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ContentsExecutive Summary

Funding Evolution

Investor Breakdown

Exits

Industry Breakdown

Methodology & Definitions

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Executive SummaryFunding Evolution1. Total funding in the United Arab Emirates (UAE) topped $400M in 2019, while deals were at an all-time high: $418M was invested in2019, a drop of 23% compared to the $546M invested in 2018. With 126 deals, however, the country saw more deals than ever before.Consequently, the country ranked first by total funding and second by number of deals in the MENA region.

2. The majority of deals were still at the Early Stage, but Series A saw a big jump in 2019: 21% of all deals were at Series A in 2019, arecord compared to the last 5 years. In general, the share of Early Stage deals has been declining, but still accounts for the majority of deals inthe country – 72% in 2019.

3. Early Stage average funding has stagnated in recent years, while pre-money valuations have been volatile over the years: In 2019,the average funding for Early Stage was $0.7M, which has been nearly stagnant from 2017. Pre-money valuations, however, saw a drop atSeed, which has been on an upward trend over the last 5 years – Series A follows the same trend.

Industries1. FinTech takes the top spot by number of deals in the United Arab Emirates (UAE), while Real Estate tops by total funding: With 27deals taking place in the country in 2019, FinTech accounted for more deals than any other industry, followed by Delivery & Transport and E-commerce in second and third place, respectively. Real Estate’s high ranking is due to EMPG’s $100M funding round, however.

2. E-commerce and Delivery & Transport startup fundings target more niche areas: In 2019, niche e-commerce platforms such as Eyewa,which is focused on eyewear e-commerce, Sprii, focused on parent and baby-related products, as well as Floranow, which focuses onhorticulture, have raised funding rounds. In Delivery & Transport, however, per-minute (car) rental options received increased investment – localstartups Ekar and Udrive have applied the per-minute rental option to cars, allowing users to book short-term rentals through their apps.Moreover, trucking aggregators and providers such as TruKKer and Trukkin have raised follow-on rounds to provide easier, technology-enabledfreight options to their consumers.

| Source: MAGNiTT

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Executive SummaryInvestors1. The number of entities that invested in UAE-based startups has risen from 87 in 2018 to 111 in 2019, a 28% increase: The number ofentities that invested in startups in the United Arab Emirates is the highest it has ever been. In five years, the number of investors has nearlytripled, indicating a growing appetite for startups in the Emirates.

2. International entities make up the largest part of investors in UAE-based startups: Roughly two-thirds of all entities that madeinvestments came from outside the UAE, with MENA-based investors accounting for one-third and international entities accounting for the otherthird, accounting for a significant portion of the growth in the country.

3. Several new funds, investors, and accelerators were established in the Emirates in 2019: Abu Dhabi-based government entitieslaunched nearly $400M in funds, including by Mubadala Investment Company and Abu Dhabi Investment Office. Through these funds, theentities look to co-invest directly with venture capital firms, as well as act as a limited partner (LP) in venture capital firms. Moreover, BECOCapital, one of the older venture capital firms in the region, closed its second fund at $100M in 2019, following the launch of its first fund in 2012.

Exits1. The number of exits and total exit amount reached an all-time high in the United Arab Emirates (UAE) in 2019: 12 startup exits tookplace in the UAE in 2019, an increase of 33%, amounting to nearly $3.6B in total exit amount. In general, the UAE’s exit ecosystem is relativelynascent compared to international markets, but the country leads the way when compared to its MENA peers. Within the country, E-commerceand Transport accounted for the highest number of exits, very similar to the industries with the highest number of deals.

2. Careem became the first-ever unicorn exit in the country and wider MENA region: Careem, the Dubai-based ride-hailing startup foundedin 2012, was acquired by Uber for $3.1B in 2019. Local and regional conglomerates are increasingly acquiring UAE-based scaleups:Majid Al Futtaim, after its acquisition of Beam Wallet in 2018, acquired grocery e-commerce player Wadi, while Mohamed Alabbar’s Noon andEmaar acquired Sivvi and Namshi, respectively.

| Source: MAGNiTT



Funding Evolution

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Executive Summary: Funding Evolution1. Total funding in the United Arab Emirates (UAE) topped $400M in 2019: $418M was invested in 2019, a drop of 23% compared to the$546M invested in 2018. When excluding $100M+ funding rounds, however, there was ‘only’ a $28M gap between 2018 and 2019, as Careemraised a $200M funding round in 2018.

