Total technology industry venture financing deals worth $939.1m were announced in Middle East and Africa in August 2022, led by $262m venture financing of DriveNets, according to GlobalData’s deals database.

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The value marked an increase of 125.4% over the previous month of $416.69m and a drop of 1.7% when compared with the last 12-month average of $955.22m.

Middle East and Africa held an 8.27% share of the global technology industry venture financing deal value that totalled $11.35bn in August 2022. With a 6.30% share and deals worth $715.2m, Israel was the top country in Middle East and Africa’s venture financing deal value across technology industry.

In terms of venture financing deal activity, Middle East and Africa recorded 42 deals during August 2022, marking a decrease of 4.55% over the previous month and a drop of 39.13% over the 12-month average. Israel recorded 14 deals during the month.

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

The top five technology industry venture financing deals accounted for 72.6% of the overall value during August 2022.

The combined value of the top five technology venture financing deals stood at $682m, against the overall value of $939.1m recorded for the month.

The top five technology industry venture financing deals of August 2022 tracked by GlobalData were:

1) Atreides Management, Bessemer Venture Partners, D1 Capital, Harel Insurance Investments and Financial Services and Pitango Venture Capital $262m venture financing deal with DriveNets

2) The $170m venture financing of Guesty by Apax Digital Fund, Flashpoint, MSD Partners, Sixth Street Growth and Viola Growth

3) Ballistic Ventures, Evolution Equity Partners, Falcon Fund, George Kurtz, Lightspeed Management Company, Merlin Ventures, Sorenson Capital Partners, Syn Ventures and Team8 $100m venture financing deal with Talon Cyber Security

4) The $100m venture financing of Pliops by Koch Disruptive Technologies, Lip-Bu Tan, SK Hynix and State of Mind Ventures

5) Bossanova Investimentos, Lightrock, Novastar Ventures and QED Investors $50m venture financing deal with TeamApt