TABLE OF

CONTENTS Emerging Venture Markets 4

Middle East, Africa, Pakistan, Turkey

MENA 25
Middle East & North Africa

Africa 31
North & Sub-Saharan Africa

Turkey 37

Pakistan 44

Investor Landscape 50

About MAGNiTT 55

MAGNiTT Methodology 57
=0 vs H1’21
More than 65% of last year’s record funding has been invested in H1 2022 over half
the number of total transactions compared to FY 2021
EVM Yearly Funding Evolution ($) | 2018 – 2022 YTD
EVMs observed a record first-quarter accounting for 70% of total VC capital
invested in H1 2022, despite recording a 56% QoQ drop in funding by Q2’22
EVM Quarterly Funding Evolution ($) | Q3 2018 – Q2 2022

Q2 ‘22 vs Q1 ‘22

-58%
$ Funding

-20%
# Deals
The prominence of larger rounds resulted in a growth of average sizes across
geographies with MEAN round sizes as high as $13.9M in Turkey
EVM Yearly Mean Breakdown | 2018 – 2022
Average Round sizes adjusted in the second quarter of the year after peaking in Q1
2022 across all markets except the Middle East, which observed a reverse effect
EVM Quarterly Mean Breakdown | Q3 2020 – Q2 2022
EVMs observed new record-Median round sizes crossing the $2M mark with
754 deals recorded in H1 2022
EVM Yearly Median Breakdown | 2018 – 2022
As a result of the EVM 65% QoQ drop in funding between Q1 & Q2 2022, Median
round sizes adjusted in the second quarter of the year
EVM Quarterly Median Breakdown | Q3 2020– Q2 2022
Africa was the only EVM to cross the 50% mark of last year’s total transactions while
MENA, Pakistan, and Turkey averaged 43% in H1 2022
EVM Yearly Deal Evolution Comparison by Geography | 2018 - 2022
All 4 Emerging Venture Markets covered observed YoY deal growth compared to
H1’21
EVM Quarterly Deal Evolution Comparison by Geography | Q3 2020 – Q2 2022
On average, all 4 EVMs raised 68% of last year’s funding over H1 2022 despite a
slowdown of VC activity in Q2’22
EVM Yearly Funding Evolution Comparison by Geography ($) | 2018 – 2022 YTD
On average, all 4 EVMs observed a 47% QoQ drop in funding between Q1’22 and Q2
2022 foreshadowing an expected VC funding decline
EVM Quarterly Funding Evolution Comparison by Geography ($) | Q3 2020 – Q2 2022
Leading Tech sectors including FinTech, T&L, and Enterprise Software observe YoY deal
growth compared to H1 2021 while E-commerce and Healthcare record slight declines
EVM Industry Deal Comparison H1 2022
FinTech remains the industry of choice raising south of $1.7Bn to account for 34% of
total funding across EVMs in H1 2022
EVM Industry Funding Comparison H1 2022 ($)
9 of the top 10 funding rounds over H1 2022 were Mega Deals ($100M+), with
Turkey’s Getir recording the largest investment round
EVM Top Disclosed Deals in H1 2022
While 8 of the top 10 most active investors were based across the EVM markets we
cover, only 4 recorded investments in all 3 markets ME, NA, and Pakistan
Most Active Investors by Deals in Startups Based in EVMs in H1 2022
Increased Exit activity has been recorded over H1 2022 to reach 75% of last year’s
record number (89), surpassing FY 2020 by 18 exits
EVM Yearly Exit Evolution | 2018 - 2022
The Middle East observes the most international & cross-market M&A plays with 21
Exits announced over H1 2022
EVM Exits Breakdown by Geography | 2018 - 2022
MENA keeps up with last year’s funding pace, raising 62% of total FY’21 funding
while closing 47% of total transactions over H1’22
MENA Yearly Funding Evolution ($) | 2018 - 2022

# of Deals
Mega Amount ($100M+)
Undisclosed Amount
Disclosed Amount
MENA-based startups raised south of $1Bn in Q1 2022 to register a new all-time
record, despite closing 6% fewer deals than in Q4 2021
MENA Quarterly Funding Evolution ($) | Q3 2018 – Q2 2022

Q2 ‘22 vs Q1 ‘22

-14%
$ Funding

-37%
# Deals

# of Deals
Mega Amount ($100M+)
Undisclosed Amount
Disclosed Amount
With 3 Mega Rounds ($100M+) and more than 20 deals above $20M recorded in H1
2022, the average round size in MENA grows to $8.3M by Q2’22
MENA Quarterly Mean and Median Evolution | Q3 2020 – Q2 2022
MEAN round sizes adjust in Q2 2022 after observing a peak in the first
quarter of the year
MENA Quarterly Mean Evolution by Stage | Q3 2020 – Q2 2022
MEDIAN round sizes adjust in Q2 2022 after observing a peak in the first quarter of
the year, with Early-Stage midpoint decreasing by 30%
MENA Quarterly Median Evolution by Stage | Q3 2020 – Q2 2022
African startups cross the $2Bn mark over H1 2022 accounting for 39% of total
capital invested across EVMs
Africa Yearly Funding Evolution ($) | 2018 - 2022

