The Global Startup Ecosystem Report 2024 (GSER 2024) from Startup Genome and the Global Entrepreneurship Network has been published, providing a comprehensive analysis of the current state of startup ecosystems worldwide.
Now in its 12th year, the report is based on research and analysis of data from 4.5 million startups across 300 global ecosystems.
Globally, the report found that Series A funding in 2023 was down 46 per cent from the previous year, and the value of large exits ($50M+) fell 47 per cent over the same period.
However, Q1 2024 has a projected higher Series A funding amount and deal count than Q4 2023.
The number of new unicorns in 2023 was also down 58 per cent from 2022 and 87 per cent from the 2021 peak.
Further, in 2023, more than half of new unicorns were in the GenAI and Deep Tech sub-sectors, a higher rate than in 2021.
Meanwhile, late-stage Cleantech startups raised 2.5x more funding in H2 2023 than in H1 2020.
The report also found that the top ecosystems have maintained their same 2020 positions. Silicon Valley remains at the top, followed by New York City and London, which are tied for second place.
Tel Aviv moved up one place, tied with Los Angeles in fourth place.
Regionally in the MENA ecosystem, Dubai came in below Tel Aviv for the highest ecosystem value, followed by Riyadh and Cairo, with Abu Dhabi in fifth place.
However, Abu Dhabi was found to be the fastest-growing emerging ecosystem in the MENA, with a 28 per cent growth in ecosystem value.
Read the full report here.