Mubasher: The emerging markets have recorded 1,329 venture capital (VC) deals with total funding of $6.9 billion during 2021, up 228% year-on-year (YoY) in terms of funding.

These markets have witnessed 12 mega-deals with a value exceeding $100 million per each, accounting for 42% of the total capital deployed during 2021, as shown by Magnitt's 'Emerging Venture Capital Report'.

The Fintech industry has occupied the largest share in deals and funding, with Fintech startups representing 21% of deals and 31% of funding.

The UAE and Turkey have accounted for 44% of the VC transactions.

Meanwhile, the VC funding across MENA reached $2.6 billion in 2021, with 590 deals including three mega-deals.

The UAE has led the MENA region in terms of the number of deals and funding, with the country-based startups raising $1.2 billion across 155 transactions.

Saudi Arabia ranked second in the region by funding, driven by a 270% YoY growth in the VC investments.