Weekly Startup Ecosystem Overview in the Middle East and North Africa (MENA) / August 18 – 24

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Last week, there were 3 investments in the MENA between August 18 – 24:


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

Sectors Received Investments:

1 Music

1 Travel Tech

1 Robotics

News of the Week

🎯 Music streaming platform Anghami raised $5 million.

Anghami, a music streaming mobile app that enables users to play and download Arabic and international songs offline, has raised $5 million investment from SRMG Ventures.

Transaction Type: Investment

Investors: SRMG Ventures

Co-founders: Eddy Maroun, Elie Habib

Country: Lebanon

🎯 Travel management platform FlyAkeed raised $15.2 million.

FlyAkeed, which offers a flight-booking platform, catering to both consumers and businesses, has raised $15.2 million in Series A funding round, led by Sanabil Investments and Elm Company. Artal Capital and Al Rajhi Partners also participated in the investment round.

Transaction Type: Investment

Investors: Sanabil Investments, Elm Company, Artal Capital, Al Rajhi Partners

Co-founders: Bassam AlMohammadi

Country: Kingdom of Saudi Arabia (KSA)

🎯 Robotics solutions provider Maxbyte raised $5 million.

MaxByte Technologies, which provides Industry 4.0 solutions, has raised $5 million in Series A funding round from e& capital.

Transaction Type: Investment

Investors: e& capital


Country: United Arab Emirates (UAE)

Other News:

📌 Saudi Arabia’s Crown Prince Mohammed bin Salman has launched a $200 million fund for early-stage investment in local and global high-tech companies.

📌 Saudi-investment company Energy Capital Group (ECG) has announced the closing of its $150 million fund to boost the sector of energy and energy-related technologies.

📌 Google has launched the Palestine Launchpad programme in partnership with Udacity and Spark to support Palestinian graduates and tech entrepreneurs advance their capabilities.

📌 Endeavor Egypt has launched XceleRise, a scale-up programme to aid access to capital and market expansion for all startups that promote sustainability, in partnership with GIZ Egypt.

📌 The Ministry of Industry and Mineral Resources has announced the launch of a business accelerator and incubator program to strengthen Saudi Arabia’s industrial and manufacturing capabilities.

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