such as fintech, edtech, and healthtech.” [Entrepreneur]
