Weekly Startup Ecosystem Overview in the Middle East and North Africa (MENA) / 28 October – 3 November

Top News

There were 9  investments in the MENA between 28 October – 3 November:

Investments: 

2 Egypt, 2 United Arab Emirates (UAE), 2 Kingdom of Saudi Arabia (KSA), 1 Jordan, 1 Morocco, 1 Palestine

Acquisitions: 

1 Egypt, 1 Kingdom of Saudi Arabia (KSA)

Sectors Received Investments:

3 E-Commerce

2 Fintech

1 Healthtech

1 Edtech 

1 Automotive

1 AI

News of the Week

🎯 Edtech startup Classera, raised funding.

US-based Saudi edtech startup Classera, a provider of E-learning systems and services with a gamified learning approach using technologies such as artificial intelligence, has raised $40 million in Series A funding led by Sanabil Investments.

Transaction Type: Investment

Investment Amount: $40.000.000

Investors: Sanabil Investments, Global Ventures, Endeavor Catalyst, 500 Global, Sukna Ventures, Seedra Ventures, Angel Investors, Global Family Offices

Co-founders: Mohammad Almadani, Mohammad Alashmawi

Country: Kingdom of Saudi Arabia (KSA)

🎯 Egypt-based fintech platform MoneyFellows, raised funding.

MoneyFellows, a mobile-based platform digitizing revolving savings, money circles, and credit unions (ROSCA), has raised $31 million in a Series B investment led by CommerzVentures, Middle East Venture Partners (MEVP), and Arzan Venture Capital.

Transaction Type: Investment

Investment Amount: $31.000.000

Investors: CommerzVentures, MEVP, Arzan VC, Invenfin, National Investment Company (NIC), Partech, Sawari Ventures, 4DX, P1Ventures

Co-founders: Ahmed Wadi

Country: Egypt

🎯 Open finance startup Spotter has raised funding.

Startup Spotter, which analyzes the consumer financial data of Moroccan financial institutions, received Financing from UM6P. The startup was previously involved in the Plug and Play acceleration program held in Morocco.

Transaction Type: Investment

Investors: UM6P Ventures

Co-founders:  Abdele Boukachabine, Mamoune Kettani

Country: Morocco

🎯 UAE-based automotive subscription startup Invygo has raised funding.

Invygo, a startup that offers automotive subscription services to its UAE-based customers, has raised $10 million in a MEVP-led Series A funding round.

Transaction Type: Investment

Investment Amount: $10.000.000

Investors: MEVP, Al Rajhi Partners, AB Ventures, Amana Capital, Palm Drive Capital, Signal Peak Ventures, Knollwood Investment Advisory

Co-founders: Eslam Hussein, Pulkit Ganjoo

Country: United Arab Emirates (UAE)

🎯 Hoods, a vibrant e-commerce platform, raised funding.

Hoods, the platform that provides live videos, entertainment, and shopping to its Egyptian-based shoppers, has raised funds from valU, a pay-it-now (BNPL) platform. The value of the financial details was not disclosed.

Transaction Type: Investment

Investors: valU

Co-founders: Mostafa Hanafi, Waleed Ghalwas

Country: Egypt

🎯 Saudi-based social commerce startup Slide, raised funding.

Five FSOffering companies a one-stop solution for social ordering through their social media accounts, startup Slide raised $1.75 million in pre-seed financing with the participation of UnifonicX and angel investors in the pre-seed round.

Transaction Type: Investment

Investment Amount: 1.750.000 $

Investors: UnifonicX, Angel Investors 

Co-founders:  Faisal Albaraiki

Country: Kingdom of Saudi Arabia (KSA)

🎯 Open finance startup Alma Health has raised funding.

Transaction Type: Investment

Investors: Ibtikar Fund

Co-founders: Alyvie Solomon Garay, Khaldoon Bushnaq, Tariq Seksek

Country: BAE

🎯 AI energy monitoring startup Algebra Intelligence has raised funding.

Transaction Type: Investment

Investors: Ibtikar Fund

Co-founders: Ahmad Altawafsheh, Ala’a Alghwiri

Country: Jordan

🎯 Online shopping platform Vatrin has raised funding.

Transaction Type: Investment

Investors: Ibtikar Fund

Country: Palestine

🛒 Saudi-based PayTabs acquired Digital Pay.

Saudi-based digital payment service startup PayTabs has acquired 100% of Saudi-based digital POS provider startup Digital Pay. The value of the financial details was not disclosed.

Transaction Type: Acquisition

Investors: PayTabs 

Co-founders: Abdulaziz Al Jouf (PayTabs)

Country: Kingdom of Saudi Arabia (KSA)

🛒 X-ERA acquires Egypt’s B2B marketplace SPEED.

UAE-based logistics services and digital solutions provider X-ERA has acquired Egypt’s B2B marketplace SPEED. The financial value of the purchase was not disclosed.

Transaction Type: Acquisition

Investors: X-ERA

Co-founders: Ahmed Hassan (SPEED)

Country: Egypt

✏️A Slice of Entrepreneurship 🍰

“Every problem is a gift without problems we would not grow.”

  • Anthony Robbins

Other News:

📌 Saudi Venture Capital Company (SVC) has committed $10 million to TVM Capital Healthcare’s Afiyah Fund to invest in healthcare startups in Saudi Arabia.

📌 Hub71 launched a platform with the goal of expanding regional family offices’ access to capital to startups.

📌 UAE-based private equity firm Aliph Capital has provided $250 million from ADQ to Aliph Fund I (LP) to invest in midsize companies.

📌 Hub71 and Modus expand their venture program “Ventures Lab”.

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