Cbinsights-风险状况2023年第3季度报告：中东和北非（英）-2023

StateofVenture.MENA.

Q32023Dataandanalysisondealmaking,funding,andexitsbyprivatemarketventurecompaniesintheMiddleEast&NorthAfrica.TLDRMENAfundingcontinuestoslowdowninQ3’23.Butotherindicatorsarelookingup.-24%

37%

$30M

1913QoQfundingdropinQ3’23—thethirdstraightdecrease.UnitedArabEmiratesfundingshareinQ3’23.Mediandealsizeforlate-stagedealsin2023YTD.MonthsfromSeriesBtoC.Mid-stagefundraisingisM&AdealsinQ3’23,a46%dropQoQ.Afterholdingsteadyin

Q2’23,M&Adealsfellby

46%QoQtohit

13in

Q3’23.Thismarksa67%dropfromitspeakof39dealsin

Q1’22.quickening.Amongevaluatedcountries,theUAEsecuredthemostfundingin

Q3’23,drawing$127M

across29deals.However,bothtotalsLate-stagedealsareholdingstrongin

MENA.While

early-andmid-stage

dealsizesaredownvs.2022levels,medianlate-stagedealsize

isup200%in

2023YTD.Dealmakingcontinuedtoslowdownin

MENA.Fundingdropped24%QoQtohit$340M

in

Q3’23,markingtheregion’sthirdstraightMid-stagecompaniesareraisingfasterin

2023YTDvs.2022.ThemediannumberofmonthsbetweenSeriesBandCroundsin

MENAsitsat19in

2023YTD,downfrom22in

2022.Companiesin

majorMENAdealmakingcountries(i.e.,SaudiArabia,theUAE,andTurkey)wereinvolvedinregion’sbiggestM&Adealsin

Q3’23.TwoTurkey-basedcompaniessecuredtopM&Adeals:onein

HRtechandonein

onlineresearch.representaQoQdecline.quarterlyfundingdrop.CompetitionforfundingamongMENAcountriesremainsstrong.TheUAE,SaudiArabia,andTurkeyhavealltakenturnsleadingtheregionin

quarterlyfundingsince2022.Still,late-stagedealshaveonlyaccountedfor5%ofdealsin

2023sofar.Thevastmajority(85%)

of

dealshavebeenearly-stagein

2023YTD—andthe

mediandealsizeatthisstage

isdown17%vs.2022.Despitethebroaderdecrease,fintechHowever,it’stakinglongerforstartupstoreachmid-stagestatus.Themediannumberof

monthsfromSeriesAtoBrosefrom19to40overthesameperiod.experienceda56%fundingjumpQoQ,while

digitalhealthsawfundingrise

from$2M

to$15M

overthesameperiod.StateofVentureQ3’23:MiddleEast&NorthAfricaMENAfundinganddealsdeclineforthirdstraightquarterDisclosedequityfunding

&dealsFundingQoQ

DealsQoQ-24%

-31%300250200247$2.0B$1.5B$1.0B$0.5B$0.0B208206188182181176170159146139150121114113112Deals989992110100$0.7BFunding$0.3B500$0.3B

$0.1B

$0.2B

$0.3B

$0.5B

$0.3B

$0.2B

$1.1B

$1.2B

$1.9B

$0.7B

$2.2B

$1.2B

$0.5B

$1.3B

$1.0B

$0.4BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q320192020202120222023StateofVentureQ3’23:MiddleEast&NorthAfricaFintechleadssectorsintotalfundinginQ3’23Disclosedequityfundingby

sector,Q2’23–Q3’23Q2’23Q3’23-24%$448MVentureVenture$340MQoQFintech+56%$64MFintech$100MQoQRetail

t

ech$72M$65M-10%Retail

techQoQDigital

health$2M$15M+650%Digital

healthQoQ$0M$0M$100M$200M$200M$300M$300M$400M$400M$500M$100M$500MStateofVentureQ3’23:MiddleEast&NorthAfricaTheUAEleadsinfundinginQ3’23,despite

