Weekly Startup Ecosystem Overview in the Middle East and North Africa (MENA) / 24 March – 6 April

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Last 2 weeks, there were 2 investments and 1 secondary transaction in the MENA between 24 March – 6 April:


1 Kingdom of Suadi Arabia (KSA)


1 United Arab Emirates (UAE)


2 Egypt-based investor financed startups in other regions.

1 KSA-based investor acquired stake in a CA-based startup.

Sectors Received Investments:

1 Foodtech

1 Last Mile

1 E-commerce

News of the Week

🎯 Food delivery platform Tkyr raised funding.

Tkyr, a digital delivery platform for food delivery, received an investment of $4 million in pre-Series A funding round from Food Square, Etihad AlKhaledia, Haif and Mateen.

Transaction Type: Investment

Investment Amount: $4.000.000

Investors: Food Square, Etihad AlKhaledia, Haif, Mateen

Co-founders: Khaled Al-Qariwi

Country: KSA

🎯 Last mile delivery platform Fez Delivery raised funding.

Fez Delivery, a last mile delivery platform that provides logistic services to businesses and individuals across 36 Nigerian states, has raised $1 million in Seed funding round led by Ventures Platform. Egypt-based VC firm Acasia Ventures has also participated in the investment round.

Transaction Type: Investment

Investment Amount: $1.000.000

Investors: Ventures Platform, Acasia Ventures

Co-founders: Seun Alley, Femi Jose

Country: Nigeria

🎯 Sustainable fashion startup Swaplanet raised funding.

Swaplanet, which allows parents to swap clothes their kids no longer need, for ones they do, has raised $529.000 in pre-Seed funding round from Acasia Angels, Genesis Ventures, Zeno Capital and Hellenic Business Angels Network.

Transaction Type: Investment

Investment Amount: $529.000

Investors: Acasia Angels, Genesis Ventures, Zeno Capital, Hellenic Business Angels Network

Co-founders:  Sherif Barakat, Helena Stamou, Jimmy Nicolaides

Country: Greece

🛒 Shaker Group acquires stake in Cashew.

UAE-based fintech Cashew has raised an undisclosed investment from Saudi company Shaker Group, for a 10% stake.

Transaction Type: Acquisition

Investors: Shaker Group

Co-founders: Ammar Afif, Ibtissam Ouassif

Country: United Arab Emirates (UAE)

🛒 Savvy Games acquires Scopely.

KSA-based gaming platform Savvy Games Group has acquired California-headquartered game developer and publisher, Scopely for $4.9 billion.

Transaction Type: Acquisition

Investors: Savvy Games Group

Co-founders: Ankur Bulsara, Eric Futoran, Eytan Elbaz, Walter Driver

Country: United States (USA)

Other News:

📌 Saudi Arabia-based human resources and employee experience platform palm.hr is expanding regionally, with plans to open offices in Egypt and UAE.

📌 The investment arm of King Saud University “Riyadh Valley Company (RVC)” has invested an undisclosed amount in STV’s VC fund Total Growth Platform.

📌 Saudi Arabia-based media group SRMG has launched a new VC arm to back early-stage companies that focus on media creation, digital media, media enablers and tools.

📌 Gulf Ventures Capital, a Bahrain-based subsidiary of Gulf Islamic Investments, has launched a new business creation platform called “Green Corp” to initiate and develop sustainable agricultural, aquaculture, food processing and production projects across the GCC countries.

📌 Egypt-based Camel Ventures has launched a new $16 million fund to support Egypt’s fintech startup ecosystem, by providing them with both equity investments for early-stage startups, as well as venture debt for later-stage startups.

📌 Digital pharmaceutical platform Chefaa has collaborated with Baheya Hospital to support the breast cancer treatment hospital through various tech-enabled patient-centric services.

📌 GEMS World Academy has launched the first school-based accelerator programme, the Youth Entrepreneurship Accelerator, sponsored by CAFU.

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