RIYADH: Saudi Arabia led Middle East and North Africa startup funding in July, with 16 deals worth $396.5 million, reinforcing its position as the region’s largest market for venture capital. 

The Kingdom’s performance was boosted by three major rounds, including Q-commerce platform Ninja’s $250 million raise led by Riyad Capital, propelling it to unicorn status, foodtech startup Calo’s $39 million Series B extension, and SaaS provider Lucidya’s $30 million Series B, according to Wamda’s monthly report.  

The deals underscore Saudi Arabia’s strength across e-commerce, foodtech, and enterprise technology, drawing strong participation from regional and international investors. 

“While many startups did not disclose their funding stages, two mega deals — Ninja and XPANCEO — accounted for 56 percent of July’s total,” the report said. 

The UAE followed as the second-largest destination for funding, securing $359 million across 22 startups. 

Iraq emerged in third place, propelled by a single $15 million deal for InstaBank, overtaking Egypt, which has traditionally been among the top three markets.  

Morocco claimed fourth position after Ora Technologies’ $7.5 million raise, while Egypt fell to fifth with $4 million across seven startups, a drop linked to macroeconomic pressures and currency fluctuations. 

In total, 57 startups raised $783 million in July, marking a 1,411 percent jump from June and more than double the total from a year earlier. 

Later-stage rounds brought in $158 million, Series A deals raised $267 million, and early-stage startups secured $36 million. Debt financing represented just 2 percent of the month’s total, underscoring equity’s dominance in the funding mix. 

Across the region, deeptech overtook fintech as the top-funded sector for the first time in months, raising $250.3 million in four deals.

E-commerce matched that total, buoyed by Ninja’s record-setting round, while SaaS secured $89 million, and fintech collected $61 million.