QoQdropToproundsinQ3’23TopcountriesbydisclosedequityfundinginQ3’23CompanyAmount

CountryQoQchangeQoQchangeCountryFunding$127M$91M$55M$52M$10MDeals294N+ONE

DatacentersRewaa$90M

Morocco12344668999$27M

SaudiArabiaUnitedArabEmirates12345-35%82%-17%-60%-59%-25%-20%Jungle$16M

UnitedArabEmirates$15M

UnitedArabEmirates$15M

SaudiArabiaBazaarsMoroccoSaudiArabiaTurkeyFlyAkeedFuze$14M

UnitedArabEmirates$14M

UnitedArabEmirates$11M

UnitedArabEmirates$10M

UnitedArabEmirates$10M

UnitedArabEmirates$10M

Turkey400%-70%67%124712myZoiKasoAlma

HealthLVL

WellbeingSeedifyEgyptStateofVentureQ3’23:MiddleEast&NorthAfricaWhiletheUAEcontinuestoleadinfunding,competitionfortheleadershippositionisstrongDisclosedequityfundingby

country$150M$140M$259M$432M$213M$1,259M$187M$103M$152M$133M$298M$132M$108M$666M$280M$129M$248MOther

MENAcountries,

$4M$257M$774M$230MEgypt,

$10M$1,070MTurkey,

$52M$150M$136M$334M$173M$195MSaudi

Arabia,

$55M$662M$118M$249M$618M$504MMorocco,

$91MUnited

Arab

Emirates,$127M$262M$179M$180M$157M$127MQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3202120222023StateofVentureQ3’23:MiddleEast&NorthAfricaLate-stagedealsareholdingstrong

—mediandealsizeisup3xin2023sofarAveragedealsizebystageMediandealsizebystageDealsharebystageEarly-stageEarly-stage4%5%5%4%5%4%5%7%5%6%Other,9%6%3%$4.1MLate-stage,5%Mid-stage,2%$3.5M$2.8M$2.4M$1.0M$1.4M$1.2M$0.9M$0.6M$0.2M20192020202120222023YT

D20192020202120222023YT

DMid-stageMid-stage$66.4M$56.9M$44.9M$37.0M$15.0M$17.6M$20.0M$10.8M$8.0M$15.0M86%87%85%84%Early-stage,85%20192020202120222023YT

D20192020202120222023YT

DLate-stageLate-stage$58.7M$69.9M$77.4M$72.3M$30.0M$37.9M$12.0M$8.5M$10.0M$3.1M20192020202120222023YT

D20192020202120222023YT

D2019

2020

2021

2022

2023YT

DStateofVentureQ3’23:MiddleEast&NorthAfricaWhiletimebetweenmid-stagedealsisshrinking,it’stakinglongerforstartupstoreachSeriesBin2023YTDMedianmonthsbetweenroundsSeed/AngeltoSeriesASeriesAtoBSeriesBtoC2monthslonger21

months3monthsfasterlonger4038292525242320162222202019191919181815132017201920212023YTD2017201920212023YTD2017201920212023YTDStateofVentureQ3’23:MiddleEast&NorthAfricaPrivate-marketvaluationsinMENAaredownin2023sofarAvgvs.2022Medianvs.2022-68%

-14%AverageValuation$206.8M$204.7MMedianValuation$6.3MTopprivatecompaniesbasedonvaluationinQ3’23$5.4M$5.0MCompanyValuation$4.3MGetir$8.8B12345DreamGamesVistaGlobalInsider$2.8B$2.5B$2.0B$1.6B$2.0M$66.2M$41.8M$23.5M201920212023YTD201920212023YTDKitopiStateofVentureQ3’23:MiddleEast&NorthAfricaM&AexitsdropconsiderablyinQ3’23DisclosedM&Aexits,IPOs,andSPACsM&AQoQ-46%39292826262424221919151413121211M&A,139643222IPO,3SPAC,1111Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q320192020202120222023StateofVentureQ3’23:MiddleEast&NorthAfricaTwoof

thetopM&AdealsinMENAgotoTurkey-basedcompaniesinprofessionalservicesTopM&AexitsinQ3’23CompanyValuationAcquirerAcquiredcountryAcquirercountryChronicCareSpecializedMedicalHospital1$52MNationalMedicalCareSaudiArabiaSaudiArabiaUnitedArabEmirates2

EZFunnels3

Talentics4

DORinsight$22M$2MUndisclosedKolayikN/ATurkeyTurkeyTurkeyTurkey$0.4MIdealistStateofVentureQ3’23:MiddleEast&NorthAfricaVCdealsharelargelyremainssteadyQoQ,whileangelinvestorsseesharejumpShareofquarterlydealsbyinvestorgroupTopinvestorsbycompanycountinQ3’238%Other,

