Weekly Startup Ecosystem Overview in the Middle East and North Africa (MENA) / 17 – 23 March

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Last week, there were 2 investments and 2 secondary transactions in the MENA between 17 – 23 March:


1 United Arab Emirates (UAE), 1 Bahrain


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


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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