The MENA region has witnessed remarkable growth in the startup ecosystem as funding values soared to $760M across 48 deals, according to data from Wamda. The figures also showed a remarkable 103 percent year-on-year growth rate, indicating a positive trend for the region’s startup scene. Egypt and Saudi Arabia were the dominant players in the funding landscape, with $422M and $316M, respectively. However, the funding raise was primarily domestic, with only 9 out of 48 deals attracting international funds, indicating the economic downturn in western countries.
The FoodTech sector has emerged as one of the three leading industries in funding in the MENA region, with a total of $135.7M invested across various startups. However, this figure is inflated by Saudi Arabia’s Nana, which raised $133M in a funding round. This growth trend is a positive indicator of the potential of the MENA region’s startup ecosystem, which promises to drive innovation and economic growth in the coming years.
Saudi Arabia, NANA Closed A $133M Series C.
Saudi Arabia’s leading e-grocery delivery platform, Nana, has secured a significant investment of $133 million in a Series C funding round, making it one of the most significant investments for a startup in Saudi Arabia. The funding round was led by Kingdom Holding Company and Uni Ventures, with the participation of several other investors, including Sultan Holding, Al-Jasser Holding, Red Diamond Company, Dallah Al-Baraka Group, and AlJammaz Holding. The investment will fuel Nana’s expansion plans and consolidate its position as the leading provider of online grocery delivery services in the MENA region.
Nana has disrupted the traditional grocery retail market in Saudi Arabia since its launch in 2016. It was the first platform in the country to offer a digital solution for household grocery requirements, enabling customers to place orders online and have them delivered to their doorstep in as little as 15 minutes. The platform has registered over 10 million downloads and has fulfilled a record number of orders, making it the most promising company in the sector. With the latest investment, Nana is set to innovate the Dark Store Model further and increase its market share in the region, which is estimated to be worth $165 billion.