19 newcomers join Forbes Middle East's Top 50 most-funded startups 2022

Forbes Middle East has released its annual list of MENA's Top 50 Most-Funded Startups, celebrating the mission-driven young businesses attracting investor attention. Combined, the 50 startups on the 2022 list have raised $3.2 billion in funding, up from $3 billion in 2021.

The startups had to have been founded no earlier than 2015 and have raised a minimum of $20 million in total funding to be considered for the list. Startups that were acquired, merged, went public on stock markets, or didn't provide sufficient data on funding and investors, were excluded. Cut off for funding was November 10, 2022.

Agri-tech business Pure Harvest Smart Farms climbed from second place in 2021 to secure the top spot this year, having raised $387 million in total funding. In June 2022, the U.A.E.-based startup formed an alliance with Al Dahra Group, increasing the total operating capacity under its management to over 22 hectares. Buy-now-pay-later Fintechs Tabby and Tamara retained their top five positions at second ($275 million) and third place ($216 million), respectively.

Fintech companies dominated the funding landscape in 2022, with 21 listees attracting $1.3 billion in total funding. E-commerce (10) and delivery and mobility (four) made up the remaining top three most-populated sectors, raising $576.7 million and $299.6 million, respectively.

The startups on the 2022 list represent nine MENA countries. For the third consecutive year, the U.A.E. reigned as the country with the most active startup ecosystem, with 18 startups raising $964 million in total funding. Saudi Arabia is home to 12 startups raising $946.7 million, while 11 startups are headquartered in Egypt, raising $508.5 million.