The Future of Software ☁️

🚀 The first month of Q4 was very happening for us over here at MAGNiTT, we released our suite of Q3 reports throughout October. We have also rolled out new products, reach out to our team today to book a demo! Also, spoiler alert: a lot more insights and research on the VC ecosystem is coming up, you can subscribe to our enterprise plan and be in the thick of things!

☁️ Speaking of subscriptions, the Software as a Service Industry (SaaS) has been observing substantial growth as the era of traditional software comes to an end and we move towards a subscription-based economy. As they say, Cloud is the Future and SaaS is one of the main components of cloud computing. In terms of venture capital, our peer global markets might be ahead of us in the Enterprise Software space but the Emerging Venture Markets are fast catching up.

🔎rWhile capital deployed in the industry over the years has grown gradually, the sector has maintained a healthy dynamic for the number of transactions, with 2018 witnessing a YoY incline of 80% in 2018. Observing consistent funding growth for the past decade, the sector crossed the $100M mark last year and clocked in at $260M. The lion’s share of investment was recorded by Unifonic which also marked the first-ever Mega Deal for the industry across MEAPT. This consistent funding comes from the hand of active backers of the space including 500 Global, Flat6Labs, and VentureSouq. 

💰 Funding & Acquisition Announcements:

• Egypt's Money Fellows raises $31M Series B: FinTech Money Fellows raises $31M in the first closing of its Series B equity round to support its plans of becoming the top financial platform in the Middle East & Africa.
• Invygo raises $10M Series A: UAE-based Invygo has raised $10M in its Series A funding to scale its car rental service in the Middle East.
• UAE’s X-ERA acquires Egypt’s SPEED: UAE-based X-ERA for tech services and logistics has acquired Egypt-based B2B E-commerce platform SPEED APP.

🧲 MAGNiTT Bonus:

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🙌 We wish you a great start to the 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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