Weekly Startup Ecosystem Overview in the Middle East and North Africa (MENA) / 20 – 26 January

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Last week, there were 6 investments and 1 secondary transactions in the MENA between 20 -26 January:


1 United Arab Emirates (UAE), 1 Saudi Arabia, 1 Egypt, 1 Morocco


1 Saudi Arabia-based publisher and investor financed a France-based startup.

1 UAE-based investor financed a Indian-based startup.

1 Saudi Arabia-based investor financed a France-based startup.

1 UAE-based startup acquired a Spain-based app.

Sectors Received Investments:

1 Fintech

1 Foodtech

1 Logistics

1 Game

1 Career Tech

1 Quantum Computing

News of the Week

🎯 Fintech startup Wafeq raised funding.

Wafeq, an accounting platform that enables SMEs to carry out their financial processes online, has raised $3 million in a Seed round led by Raed Ventures with participation from Wamda Capital.

Transaction Type: Investment

Investment Amount: $3.000.000

Investors: Raed Ventures, Wamda Capital

Co-founders: Nadim Alameddine

Country: United Arab Emirates (UAE)

🎯 Cloud kitchen platform Matbakhi raised funding.

Matbakhi, a foodtech startup that allows brands to create food concepts with a focus on chefs, received $2.3 million in pre-seed funding round. The investment tour led by Bugshan Investment Company along with an undisclosed group of angel investors.

Transaction Type: Investment

Investment Amount: $2.300.000

Investors: Bugshan Investment Company, angel investors

Co-founders: Joe Frem, Rodolph Njeim

Country: Saudi Arabia

🎯 Logistics startup Cathedis raised funding.

Cloud-based warehousing and delivery solutions platform Cathedis has raised $735.000 (MDH 7.5 million). The investment tour led by Afrimobility and CDG Invest.

Transaction Type: Investment

Investment Amount: $735.000

Investors: Afrimobility and CDG Invest

Co-founders: Imad Mansour Zekri

Country: Morocco

🎯 Game developer The Tiny Digital Factory raised funding.

The Tiny Digital Factory, an independent developer of mobile racing and motorsport games, has raised $3.25 million under the leadership of Saudi Arabia-based game developer, publisher and investor Sandsoft Games.

Transaction Type: Investment

Investment Amount: $3.250.000

Investors: Sandsoft Games

Co-founders: Stéphane Baudet

Country: France

🎯 Career-tech startup Suraasa raised funding.

Suraaasa, which aims to improve the skills of teachers and provide employment, has raised $1.2 million in a seed round, led by Inflection Point Ventures. UAE-based NB Ventures, SuperMorpheus, Vinners, SucSEED Ventures Indovation Fund and angel investors also participated in the investment round.

Transaction Type: Investment

Investment Amount: $1.200.000

Investors: NB Ventures, SuperMorpheus, Vinners, SucSEED Innovationi angel investors

Co-founders: Rishabh Khanna

Country: India

🎯 Quantum computing startup PASQAL raised funding.

PASQAL, a startup that developing quantum computing solutions for commercial use, recevied an invesment of $108 million in its Series B round. The investment round led by Temasek, alongside with Wa’ed Ventures (Saudi Aramco Entrepreneurship Centre), European Innovation Council Fund, Bpifrance, Quantonation, Daphni and Eni Next.

Transaction Type: Investment

Investment Amount: $108.000.000

Investors: Temasek, Wa’ed Ventures, European Innovation Council Fund, Bpifrance, Quantonation, Daphni, Eni Next

Co-founders: Georges-Olivier Reymond

Country: France

🛒 UAE-based Hotdesk acquires YADO.

Workspace booking app Hotdesk has acquired Spain-based co-working app YADO for an unknown sum.

Transaction Type: Acquisition

Investment Amount:

Investors: Hotdesk

Co-founders: Anna Albareda, Cristina Santa

Country: Spain

Other News:

📌 Buy-Now/Pay-Later lifestyle-enabling fintech platform valU, partnered with Sympl, a fintech startup. The partnership will allow valU customers to benefit from Sympl’s payment plans across different product and service categories.

📌 Financial solutions and logistics provider X-ERA Egypt partnered with Paymob, which operates in the MENA-P region, to digitize the B2B processes of small retailers in Egypt.

📌 Saudi-based shipping platform Torod, signed a strategic agreement with Makane, a Saudi-based e-commerce startup.

📌 The applications for the Riyadh Techstars Accelerator program, organized by Techstars, MCIT, RAED Ventures and Saudi National Bank, have begun. The program will help drive more innovation and entrepreneurship in the growing Middle East startup ecosystem.

📌 Flat6Labs, in partnership with DisruptAD, has annonuced the 10 new startups that have been selected for the fourth cycle of the Flat6Labs Ignite programme. The startups that selected for the program; Bazaara, Burger Index, DesignHubz, Growdash, Growth Velocity Academy, Kinderly, MNZL, Revibe, Shaffra and Takalam.

📌 The Climate Finance Accelerator (CFA), a UK government backed initiative, has chosen nine green projects in Egypt to join its cohort to receive technical support, and receive assistance to attract financing from investors. The chosen nine projects are; Al Dawara, Creative Power Solutions, Farmtopia, Green Fashion, IRSC for Renewable Energy Solutions, ReNile, Tile Green and Zr3i.

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