2. The number of deals was at and all-time high in 2019: 126 deals took place in UAE-based startups in 2019, an increase of 14% from 2018.With this, the country saw the highest number of deals in startups on record, topping the previous high of 117 in 2017.

3. The majority of deals were still at the Early Stage, but Series A saw a big jump in 2019: 21% of all deals were at Series A in 2019, arecord compared to the last 5 years. In general, the share of Early Stage deals has been declining, but still accounts for the majority of deals inthe country – 72% in 2019.

4. Early Stage average funding has stagnated in recent years: In 2019, the average funding for Early Stage was $0.7M, which was the sameaverage as 2017 and $0.1M lower than 2018. This follows a significant increase from $0.3M in 2015. Series A and Series B funding has beenmore volatile, with fewer deals taking place at that funding stage.

5. The average pre-money valuation has been volatile as well, with 2019 seeing a drop from previous years for Early Stage: EarlyStage, which includes Angel, Pre-Seed, Seed, and Pre-Series A rounds, saw a drop to $0.6M as average pre-money valuation, mainly due to theincrease in accelerator cohorts in the country, which historically see lower valuations than follow-on seed rounds.

6. Dubai continues to account for the largest share of deals and total funding in the Emirates, while Abu Dhabi sees increases in both:Historically, Dubai has accounted for the majority of activity in the startup ecosystem, and still does from a deals and funding perspective. AbuDhabi, however, through government initiatives and corporate activity, has seen a significant increase as well.

7. With these developments, the country ranked first by total funding and second by number of deals in the MENA region: While theUAE continued to account for the lion’s share of total funding in MENA, 60% in 2019, the country dropped to second place by number of deals in2019, ranking behind Egypt for the first time.

| Source: MAGNiTT


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Key takeaway from the chart / graphic§ Supporting and/or clarifying statement

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Yearly funding ($M) and deals (#) in UAE-based startups



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Top 10 countries in MENA by total funding ($) in 2019




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Top 10 countries in MENA by number of deals (#) in 2019




10| Source: MAGNiTT

Deals (#) by Funding Stage (%)City / Emirate # Deals (2019) $ Funding (2019) Early Stage Series A Series B Late Stage

1 Emirate Name xx xx xx xx xx xx




UAE xx $xx xx xx xx xx




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Share of deals (#) in UAE-based startups, by funding stage




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Average funding amount ($) of UAE-based startups, by funding stage




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Startup Industry Deal Size Stage Select Investors

Startup Name Industry Name $xxM Series D Investor Logos

Startup Name Industry Name $xxM Series A Investor Logos



Startup Name Industry Name $xxM Series B Investor Logos


Startup Name Industry Name $xxM Bridge Investor Logos


Startup Name Industry Name $xxM Series C Investor Logos


| Source: MAGNiTT




Industry Breakdown

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Executive Summary: Industries1. FinTech takes the top spot by number of deals in the United Arab Emirates (UAE): With 27 deals taking place in the country in 2019,FinTech accounted for more deals than any other industry, followed by Delivery & Transport and E-commerce in second and third place,respectively.

2. Real Estate accounted for the highest total funding: Due to Emerging Market Property Group’s (EMPG) $100M funding round, the RealEstate industry accounted for the highest amount of funding in the UAE. A similar story goes for Renewable Energy, which ranked second due toYellow Door Energy’s $65M funding round. Behind those two, Delivery & Transport and E-commerce continued to account for a sizeable amountof total funding, 17% each respectively.

3. Within the FinTech industry, Payments & Remittances see the highest number of deals, followed by Wealth Management startups:When looking at the total funding, however, InsurTech startups have raised the highest amount of funding. Startup such as Bayzat ($16M),Yallacompare ($8M) and Souqalmal ($1M) all raised funding rounds in 2019. With these funding rounds, the startups look to double down onareas outside of insurance comparison, with Bayzat focusing on payroll and other HR solutions, while Yallacompare and Souqalmal are active inother financial comparison industries, such as loans, credit cards, and more.

