In August, startup funding in the Middle East and North Africa (MENA) fell to US$337.5 million, a 74% increase year over year but a 57% decrease from July’s US$783 million.

Saudi entrepreneurs raised US$166 million through 19 agreements, while UAE startups raised US$154 million through 11 deals, indicating that funding was concentrated in these two countries.

Egypt continued its recent decline with US$14.7 million in finance, while Iraq dropped to fifth place with just one US$1.5 million contract.

Fintech came in second with US$68.3 million, while proptech lead the sector with US$96 million from four deals.

Contech came in third place thanks to MYCRANE’s US$50 million round, while Saudi Arabian gaming startups received US$12.6 million in funding.

Early-stage businesses raised US$22 million, but later-stage rounds dominated, with series B deals earning US$112 million and series A deals raising US$82 million.

More US$180 million was raised by B2B firms than by B2C or hybrid models.

The majority of investment was obtained by male-led firms, although two Saudi Arabian female-led startups raised US$72.3 million, a considerable increase.