UAE, Egypt logistics startups among the most funded in H1 2021 — MAGNiTT

UAE, Egypt logistics startups among the most funded in H1 2021 — MAGNiTT
Digital freight marketplace Trella completed a $42 million funding round in June. (Supplied)
Short Url
Updated 27 August 2021

UAE, Egypt logistics startups among the most funded in H1 2021 — MAGNiTT

UAE, Egypt logistics startups among the most funded in H1 2021 — MAGNiTT
  • At $1.1 billion, the sector attracted almost 10 times more capital in the region compared with full-year 2020

RIYADH: Delivery and logistics startups in the Middle East and North Africa, Turkey, and Pakistan saw a jump in funding activity in the first half of the year, making the sector the fourth busiest in terms of deal count, according to data platform MAGNiTT.

At $1.1 billion, the sector attracted almost 10 times more capital in the region compared with full-year 2020 as the number of deals increased by 1,729 percent year on year in the first six months of 2021, MAGNiTT said.

Turkey-based Getir drove much of the gains. Its three rounds of fundraising accounted for 91 percent of venture funding in the sector as it achieved unicorn status with a valuation of more than $1 billion.

UAE-based Lyve Global accounted for 86 percent of total funding in UAE-based delivery and logistics startups, and 45 percent of the sector’s funding in the MENA region during the first half of 2021.

Egypt’s delivery and logistics startups saw a record-breaking boom in the first half of the year, recording an almost 900 percent year-on-year jump in VC funding. The country’s seven deals, including from the likes of Flextock, Bosta, and Trella, accounted for one third of the activity across the region.

D&L funding in MENA alone broke annual and half-yearly records with year-on-year growth of almost 400 percent.