4. E-commerce deals have been stagnant, but more niche players are raising follow-on rounds: While pure-play e-commerce platformssuch as Souq, Noon, and AWOK have gathered significant market share and funding in the past, the e-commerce industry is seeing more nicheplatforms raise funding. In 2019, niche platforms such as Eyewa, which is focused on eyewear e-commerce, Sprii, focused on parent and baby-related products, as well as Floranow, which focuses on horticulture, have raised funding rounds.

5. After the successful fundraises and exit of Careem, Delivery & Transport still hit a record-high number of deals: 16 deals took placein the Delivery & Transport industry in 2019. Two trends became apparent, the first of which is per-minute (car) rental options. With internationalscooter startups such as Bird and Lime raising significant funding rounds, local startups Ekar and Udrive have applied the per-minute rentaloption to cars, allowing users to book short-term rentals through their apps. Moreover, trucking aggregators and providers such as TruKKer andTrukkin have raised follow-on rounds to provide easier, technology-enabled freight options to their consumers.

| Source: MAGNiTT


17| Source: MAGNiTT

Industry # Deals (2019) # Change ‘18-’19 % Deals (2019) % Change ‘18-’19

1 Industry Name xx ▲xx xx% ▲xx%


3 Industry Name xx ▲xx xx% ▼xx%



6 Industry Name xx ▼xx xx% ▼xx%

7 Industry Name xx ▲xx xx% = xx%

8 Industry Name xx ▲xx xx% = xx%

9 Industry Name xx = xx xx% ▼xx%





18| Source: MAGNiTT

Industry $ Funding (2019) $ Change ‘18-’19 % Funding (2019) % Change ‘18-’19

1 Industry Name $xxM ▲xx xx% ▲xx%


3 Industry Name $xxM ▲xx xx% ▼xx%



6 Industry Name $xxM ▼xx xx% ▼xx%

7 Industry Name $xxM ▲xx xx% = xx%

8 Industry Name $xxM ▲xx xx% = xx%

9 Industry Name $xxM = xx xx% ▼xx%





19| Source: MAGNiTT

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Yearly funding ($M) and deals (#) in UAE-based [Industry] startups




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Startup Name[Industry]

Total Disclosed Funding: $xxM

Recent Funding: $xxM // Series B

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Investor Breakdown

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Executive Summary: Investors1. The number of entities that invested in UAE-based startups has risen from 87 in 2018 to 111 in 2019, a 28% increase: With thisincrease, the number of entities that invested in startups in the United Arab Emirates is the highest it has ever been, and has grown since 2015.In five years, the number of investors has nearly tripled, indicating a growing appetite for startups in the Emirates.

2. International entities make up the largest part of investors in UAE-based startups: Roughly two-thirds of all entities that madeinvestments came from outside the United Arab Emirates, with MENA-based investors accounting for one-third and international entitiesaccounting for the other third. Historically, the growth in the number of investors has come from international investors, which have tripled in thelast 5 years, and MENA-based investors, which have increase 8-fold over the same time period.

3. Four entities invested in more than 8 UAE-based startups: 500 Startups, Startupbootcamp, Oman Technology Fund (otf), and WamdaCapital invested in more than 8 UAE-based startups in 2019. 500 Startups, the USA-headquartered venture capital firm with its local 500Falcons fund, invested in the highest number of startups in 2019, 23 in total.

4. 500 Startups was the most active investor at the Early Stage, investing in 16 Early Stage UAE-based startups: Through both its fundand the Misk500 Accelerator, 500 Startups became the most active investor at the Early Stage. At Series A, Dubai-based Wamda Capitalinvested in the highest number of startups, as it focus on slightly later-stage companies. At Series B and beyond, however, there were no entitiesthat invested in more than 1 UAE-based startup, while 20 entities invested in 1 Series B or Late Stage deal in 2019.

