Weekly Startup Ecosystem Overview in the Middle East and North Africa (MENA) / 11 – 24 November

There were 12  investments in the MENA between 11 – 24 November:

Investments: 

5 United Arab Emirates (UAE), 3 Kingdom of Saudi Arabia (KSA), 2 Egypt, 1 Tunisia, 1 Morocco, 1 Jordan

Acquisitions: 

1 Kingdom of Saudi Arabia (KSA)

Sectors Received Investments:

3  Fintech

2 Edtech

1 Proptech

1 Agritech

1 SaaS 

1 Productivity

1 Artificial Intelligence

1 Blockchain

1 Marketplace

1 Energy

News of the Week

🎯 UAE-based proptech Silkhaus, raised funding.

Silkhaus, the UAE-based platform that brings together rental platforms in the real estate industry, has raised a $7.8 million Seed from Nuwa Capital, Nordstar, Global Founders Capital, Yuj Ventures, Whiteboard Capital, VentureSouq and International family offices, business people, and global proptech entrepreneurs.

Transaction Type: Investment

Investment Amount: $ 7.750.000

Investors: Nuwa Capital, Nordstar Partners, Global Founders Capital, Yuj Ventures, Whiteboard Capital, VentureSouq

Co-founders:  Aahan Bhojani, Ashmin Varma

Country: United Arab Emirates (UAE)

🎯 UAE-based finance startup baraka, raised funding.

Commission-free investment platform baraka has closed a $20 million Series A led by Valar Ventures. The startup is part of Y Combinator and Hub 71, Abu Dhabi’s global technology ecosystem.

Transaction Type: Investment

Investment Amount: $ 20.000.000

Investors: Valar Ventures, Knollwood

Co-founders:  Feras Jalbout

Country: United Arab Emirates (UAE)

🎯 Saudi SaaS startup Order, raised funding.

Saudi Arabian food and beverage order (F&B) SaaS startup Order has raised $1 million in a pre-Seed funding round led by angel investors.

Transaction Type: Investment

Investment Amount: $ 1.000.000

 Investors: Angel Investors

Co-founders:   Faisal AlAnazi, Essam Mohamed

Country: Kingdom of Saudi Arabia (KSA)

🎯 Tunisian agritech Beekeeper, raised funding.

Tunisia-based agritech Beekeeper Tech, which provides smart connected equipment for beekeepers to increase the production of beehives, has raised $640,000 in a round led by 216 Capital Ventures.

Transaction Type: Investment

Investment Amount: $ 640.000

Investors: 216 Capital Ventures, Angel Investors (İbrahim Al-Rashid ve Bridging Angels)

Co-founders:  Khaled Bouchoucha

Country: Tunisia

🎯 DataLexing, a Saudi All-in-One Data-Driven productivity platform, raised funding.

Productivity platform DataLexing, which brings together data-driven insights, apps, notifications, forms and Pages on a single platform, has raised a $3 million seed round led by Sadu Capital.

Transaction Type: Investment

Investment Amount: $ 3.000.000 

Investors: Sadu Capital, Impact46, Unnamed Investors

Co-founders:   Rayan Alfaheid, Abdulelah Alganas

Country: Kingdom of Saudi Arabia (KSA)

🎯 UAE-based fintech KLAIM, raised funding.

Finance startup KLAIM, which provides working capital to small and medium healthcare providers, has raised a $5 million seed round led by Knuru Capital. It plans to expand its investment round to over $30 million through a pool of Sharia-compliant investors.

Transaction Type: Investment

Investment Amount: $ 5.000.000

Investors: Knuru Capital

Co-founders:  Karim Dakki, Ghafoor Ahmad

Country:  United Arab Emirates (UAE)

🎯 Design technology startup CONIX.AI, raised funding.

AI-based design platform CONIX.AI, which allows architects to create designs and adaptive materials, raised $1.3 million in the pre-Seed round led by BIM Ventures.

Transaction Type: Investment

Investment Amount: $ 1.300.000

Investors: BIM Ventures

Co-founders:  Yusuf Fahmy

Country: Egypt, UK

🎯 Blockchain technology company Rekt Studios, raised funding.

