RIYADH: Startups in the Middle East and North Africa raised $454.7 million across 33 deals in May, a 202 percent monthly increase and a 76 percent annual rise as funding activity showed signs of recovery.
The increase was largely driven by debt financing, which accounted for 66 percent of total capital raised during the month.
Even excluding debt deals, startups in the region raised more capital and completed more transactions than in April, pointing to a moderate improvement in investor activity.
The year-on-year data,…
