Startups in Middle East ‘Defy Gravity’ to Hit Fundraising Record
The Middle East's startup ecosystem has defied global trends, hitting a new fundraising record in the last quarter. According to Magnitt, startups in the region raised a record $1.2 billion during this period, despite a collapse in broader emerging market funding. The data suggests that international investors are increasingly drawn to the growth-stage companies in the Middle East, writing larger checks to support their expansion. This trend reflects the growing maturity and potential of the region's startup ecosystem, which has managed to attract significant attention and investment despite the challenging global economic conditions. The record-breaking fundraising figures underscore the resilience and dynamism of the Middle East's startup community, which continues to defy industry-wide trends and emerge as an attractive destination for entrepreneurial talent and investor capital.
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