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Tunisia: nearly $550,000 raised by local startups in April

Tunisian startups managed to raise $549 thousand in April 2023, according to Wamda.

The amount is particularly significant as the Middle East and North Africa (MENA) region has seen a dramatic drop in startup investment, with a 97% drop compared to the previous month and a 99% drop compared to April 2022.

This is partly due to the A&I and P&I holidays and the fallout from the Silicon Valley Bank crisis. The recorded decline is also part of a global trend of a decline in investment in startups, notably as a result of the war in Ukraine.

The number of successful financing rounds for Tunisian startups in April is the highest in the region, with four deals sealed for a total of $549 thousand. In terms of value, Tunisia ranks third in the region, behind the United Arab Emirates and Saudi Arabia.

In particular, Drest.tn has leveraged more than 336 million dollars from 216 Capital Ventures.

In total, April saw 11 deals totaling 7 million dollars, a similar level to 2018/2019, when investment in startups was much slower than in the previous two years.

The United Arab Emirates and Saudi Arabia raised $3.6 million and $3 million respectively, while the Iraqi economy spent $125 million on a single startup.

However, this trend is unlikely to continue, while the lack of investment in startups is expected to continue, although perhaps not at the same rate as last month.

In fact, a number of deals worth a total of $35 million have already been announced for May.

However, Wamda warns that valuations and revenues are likely to fall in the coming months, in addition to sales difficulties for startups.


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