Startup investment across the Middle East and North Africa dropped markedly in November 2025, with 35 companies securing a total of $227.8 million. The figure represents a sharp fall from October’s $784.9 million haul and a 12% decrease compared with the same month a year earlier, underscoring a market entering a phase of consolidation after an exceptionally busy year.
More than half of the capital raised during the month came from a single debt-backed deal involving Erad, which helped push Saudi Arabia to the forefront of regional fundraising. The Kingdom attracted $176.3 million across 14 transactions, accounting for more than three-quarters of all funding deployed in November.
Funding funnels into five countries
Although dozens of startups closed rounds, investment was heavily skewed toward just five markets. Saudi Arabia led by a wide margin, followed by the UAE, which raised $49 million across 14 deals. Egypt experienced a subdued period, with four transactions totalling $1.12 million, while Morocco recorded $1.1 million from two deals. Oman saw one deal, though its value was not disclosed. Beyond these countries, startup funding activity was largely dormant.
The narrow distribution highlights increasing investor caution and selectivity as the year draws to a close, rather than a broad-based rebound in funding.
Fintech returns to the top spot
By sector, fintech reclaimed its position as the leading recipient of capital in November, attracting $142.9 million across nine deals, largely due to the same debt-led transaction that defined the month. E-commerce ranked second with $24.5 million raised over six rounds, while proptech — October’s top-performing sector — slipped to third place after securing $18.9 million across three deals.