14%9%11%20%11%12%16%11%11%13%13%13%19%15%13%CompanycountPrivate

Equity,

3%Incubator/Accelerator,

4%CVC,

6%Investor13%9%5%16%8%8%11%AlestaYatirimAPYVentures666611118%9%5%9%6%7%8%Corp,

11%12%14%8%9%8%9%9%10%7%6%7%Asset

InvestmentManagement,

13%9%9%11%10%9%9%11%16%10%18%10%17%AramcoVentures19%20%20%Angel,20%VC,28%18%25%17%12%e&CapitalAditum31%30%30%29%29%28%27%25%26%4424%InvestmentManagement55Prosperity7VenturesQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3202120222023StateofVentureQ3’23:MiddleEast&NorthAfricaStateofVenture:MiddleEast&NorthAfricaReportMethodologyUnicorndataincludesprivatecompaniesvaluedat

$1Bormorein

theprivatemarketsglobally,perthesame4sourceslistedaboveandrelied

onforfundingevents,whichincludevaluationsdisclosedin

crediblemediasources.Thelist

ismaintainedpubliclyandupdatedin

realtimeatequityfirmsandaretrackedbyCBInsights.However,theyareexcludedforthepurposesofthisreport.Ifyouhavequestionsaboutthedefinitionsormethodologicalprinciplesused,orifyoufeelthatyourfirmhasbeenunderrepresented,pleasereachouttoinfo@.Noprivateplacements.Theseinvestments,alsoknownasPIPEs(PrivateInvestmentin

Public

Equities),arenotincludedevenifmadebyaventurecapitalfirm./research-unicorn-companies.Nodebt/loansofanykind

(exceptconvertiblenotes).Venturedebtoranykind

ofdebt/loanissuedtoemerging,startupcompanies,evenifincludedasanadditionalpart

ofanequityfinancing,isnotincluded.Ifacompanyreceives$3M

with$2Mfromventureinvestorsand$1M

in

debt,onlythe$2M

isincludedin

thesestatistics.Valuationdataincludesestimatestocalibratemedianandaveragevaluationsbased

oncurrentandpreviousquarterdisclosedvaluationsgatheredfromtheaforementionedfoursources.Theestimatingmethodwillcontrolfortheover-samplingoflargeroundsthatarereportedquicklyversusacomparativelagin

valuationsobtainedfromothersources.Valuationdatareflectspost-moneyvaluations.Whatisincluded:Dataincludeequityfinancingin

privatecompaniesforAlgeria,Bahrain,Egypt,IslamicRepublic

ofIran,Iraq,Jordan,Kuwait,Lebanon,Libya,Morocco,Oman,QatarSaudiArabia,RepublicofSouthSudan,Sudan,SyrianArabRepublic,Tunisia,Turkey,UnitedArabEmirates,Yemen.Nonon-equitygovernmentfunding.Grantsorloansbythefederalgovernment,stateagencies,orpublic-privatepartnershipstoemerging,startupcompaniesarenotincluded.ExitsincludeIPOs,SPACs,publiclyannouncedM&Adeals,andotherliquidityevents;onlyfirst

exitsarecounted.Equityfinancingsintoprivatecompaniesonly.Fundingroundsraised

bypublic

companiesofanykind

onanyexchange(includingPinkSheets)areexcludedfromournumbers,eveniftheyreceivedinvestmentfromaventurefirm.Nofundingstosubsidiariesofalargerparent

corporationunlessthatsubsidiaryisaprivateentityandmeetsothercriteriaforinclusion.Headquartersaredeterminedbypubliclyavailablesourcesincludingcompany-ownedwebsitesandprofiles,legalfilings,andpressreleases.Onlyincludestheinvestmentmadein

thequarterfortranchedinvestments.IfacompanydoesasecondclosingofitsSeriesBroundfor$5M

andpreviouslyhadclosed$2M

in

apriorquarter,onlythe$5M

isreflected.Accelerators,incubators,business-plancompetitions,economic-development

entitiesareexcludedfromrankingsofmost

activeinvestors,evenifmakingequityfinancings.Allfiguresin

thereport

arein

USD.W