Weekly Startup Ecosystem Overview in the Middle East and North Africa (MENA) / 21 April – 4 May

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Last 2 weeks, there were 6 investments and 1 secondary transaction in the MENA between 21 April – 4 May:


2 United Arab Emirates (UAE), 1 Iraq, 1 Tunisia, 1 Qatar, 1 Bahrain


1 United Arab Emirates (UAE)

Sectors Received Investments:

4 E-commerce

1 SaaS

1 Fintech

News of the Week

🎯 E-commerce platform Drest.tn raised funding.

Drest.tn, a startup that offers range from ready-to-wear to beauty, such as accessories and fashion products, has raised $336.000 from 216 Capital Ventures.

Transaction Type: Investment

Investment Amount: $336.000

Investors: 216 Capital Ventures

Co-founders: Omane, Malek Mzabi

Country: Tunisia

🎯 B2B e-commerce platform Eighty6 raised funding.

Eighty6, which offers wholesale, sales, FMG, telesales, competing, loyalty, and cloud data services, received an investment of $3.7 million in Seed round. The investment round was joined by Sanabil 500 MENA Seed Accelerator Fund, a few GCC family offices and other investors.

Transaction Type: Investment

Investment Amount: $3.700.000

Investors: Sanabil 500 MENA Seed Accelerator Fund, GCC family offices, other investors

Co-founders: Abdul Kader Saadi

Country: United Arab Emirates (UAE)

🎯 Online store SQUATWOLF raised funding.

Direct-to-consumer e-commerce brand SQUATWOLF has raised $30 million from ASCA Capital Limited.

Transaction Type: Investment

Investment Amount: $30.000.000

Investors: ASCA Capital Limited

Co-founders: Anam Khalid, Wajdan Gul

Country: United Arab Emirates (UAE)

🎯 Super app Snoonu raised funding.

Snoonu, which offers personal concierge and delivery services and eCommerce application as an E-Mall, received an investment of $12 million in Series B funding round, led by Qatar Development Bank with participation from other undisclosed investors. 

Transaction Type: Investment

Investment Amount: $12.000.000

Investors: Qatar Development Bank

Co-founders: Hamad al-Hajri

Country: Qatar

🎯 Game-based coupon platform Midient raised funding.

Midient, a SaaS startup that provides game-based coupon platform for businesses for higher quality customer attention and conversion, has raised $125.000 in pre-Seed funding round from Flat6Labs.

Transaction Type: Investment

Investment Amount: $125.000

Investors: Flat6Labs

Co-founders: Ahmed Jamal, Omer Sabah, Muhammed Yasseini, Ahmed Bayiz

Country: Iraq

🎯 Open banking platform Tarabut Gateway raised funding.

Tarabut Gateaway, a fintech that connects a regional network of banks and finTtechs via API, received an investment of $32 million in Series A funding round. The investment round was led by Pinnacle Capital, with participation from Aljazira Capital, Visa, Tiger Global and other investors.

Transaction Type: Investment

Investment Amount: $32.000.000

Investors: Pinnacle Capital, Aljazira Capital, Visa, Tiger Global, other investors

Co-founders: Abdulla Almoayed

Country: Bahrain

🛒 e& enterprise acquires majority stake in Beehive.

UAE-based e& enterprise has acquired a majority stake in  peer-to-peer lending platform Beehive.

Transaction Type: Acquisition

Investors: e& enterprise

Co-founders: Craig Moore

Country: United Arab Emirates (UAE)

Other News:

📌 GEM Digital Limited (GEM), a Bahama-based digital assets investment firm, has increased its investment commitment in UAE-based metaverse startup Everdome from $10 million to $60 million. 

📌 Only Ethikal, a sustainable fashion platform that committed to curating eco-friendly clothing and accessories, has launched a crowdfunding campaign with Eureeca to raise funds to expand its product line and increase its reach regionally.

📌 UAE-based fintech Mamo has partnered with Checkout.com to accelerate the growth of SMEs in the MENA region’s flourishing digital economy.

📌 Telecommunications company Omantel has signed an aggrement with a group of young Omani male and female freelancers to award contracts for document archiving services. The initiative aims to support the efforts made by the Sultanate of Oman to keep pace with the rapid developments in the business environment in Oman.

📌 Astra Tech has announced the launch of Botim 3.0, the world’s first “Ultra app”. The platform aims to become an all-inclusive digital platform for its users by incubating fintech, e-commerce, GPT, and communications into a single user experience.

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