Led by $170m venture financing of Foodics, total technology industry cloud venture financing deals worth $838.6m were announced in Middle East and Africa in Q2 2022, according to GlobalData’s deals database.

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The value marked an increase of 156.4% over the previous quarter and a rise of 69.1% when compared with the last four-quarter average of $495.76m.

Middle East and Africa held a 6.30% share of the global technology industry cloud venture financing deal value that totalled $13.31bn in Q2 2022. With a 4.85% share and deals worth $645.83m, Israel was the top country in Middle East and Africa’s cloud venture financing deal value across technology industry.

In terms of deal activity, Middle East and Africa recorded 35 cloud deals during Q2 2022, marking an increase of 12.90% over the previous quarter and a rise of 47.37% over the last four-quarter average. Israel recorded 24 deals during the month.

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Middle East and Africa technology industry cloud venture financing deals in Q2 2022: Top deals

The top five cloud venture financing deals accounted for 56.9% of the overall value during Q2 2022.

The combined value of the top five technology cloud venture financing deals stood at $477m, against the overall value of $838.6m recorded for the quarter.

The top five technology cloud deals of Q2 2022 tracked by GlobalData were:

1) Endeavor Catalyst,Prosus,Sequoia Capital India and STV – Saudi Arabia $170m venture financing deal with Foodics

2) The $100m venture financing of Optibus by Bessemer Venture Partners,BlueRed Partners,Insight Partners,Pitango First,Pitango Growth,State of Mind Ventures,Tencent Holdings and Verizon Ventures

3) B Capital Group,Entree Capital,Insight Venture Management,ION Crossover Partners,Spring Ventures and Toba Capital $100m venture financing deal with Perimeter 81

4) The $65m venture financing of Silverfort by Aspect Ventures,Citi Ventures,General Motors Ventures,Greenfield Partners,Maor Investments,Singtel Innov8 Ventures,StageOne Ventures and Vintage Investment Partners

5) Atreides Management,Cisco Systems,Dell EMC,JPMorgan Chase,Micron,O.G. Tech Ventures,Richard Li,Square Peg Capital,Valor Equity Partners and Walden International $42m venture financing deal with Lightbits Labs