Last week, there were 2 investments and 2 secondary transactions in the MENA between 17 – 23 March:
Investments:
1 United Arab Emirates (UAE), 1 Bahrain
Bonus:
1 UAE-based investor acquires China-based company.
1 Egypt-based investor acquires Africa-based company.
News of the Week
🎯 Digital banking platform Credable raised funding.
Credable, a B2B2C platform that delivers embedding financial services for businesses across emerging markets, received an investment of $2.5 million in Seed fundind round led by Ventures Platform and Acasia Ventures. Launch Africa, Magic Fund, AAIC Investment and Adaverse/Emurgo Africa also participated in the investment round.
Transaction Type: Investment
Investment Amount: $2.500.000
Investors: Ventures Platform and Acasia Ventures, Launch Africa, Magic Fund, AAIC Investment, Adaverse/Emurgo Africa
Co-founders: Nadeem Juma, Jad Abbas, Michael Tarimo
Country: United Arab Emirates (UAE)
🎯 Proptech startup Estater raised funding.
Estater, which uses AI to estimate the value of properties and allowing its users to select a property on a map and generate its valuation immediately, has raised $5 million in Series A funding round led by undisclosed investors from Saudi Arabia and Bahrain.
Transaction Type: Investment
Investment Amount: $5.000.000
Investors: Investors from KSA and Bahrain
Co-founders: Mahmoud AlJarrah, Roobesh Modi, Sanjay Goyal
Country: Bahrain
🛒 Infinity Power acquires Lekela Power.
Infinity Power, a joint venture between Egypt’s Infinity and UAE’s Masdar has acquired pan-African renewable energy generation platform Lekela Power.
Transaction Type: Acquisition
Investors: Infinity Power Holding
Co-founders: –
Country: UK / Africa
🛒 G42 acquires stake in ByteDance.
UAE-based AI and cloud computing company G42 has acquired a $100 million stake in Chinese internet company ByteDance, owner of the social media app TikTok.
Transaction Type: Acquisition
Investors: G42
Co-founders: Yiming Zhang
Country: China
Other News:
📌 Egypt-based Widebot has launched an AI-supported “Holoul” platform to help small and medium enterprises (SMEs) boost their customers’ services.
📌 The Saudi Venture Capital and the Capital Market Authority has announced the launch of “Investment in Fintech VC Funds” to support startups and SMEs from pre-Seed to pre-IPO.
📌 Iraq Islamic Bank (IIB) has partnered with investment company MSA Novo to launch a tech fund to invest in Iraqi startups.
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