RIYADH: The tale of startup finance in the Middle East and North Africa in 2025 wasn’t a smooth curve; it was more like a series of sharp gears. There were debt-led surges, equity-led recoveries, and quiet periods that showed what investors were actually backing.
By November, the area had seen a lot of activity, with the biggest spike being $3.5 billion across 74 deals in September. However, the most important aspect of the year was not just the size of the peaks but also the clustering of capital around a small number of markets, instruments, and business models.
Funding amounts changed a lot over the first eleven months of the year. In January, there were 63 rounds worth $863 million, but most of that was debt. In June, there were only 37 deals worth $52 million. Then, in September, there was a record month thanks to Saudi fintech mega facilities.
The end result was a market that appeared large in terms of headline value but was conservative in terms of underlying risk, often favouring structured financing, revenue-linked models, and geographic familiarity over broad-based, late-stage equity appetite.
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