?? Defying The Global Economic Downturn

???Africa saw?YoY growth of 8.3% aggregating almost $2.5Bn? in the first nine months of the year. While the overall funding levels signal that Africa was able to brave the downward market trend, the quarterly numbers tell a different story. In fact, when we compare them to MENA, we see that the rate of funding decline from Q1 to Q3 was more drastic.

?? The highlight for Africa has been the M&A activity. Similar to MENA,?Exits remained a strong feat in the region . While the former has crossed last year’s Exits numbers by a margin,?Africa has come on par with the M&A activity observed over FY 2021 . With a 7 deal difference, it remains to be seen if Africa can surpass MENA in the last quarter of the year.?

?? Funding & Acquisition Announcements:

• UAE’s VUZ raises $20M Series B : VUZ , a UAE-based Immersive Social App that allows users to stream and experience immersive realism in XR and Metaverse digital experiences, has raised $20M in its Series B round.
• Fintech Telda raises $20M SEED : Telda , an Egyptian consumer money app has raised $20M in a SEED funding round to revolutionize finance for the MENAP region.
• Mexico’s Kavak merges with Oman-based Carzaty : Mexico’s pre-owned car platform and unicorn,?Kavak , enters the GCC with a $130M investment after merging with regional player?Carzaty .

???MAGNiTT Research and Analytics:

?? This week, we?analyze the African VC market ?with the release of our?Q3 Africa Report . The region managed to defy the impact of the global economic downturn that we have seen in other VC markets.

?? That being said, keep an eye out for our?Q3 Industry Reports coming out this week !

?? MAGNiTT Bonus:

?? We are proud to see MAGNiTT's data creating ripples in the venture market, as it recently got?quoted by WSJ this week ?in a piece that highlighted how MENA is on its way to taking the center stage in the global venture world.

?? We were also happy to be?quoted by Bloomberg , in?MasterCard's latest report on FinTech , and I had the opportunity to showcase the relevance of this data on Business Breakfast and at?Taylor Wessings ' launch party this week.

?? And don't forget, keep an eye on Q3 Industry Reports this week! (And if you have anything you'd like to share, share with us your stories on our social media:?Twitter ???Instagram ???Facebook )

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