Rekt Studios, which provides developers and designers with tools to develop blockchain-based products, has raised $1.5 million from blockchain and web3 venture capital firm Cypher Capital.

Transaction Type: Investment

Investment Amount: $ 1.500.000

Investors:  Cypher Capital

Co-founders:  Elie Rizek

Country:  United Arab Emirates (UAE)

🎯 B2B marketplace Grinta, raised funding.

Grinta, the B2B marketplace platform digitizing the pharmaceutical supply chain, has raised $8 million in Seed funding led by Raed Ventures and Nclude.

Transaction Type: Investment

Investment Amount: $ 8.000.000

Investors: Raed Ventures, Nclude, Endeavor Catalyst, 500 Global

Co-founders:  Mohamed Azab, Yosra Badr, Ali Youssef, Hamza Mohamed

Country: Egypt

🎯 Education technology startup SmartProf, raised funding.

SmartProf, an online tutoring marketplace for students based in Morocco, raised $110,000 in the pre-Seed round from UM6P Ventures, Plug and Play and angel investors.

Transaction Type: Investment

Investment Amount: $ $110.000

Investors: UM6P Ventures, Plug and Play, Angel Investors

Co-founders:  Mustapha Faiz, Hamza Faiz, Ali Faouzi

Country: Morocco

🎯 UAE-based finance startup Qashio, raised funding.

Fintech Qashio, a spending management platform service, has raised $10 million in Seeds from investors such as One Way Ventures, MITAA, Iliad Partners, Phoenix Investments, Cadorna Ventures, Sanabil 500 MENA, Nuwa Capital.

Transaction Type: Investment

Investment Amount: $ 10.000.000

Investors: One Way Ventures, MITAA, Cadorna Ventures, Sanabil 500 MENA, Nuwa Capital, Iliad Partners, Phoenix Investments, Angel Investors, Family offices

Co-founders:  Jonathan Lau, Armin Moradi

Country:  United Arab Emirates (UAE)

🎯 Education technology startup Jeel, raised funding.

KSA-based entertainment and education platform edtech Jeel, which provides educational content for preschool children, has raised $1.1 million in Seeds from EdVentures.

Transaction Type: Investment

Investment Amount: $ 1.100.000

Investors: EdVentures, Nahdet Misr Publishing Group

Co-founders:  Ahmed Sobaih

Country: Kingdom of Saudi Arabia (KSA)

🎯 Software development firm Algebra Intelligence, raised funding.

Algebra Intelligence, a Jordan-based software development company for the energy sector, received an investment from the Ibtikar Fund. Financial details of the investment were not disclosed.

Transaction Type: Investment

Investors: Ibtikar Fund

Co-founders:  Ahmad Altawafsheh, Ala’a Alghwiri, Batool Almallahi 

Country: Jordan

🛒 KSA-based Floward, acquired Mubkhar.

Saudi-based flower and gift platform Floward has acquired Kuwait-based perfumery brand Mubkhar.

Transaction Type: Acquisition

Investors: Floward

Co-founders: AbdulaIaziz Loughani (Floward)

Country: Kingdom of Saudi Arabia (KSA)

 ✏️A Slice of Entrepreneurship 🍰

Don’t worry about failure; you only have to be right once.

  • Drew Houston

Other News:

📌 World Bank subsidiary International Finance Corporation (IFC) has announced a $225 million venture capital platform to invest in early-stage technology startups in Africa, the Middle East, Central Asia, and Pakistan.

📌 Modus Capital has launched a $75 million Modus Africa VC fund to invest in early-stage startups powered by artificial intelligence and blockchain solutions for African and MENA-based startups.

📌 Israel-based VC firm OurCrowd has announced that it will expand its Abu Dhabi operations with a $60 million investment, with a new venture capital (VC) office and Artificial Intelligence (AI) technology center enabled by the Abu Dhabi Investment Office (ADIO).

📌 Egypt-based early-stage VC and accelerator Flat6Labs has launched Makers, a construction technology innovation program, with construction firm SIAC and engineering consulting firm Dar Al Handasah.

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