Weekly Startup Ecosystem Overview in the Middle East and North Africa (MENA) / 7 – 20 April

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Last 2 weeks, there were 4 investments and 2 secondary transactions in the MENA between 7 – 20 April:


2 United Arab Emirates (UAE), 1 Kingdom of Saudi Arabia (KSA), 1 Tunisia


1 United Arab Emirates (UAE), 1 Egypt

Sectors Received Investments:

1 Fintech

1 Gaming

1 Software

1 Energy

News of the Week

🎯 Social saving platform Hakbah raised funding.

Hakbah, a fintech startup that focusing on an alternative financial savings, received an investment of $2 million in pre-Series A funding round. The investment round was participated by Global Ventures and Aditum Investment Management.

Transaction Type: Investment

Investment Amount: $2.000.000

Investors: Global Ventures, Aditum Investment Management

Co-founders: Dimitar Kazakov, Naif AbuSaida

Country: Kingdom of Saudi Arabia (KSA)

🎯 Gaming platform CoaChess raised funding.

CoaChess, which provides a services, instructions and sophisticated learning methods designed to increase players’ skills at any level, received an investment of $191.000 in pre-Seed funding round from Omicrone.

Transaction Type: Investment

Investment Amount: $191.000

Investors: Omicrone

Co-founders: Iheb Kaabi

Country: Tunisia

🎯 Booking software provider Flyksoft raised funding.

Flyksoft, which provides an all-in-one solution for managing salon and spa operations, has raised $55.000 in Seed funding round from angel investors.

Transaction Type: Investment

Investment Amount: $55.000

Investors: Angel investors

Co-founders: Mohammad Ibrahim

Country: United Arab Emirates (UAE)

🎯 Renewable energy systems provider Ryse Energy raised funding.

Ryse Energy, a decentralized renewable energy systems company that combines wind energy with solar PV and energy storage, has raised a $15 million from RWE Energy Transition Investments.

Transaction Type: Investment

Investment Amount: $15.000.000

Investors: RWE Energy Transition Investments

Co-founders: Alistair Munro

Country: United Arab Emirates (UAE)

🛒 e& acquires majority stake in Careem’s Super App.

UAE-based communication firm e& (Etisalat) has acquired a 50.03 per cent stake in Careem’s Super App spinout for $400 million.

Transaction Type: Acquisition

Investors: e& (Etisalat)

Co-founders: Magnus Olsson, Mudassir Sheikha

Country: United Arab Emirates (UAE)

🛒 Autochek acquires majority stake in AutoTager.

Nigeria-based car financing platform Autochek, has acquired a majority stake in Egypt’s used cars marketplace, AutoTager.

Transaction Type: Acquisition

Investors: Autochek

Co-founders: Amr Rezk

Country: Egypt

Other News:

📌 The UAE’s Ministry of Finance has raised the minimum threshold for corporate tax from $100,000 (AED375,000) to $816,000 (AED3 million) for small and micro businesses, startups and freelancers.

📌 e-finance for Digital and Financial Investments has signed a partnership with Saudi-based Thiqah Business Services to provide digital solutions, electronic payment services and integrated technological systems in Saudi Arabia and Egypt.

📌 Abu Dhabi-based AI technology group G42, and Mubadala Investment Company has announced launch of M42, a tech-enabled and integrated healthcare company.

📌 Intelllia, a provider of analytical and strategic support for investment and finance institutions, has launched an AI-powered vetting and project delivery platform for finance, strategy and public policy for its clients across emerging markets.

📌 UAE-based fuel-on-demand service CAFU has announced its global launch starting with an expansion into Canada.

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