MENA funding hits $1.1bn as Saudi deals drive rebound

By the Editorial Team · Sunday, October 11, 2026

Startups in the MENA region raised $1.1 billion in September across 73 deals, driven largely by three major Saudi fintech transactions that accounted for nearly 70% of the total funding. While this marked a significant month-on-month increase, overall quarterly investment remains low compared to last year, highlighting ongoing concentration risks and uncertainty about a broader market recovery.

Startups across the Middle East and North Africa (MENA) secured $1.1 billion in funding through 73 deals in September, representing a 193 percent increase from the previous month, according to a recent report by Wamda and Digital Digest. Despite this monthly surge, the total funding remained 68 percent lower compared to September 2025, reflecting ongoing challenges in the region’s venture capital landscape.

The growth in September was driven primarily by large transactions concentrated within Saudi Arabia, rather than a widespread increase across different countries, sectors, or funding stages. Notably, three major Saudi fintech deals accounted for nearly 70 percent of the total monthly capital raised. Bany secured $329.5 million in a Series A round, Tabby raised $233 million in a Series F financing, and Lendo closed $200 million through a debt facility. Together, these three deals contributed $762.5 million to the region’s funding total.

Saudi Arabia led the region with investments in 40 startups totaling approximately $471.2 million, nearly 86 percent of all MENA funding for the month. Fintech remained the dominant sector within the kingdom, accounting for 86 percent of Saudi Arabia’s funding that month. Across the broader MENA region, fintech companies attracted $303.8 million, or about 85 percent of the overall funding. Other sectors included proptech, which raised $50.2 million through three deals, and travel technology, which secured $25.2 million from two transactions.

The increase in September lifted the total funding for the third quarter above $1.7 billion. However, experts caution that the concentration of capital in a few large deals may limit the indication of a broad-based recovery. Observers will be closely monitoring fourth-quarter results to determine whether investment activity will diversify across more markets and sectors or continue to rely on significant individual transactions.

In parallel developments, the TIE Women MENA initiative advanced its efforts to support female entrepreneurship in the region. The 2026 Pitch Competition shortlisted 228 women founders from over 250 licensed women-founded businesses, up from nearly 200 in 2025. Forty-six candidates pitched across regional tracks that spanned Egypt, Saudi Arabia, the United Arab Emirates (UAE), the broader MENA region, and Emirati founders. Five finalists—Naglaa Mohamed of P-Vita, Lea Mehlwey of Maison Safqa, Anuscha Iqbal of Qanooni AI, Rowan Alawi of Truse, and Aisha Alyassi of SCULP—were selected to compete for equity-free awards. The winners will present at Expand North Star and vie for the MENA title at the GITEX Global final scheduled for December.

Additionally, Saudi construction and procurement technology startup Project Suppliers announced it raised $1 million in its first pre-seed round. Founded in 2020 by Husam Jaber, the company utilizes sourcing, quotation, tracking, and reporting tools to connect suppliers and buyers in the construction sector. Its platform includes a database exceeding 12,000 businesses and has managed nearly 600,000 quotation requests. The pre-seed round funding came from a group of undisclosed angel investors.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.