Total technology industry venture financing deals worth $586.85m were announced in Middle East and Africa in February 2021, led by $120m venture financing of Cyesec, according to GlobalData’s deals database.

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The value marked an increase of 69.4% over the previous month of $346.34m and a rise of 69.05% when compared with the last 12-month average of $347.14m.

Middle East and Africa held a 3.50% share of the global technology industry venture financing deal value that totalled $16.77bn in February 2021. With a 3.04% share and deals worth $510.6m, 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 53 deals during February 2021, marking an increase of 60.61% over the previous month and a rise of 26.19% over the 12-month average. Israel recorded 25 deals during the month.

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Middle East and Africa technology industry venture financing deals in February 2021: Top deals

The top five technology industry venture financing deals accounted for 54.4% of the overall value during February 2021.

The combined value of the top five technology venture financing deals stood at $319m, against the overall value of $586.85m recorded for the month.

The top five technology industry venture financing deals of February 2021 tracked by GlobalData were:

1) 83North Venture Capital and EQT Partners’ $120m venture financing of Cyesec

2) The $75m venture financing of Earnix by Insight Partners, Israel Growth Partners, Jerusalem Venture Partners and Vintage Investment Partners

3) Expon Capital, Intel Capital, Koch Disruptive Technologies, NVIDIA, SoftBank Ventures Asia, State of Mind Ventures, Sweetwood Capital, Viola Ventures, Western Digital Capital and Xilinx Technology Ventures’ $65m venture financing of Pliops

4) The $30m venture financing of SGranulate Cloud Solutions by Dawn Capital, Hetz Ventures Management, Insight Partners, Red Dot Capital Partners and TLV Partners

5) CPT Capital, Hanaco Ventures Capital, Happiness Capital, K3 Ventures, Losa Group and Sake Bosch’ venture financing of Redefine Meat for $29m.