5. Several new funds, investors, and accelerators were established in the Emirates in 2019: Abu Dhabi-based government entitieslaunched a total of nearly $400M in funds, including Mubadala Investment Company and Abu Dhabi Investment Office. Through these funds, theentities look to co-invest directly with selected venture capital firms, as well as act as a limited partner (LP) in venture capital firms. Moreover,BECO Capital, one of the older venture capital firms in the region, closed its second fund at $100M in 2019, following the launch of its first fundin 2012.

| Source: MAGNiTT


28| Source: MAGNiTT

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UAE-basedInvestors

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Number of investors (#) in UAE-based startups




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8+Deals

4-5Deals

2-3Deals

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| Source: MAGNiTT

Investors ranked by number of disclosed investments in UAE-based startups in 2019


<Investor logos>

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Investor Early Stage Deals (2019)

Investor Name xx

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Investor Series A Deals (2019)

Investor Name xx

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| Source: MAGNiTT

Investors ranked by number of disclosed Early Stage & Series A investments in UAE-based startups in 2019




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Investor Series B Deals (2019)Investor NameInvestor NameInvestor Name

Investor NameInvestor NameInvestor NameInvestor NameInvestor Name

Investor NameInvestor NameInvestor NameInvestor NameInvestor Name

xx

Investor Late Stage Deals (2019)

Investor Name

xx

Investor Name

Investor Name

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Investor Name

| Source: MAGNiTT

Investors ranked by number of disclosed Series B & Late Stage investments in UAE-based startups in 2019




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New Investor / Fund Headquarters Fund Size ($M) Description

Investor Name Abu Dhabi $xxM Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed doeiusmod tempor incididunt ut labore et dolore magna aliqua.


Investor Name Dubai $xxM Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed doeiusmod tempor incididunt ut labore et dolore magna aliqua.


Investor Name Dubai $xxM Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed doeiusmod tempor incididunt ut labore et dolore magna aliqua.


| Source: MAGNiTT




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Executive Summary: Exits1. The number of exits and total exit amount reached an all-time high in the United Arab Emirates (UAE) in 2019: A total of 12 startupexits took place in the UAE in 2019, amounting to nearly $3.6B in total exit amount. This is an increase of 33% in number of deals compared to2018, in which 9 startup exits took place. In general, the UAE’s exit ecosystem is relatively nascent compared to international markets, but thecountry leads the way when compared to its MENA peers.

2. Careem became the first-ever unicorn exit in the country and wider MENA region: Careem, the Dubai-based ride-hailing startup foundedin 2012, was acquired by Uber for $3.1B in 2019, just before the initial public offering (IPO) of the latter in the United States. Through theacquisition, Uber looks to strengthen its foothold in the region, where Careem was successful in fending of local and international competitionthrough local adaptability.

3. E-commerce and Delivery & Transport saw the highest number of exits and total exit amount: Through several high-profile acquisitionsin the e-commerce space, such as Namshi and Wadi being acquired, as well as the blockbuster deal between Careem and Uber, the e-commerce and delivery & transport industries saw the highest exit activity. These industries are similar to the most active industries by numberof deals and total funding, as regional startups look to consolidate in an ever-crowded market.

4. Local and regional conglomerates are increasingly acquiring UAE-based scaleups: After the high-profile international acquisitions ofSouq, which was acquired by Amazon in 2017 for $580M, as well as the regional acquisition of Careem by Uber for $3.1B, more regionalcorporations have entered the foray as well. Majid Al Futtaim, after its acquisition of Beam Wallet in 2018, acquired grocery e-commerce playerWadi, while Mohamed Alabbar’s Noon and Emaar acquired Sivvi and Namshi, respectively. After these acquisitions, the offerings of the startupsand scaleups are integrated in the parent company, such as Wadi being integrated with Carrefour, which is operated by Majid Al Futtaim in theregion.

| Source: MAGNiTT


35| Source: MAGNiTT

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Number of exits (#) and disclosed exit amount ($) of UAE-based startups




36| Source: MAGNiTT

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Number of exits (#) by industry in the UAE, 2018-2019




37| Source: MAGNiTT

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Exit value ($) by industry in the UAE, 2018 - 2019




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Magnus OlssonCo-founder and Chief Experience Officer, Careem

38| Source: MAGNiTT

xxFounded

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$xxBAcquisition

xxUnicorn Exit




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Acquisition Amount: $xxM


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Startup Industry Exit Amount ($M) Exit Type Acquirer / Exchange

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Startup Industry Exit Amount ($M) Exit Type Acquirer / Exchange



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Methodology& Definitions

43

Methodology & DefinitionsWhat is included in this report’s data• Equity investments into UAE-headquartered* startups, including investments from Venture Capital firms, Corporate Venture Capital firms, Angel

Groups, individual angels, Accelerators, Family Offices, and Equity Crowdfunding.