# of Deals
Mega Amount ($100M+)
Undisclosed Amount
Disclosed Amount
The African ecosystem raised 69% of total H1’22 investment over the first quarter
before observing deal & funding drops in Q2’22
Africa Quarterly Funding Evolution ($) | Q3 2018 – Q2 2022

Q2 ‘22 vs Q1 ‘22

-53%
$ Funding

-26%
# Deals

# of Deals
Mega Amount ($100M+)
Undisclosed Amount
Disclosed Amount
With majority of investment raised in Q1’22, Mean & Median round sizes adjusted
over Q2 2022 to record 23% and 40% QoQ declines respectively
Africa Quarterly Mean and Median Evolution | Q3 2020 – Q2 2022
Similar to MENA, Series B transactions gained the highest round sizes reaching a
record of $60M on average in Q1 2022
Africa Quarterly Mean Evolution by Stage | Q3 2020 – Q2 2022
With a total of 7 deals, the Series B funding stage aggregated highest Median in
Africa over H1 2022
Africa Quarterly Median Evolution by Stage | Q3 2020 – Q2 2022
A historical first half for the Turkish VC ecosystem as it raises 77% of last year’s
record funding
Turkey Yearly Funding Evolution ($) | 2018 - 2022

# of Deals
Mega Amount ($100M+)
Undisclosed Amount
Disclosed Amount
The 2 Mega Rounds ($100M+) closed in Q1’22 accounted for 85% of total H1
funding and drove a new quarterly record
Turkey Quarterly Funding Evolution ($) | Q3 2018 – Q4 2022

Q2 ‘22 vs Q1 ‘22

-94%
$ Funding

+31%
# Deals

# of Deals
Mega Amount ($100M+)
Undisclosed Amount
Disclosed Amount
With the funding disparity resulted by the Q1’22 Mega Deals, MEAN and Median
round sizes observed 95PP and 11PP declines respectively
Turkey Quarterly Mean and Median Evolution | Q3 2020 – Q2 2022
Every fourth Early-Stage round (Pre-Seed- Pre-Series A) was valued at $2M+
resulting in an average of $2.3M by the end of H1 2022
Turkey Quarterly Mean Evolution by Stage | Q3 2020 – Q2 2022
With a total of 44 deals in H1 2022, Early-Stage (Pre-Seed- Pre-Series A) rounds
record the 2nd consecutive quarterly median inflation since Q4 2021
Turkey Quarterly Median Evolution by Stage | Q3 2020 – Q2 2022
Pakistan continues to break records after shifting gears last year with startups raising
75% of FY’21 funding in H1 2022
Pakistan Yearly Funding Evolution ($) | 2018 - 2022

# of Deals
Undisclosed Amount
Disclosed Amount
Similar to peer EVMs ,Q1 2022 was the top-performing quarter aggregating 60% of
total H1’22 funding and 52% of total H1’22 transactions
Pakistan Quarterly Funding Evolution ($) | Q3 2018 – Q2 2022

Q2 ‘22 vs Q1 ‘22

-53%
$ Funding

-6%
# Deals

# of Deals
Undisclosed Amount
Disclosed Amount
With 28% of total transactions valued at $10M+, the average funding round in
Pakistan reached new heights over H1 2022
Pakistan Quarterly Mean and Median Evolution | Q3 2020 – Q2 2022
Sizable Series A rounds by the likes of Dastgyr, Jugnu, and Abhi Finance grew the
average Series A round to an all-time record of $27M by H1 2022
Pakistan Quarterly Mean Evolution by Stage | Q3 2020 – Q2 2022
Parallel to a 16PP drop in the average Early-Stage round size between Q1 & Q2 2022,
the Median round size also observed a 22PP decline
Pakistan Quarterly Median Evolution by Stage | Q3 2020 – Q2 2022
Y-combinator (USA) and Global Founders Capital (GER) were the only international
investors in the 10 Most Active Investors in MENA
Most Active Investors by Deals in Startups Based in MENA in H1 2022
7 out of the 10 Most Active Investors backing African-based startups over H1 2022
were Africa based
Most Active Investors by Deals in Startups Based in Africa in H1 2022
With APY Ventures and Alesta Investment closing the most investments, all 10 Most
Active Investors backing Turkey-based startups were based in Turkey
Most Active Investors by Deals in Startups Based in Turkey in H1 2022
Strong presence for USA & UK based investors in the 10 Most Active Investor charts
in Pakistan over H1’22, while i2i Ventures moves to top spot
Most Active Investors by Deals in Startups Based in Pakistan in H1 2022