Weekly Startup Ecosystem Overview in the Middle East and North Africa (MENA) / 5 – 11 May

Last week, there were 4 investments and 1 secondary transaction in the MENA between 5 – 11 May:

Investments:

2 United Arab Emirates (UAE), 2 Egypt

Acquisitions:

1 United Arab Emirates (UAE)

Sectors Received Investments:

2 FinTech

1 Mobility

1 TravelTech

News of the Week

🎯 Remittance platform Balad raised funding.

Balad, a remittance-driven financial service platform that provides solutions for migrants and their families, has raised a seven-figure investment in pre-Seed funding round, led by Acasia Ventures. Launch Africa, Future Africa, V&R, Magic Fund, First Circle, Sunny Side and several family offices also participated in the investment round.

Transaction Type: Investment

Investment Amount: 

Investors: Acasia Ventures, Launch Africa, Future Africa, V&R, Magic Fund, First Circle, Sunny Side, other investors

Co-founders: Adham Azzam, Sally Asaad, Mohamed Assem

Country: Egypt

🎯 Automated saving platform TWIG raised funding.

Bank-agnostic automated saving platform TWIG, has secured an undisclosed pre-Seed round, backed by Phoenician VC, MMK Capital, Soul Ventures, regional family offices and other angel investors.

Transaction Type: Investment

Investment Amount: 

Investors: Phoenician VC, MMK Capital, Soul Ventures, regional family offices, other angel investors

Co-founders: Chafic Idriss, Karam El Dik, Rayan Antonios

Country: United Arab Emirates (UAE)

🎯 Road assistant service Helpoo raised funding.

Helpoo, an integrated tech-enabled service application that offers timely, high-quality motor vehicle insurance inspections, insurance claim management and road assist services, received an investment from mobility solutions platform Morni.

Transaction Type: Investment

Investment Amount: 

Investors: Morni

Co-founders: –

Country: Egypt

🎯 Hotel booking engine Digital Hotelier raised funding.

Digital Hotelier, which offers a software solution for guests and tourists to book and pay for services at hotels such as room service, spas, food, and entertainment, has raised a six-figure investment in pre-Seed funding round. The investment round was joined by Select Ventures Holding, along with angel investors from UAE and KSA.

Transaction Type: Investment

Investment Amount: 

Investors: Select Ventures Holding, angel investors

Co-founders: Qutaiba Alali, Ali Fouad

Country: United Arab Emirates (UAE)

🛒 Deliverect acquires ChatFood.

Belgium-based food delivery software provider Deliverect has acquired commission-free online ordering platform ChatFood.

Transaction Type: Acquisition

Investors: Deliverect

Co-founders: Benjamin Mouflard, Vinicius Rodrigues

Country: United Arab Emirates (UAE)

Other News:

📌 Egypt-based early-stage VC fund DisrupTech Ventures has received a $5 million investment from Proparco.

📌 Rainmaking Innovation, The Jordan Payments and Clearing Company (JoPACC) has launched the JOIN Fincubator, a fintech incubator that will support the development of fintech startups in Jordan.

📌 The UAE’s Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) has signed an MoU with Israeli VC fund OurCrowd, to accelerate the growth of the university’s AI technology ecosystem.

📌 UAE-based  Khazna Data Centres is expanding its operations in Egypt as part of its strategy to address the growing demand for data capacity in the MENA region.

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