Start-ups in the Middle East and North Africa (MENA) secured $494 million in funding last month, representing an increase of 457% compared to a year earlier, according to Wamda and Digital Digest.

Entrepreneurs in Saudi Arabia and the UAE dominated the fundraising, making up 92% of the total investment value.

Overall, Saudi Arabia topped the table, recording $250.3 million in total investments spread across 25 deals in February, while the UAE logged $203.5 million across 15 deals.

Debt financing accounted for only 15% of the total investments during the month, compared to 90% in January.

A total of 58 deals were recorded during the month, up from 37 in February last year.

The fintech sector led the funding activity, raising a total of $274 million, followed by insurtech at $55 million and logistics at $28.5 million.

(Writing by Cleofe Maceda; editing by Seban Scaria seban.scaria@lseg.com)