{"id":24098,"date":"2023-09-08T13:58:55","date_gmt":"2023-09-08T13:58:55","guid":{"rendered":"https:\/\/www.meretailnews.com\/?p=24098"},"modified":"2023-09-08T14:00:11","modified_gmt":"2023-09-08T14:00:11","slug":"mena-retail-magnitt","status":"publish","type":"post","link":"https:\/\/www.meretailnews.com\/2023\/09\/08\/mena-retail-magnitt\/","title":{"rendered":"Mena retail and e-commerce start-ups are booming, MAGNiTT reveals"},"content":{"rendered":"<p><!-- VideographyWP Plugin Message: Automatic video embedding prevented by plugin options. --><br \/>\n<span data-preserver-spaces=\"true\">Outpaced only by the fintech sector, Mena retail and e-commerce start-ups are continuing to thrive, showcasing sustained vitality in entrepreneurial activity, according to research firm <a href=\"https:\/\/magnitt.com\/startups\" target=\"_blank\" rel=\"noopener\">MAGNiTT<\/a>.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Burgeoning <a href=\"https:\/\/www.meretailnews.com\/2023\/07\/18\/e-commerce-and-fintech-start-ups\/\">retail businesses<\/a> significantly benefit from heavy investments in Saudi Arabia\u2019s Nana and Floward, which accounted for 80 per cent of the sector\u2019s total funding in the first half of the year.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Last month, Mena start-ups raised more than $76 million across 18 deals.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">This amount is significant considering that the wider Middle East, Africa and Pakistan region raised $139 million through 46 deals during the same period.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Two out of three exits recorded by the region during August originated from the Mena region, reflecting its growing role in the global start-up ecosystem, the research shows.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">While the first half of 2023 was challenging for the Mena region, with a 41 per cent year-on-year decline in attracted capital across 193 deals, it outperformed the global average funding decline of 52 per cent.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Although Mena deals suffered a 49 per cent decline. Nevertheless, it was steeper than the 25 per cent drop in global deals.<\/span><\/p>\n<p>MAGNiTT&#8217;s July report showed that e<span data-preserver-spaces=\"true\">-commerce and fintech start-ups dominated venture capital financing in the Mena region during the first half of this year despite global economic headwinds.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p> Mena retail and e-commerce start-ups are flourishing, thanks to significant investments in Saudi Arabia\u2019s Nana and Floward, which accounted for 80% of the sector\u2019s total funding in H1 <\/p>\n","protected":false},"author":40,"featured_media":21923,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[154,1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/24098"}],"collection":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/comments?post=24098"}],"version-history":[{"count":4,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/24098\/revisions"}],"predecessor-version":[{"id":24102,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/24098\/revisions\/24102"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/media\/21923"}],"wp:attachment":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/media?parent=24098"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/categories?post=24098"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/tags?post=24098"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}