Weekly Startup Ecosystem Overview in the Middle East and North Africa (MENA) / August 11 – 17

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Last week, there were 4 investments and 1 secondary transactions in the MENA between August 11 – 17:


3 United Arab Emirates

Secondary Transactions:

1 Kingdom of Saudi Arabia (KSA)


1 UAE-based private equity firm invests in Nigeria-based company.

Sectors Received Investments:

1 Information Services

1 Health Care

1 Artificial Intelligence

1 Mobility

News of the Week

🎯 Investor outreach service Gingo Partners raised $350.000.

Investor outreach service and startup community platform Gingo Partners has raised $350.000 from angel investors.

Transaction Type: Investment

Investors: Angel investors

Co-founders: Maria Ivanova

Country: United Arab Emirates (UAE)

🎯 Health-care startup Onex raised $1.2 million.

Onex, a comprehensive solution for medical manufacturers worldwide, has raised $1.2 million in a pre-Seed funding round. The investment round was led by Hambro Perks Oryx Fund, with participation from Techstars, HVB, PAX and Aumet.

Transaction Type: Investment

Investors: Hambro Perks Oryx Fund,Techstars, HVB, PAX, Aumet

Co-founders: Jamal Abu Samra, Mohammad Issa

Country: United Arab Emirates (UAE)

🎯 AI-software Lumi raised funding.

Lumi, which enables retail businesses to make use of AI generative models to digitise their supply chain, has completed its first funding round. The investment round was joined by Forum Ventures, Annex Investments and angel investors.

Transaction Type: Investment

Investors: Forum Ventures, Annex Investments, angel investors

Co-founders: Ibrahim Ashqar, Tudor Boiangiu

Country: United Arab Emirates (UAE)

🎯 Vehicle financing platform Moove raised $76 million.

Moove, which offers revenue-based vehicle financing to mobility entrepreneurs globally, has raised $76 million in equity and debt financing round. The equity financing round was led by UAE-based investor Mubadala Investment Company.

Transaction Type: Investment

Investors: Mubadala, BlackRock

Co-founders: Jide Odunsi, Ladi Delano

Country: Nigeria

🛒 iot squared acquires Machinestalk.

IoT solutions provider iot squared has acquired IoT technology solutions and services developer Machinestalk.

Transaction Type: Acquisition

Investors: iot squared

Co-founders: Subsidiary of NOMD Holdings

Country: Kingdom of Saudi Arabia (KSA)

Other News:

📌 Crypto VC fund Illuminati Capital has raised $50 million for a fund that aims to invest in early-stage blockchain and Web3 gaming startups.

📌 Innovative Startups and SMEs Fund (ISSF) has committed $1.5 million to Saudi Arabia-based Sadu Capital’s early-stage VC fund. 

📌 Singapore-based VC firm Antler has launched a $60 million Middle East North Africa and Pakistan (Menap)-focused fund to invest in the region’s entrepreneurial ecosystem.

📌 A network of Palestinian and Diaspora angel investors has launched an early-stage angel investment network called Peleset Angels to support Palestinian startups.

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