• Investments in private companies. Funding raised by public companies of any kind on any stock exchange is not included in our data.

• Investment made at a particular time for tranched investments. If a startup raises $5M in Q1 of a year and $2M in Q2 of that year as part of the same funding round, the $5M is recorded in Q1 and the $2M is recorded in Q2.

• Funding that has actually been closed, not what is intended to be closed. If a startup raises $6M out of an intended $10M total funding round, only $6M is included in the data. The other $4M is only included if and when the funding has actually been raised.

• Only verifiable funding is included, either through confirmation by investor(s) or verifiable legal documents.

What is not included in this report’s data• Contingent funding is not included. If a startup receives an investment commitment for $100M contingent on hitting certain performance milestones,

but first gets $50M as actual investment, only the $50M is included in our data.

• No buyouts, consolidations, and/or recapitalizations. All three of these transaction types are commonly employed by private equity firms, but are not part of the venture funding tracking of MAGNiTT.

• No debt and/or loans of any kind, except convertible notes. Venture debt or any kind of debt / loan issued to startups is not included. If a startup receives $5M with $4M in equity funding and $1M in debt, other than convertible notes, only the $4M is included.

• Funding raised by public companies of any kind on any stock exchange is not included in our data.

* The Middle Eastern and North Africa (MENA) countries that MAGNiTT tracks are included on the next page.

| Source: MAGNiTT

44

Methodology & Definitions§ MAGNiTT collects and aggregates data on the startup ecosystem, through multiple channels:

§ Direct: Quarterly follow up directly with over 100 funding institutions requesting details on all investments, stage, date, funding as well as other co-investors in the platform.

§ Public: Daily gathering of public announcements and press releases focused on the MENA Venture funding landscape. All features are followed up with announcements liaised with the founders.

§ Proprietary: As a platform, startups and institutions on MAGNiTT list their proprietary information on investment raised, date of investment, funding stage, as well as investors. Once verified, the data is included in MAGNiTT’s reports.

§ MAGNiTT’s focus is the Middle East and North Africa (MENA) region, which includes data on 17 MENA countries: Algeria, Bahrain, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Palestine, Qatar, Saudi Arabia, Syria, Tunisia, United Arab Emirates, and Yemen.

§ MAGNiTT actively looks to support its stakeholders:

§ Startups: Profile creation, apply for funding, dedicated job board and offer promotion

§ Investors: Deal flow support, data analytics, portfolio company promotion and talent connection

§ Corporates: Innovation support, data analytics, industry trends and offer promotion

§ Enablers: Conference support, accelerator applications, service promotion and data analytics

| Source: MAGNiTT

45

Methodology & DefinitionsMAGNiTT’s Calculations on Deals with Undisclosed Investment Amounts are:

1. Based on the funding stage of the investment (e.g. seed or Series A)

2. Based on the year of the investment

For example: if a deal is a SEED stage deal in 2018, MAGNiTT takes the average deal size of all SEED stage investments in 2018 and applies this value as a proxy for the undisclosed deal amount in 2018.

MAGNiTT uses the following terminology related to funding:

• Disclosed Funding: indicates the aggregation of all deals that had a disclosed funding amount (e.g. MAGNiTT raised $1M)

• Estimated Undisclosed Funding: indicates all deals that had undisclosed funding amounts, for which the calculation above is used (e.g. a startup at Seed stage did not disclose its funding amount, but MAGNiTT estimated the funding based on funding stage and year)

• Total Funding: the combination of Disclosed Funding and Estimated Undisclosed Funding

| Source: MAGNiTT

www.magnitt.com [email protected]

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