Weekly Startup Ecosystem Overview in the Middle East and North Africa (MENA) / August 25 – 31

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Last week, there were 8 investments in the MENA between August 25 – 31:


3 United Arab Emirates, 1 Morocco, 1 Tunisia, 1 Kingdom of Saudi Arabia, 1 Egypt, 1 Kuwait


1 UAE-based VC firm invests in a US-based company.

Sectors Received Investments:

3 Fintech

1 Cryptocurrency

1 E-Commerce

1 Marketplace

1 Software

1 Social Network

1 Analytics

News of the Week

🎯 Financial wellness platform MALY raised $1.6 million.

Maly, which aims to educate people and improve financial literacy, where its users can save, spend, and invest smartly via an app and bank-linked card, has raised $1.6 million in pre-Seed funding from undisclosed angel investos.

Transaction Type: Investment

Investors: Angel investors

Co-founders: Mo Ibrahim

Country: United Arab Emirates (UAE)

🎯 Savings management platform HEDG raised funding.

HEDG, a savings management platform that provides pension plans for employees in the private sector, received an investment in pre-Seed funding round from undisclosed investors based in Egypt and Saudi Arabia. 

Transaction Type: Investment

Investors: Investors from Egypt and Saudi Arabia

Co-founders: Ahmed Abdel Moaty

Country: Egypt

🎯 P2P instant payment platform Kem raised $1 million.

Kem, which provides fintech solutions and e-payment application, has raised $1 million. The investment round was led by Maqamees Holdings, with participation from other international investors.

Transaction Type: Investment

Investors: Maqamees Holdings, other investors

Co-founders: Seth Sadeq, Zane Sadeq

Country: Kuwait

🎯 Cryptocurrency trading platform BitOasis raised funding.

BitOasis, a cryptocurrency trading platform that offers a digital asset wallet and exchange to buy, sell, and trade, received an investment from CoinDCX, Wamda Capital and Jump Capital.

Transaction Type: Investment

Investors: CoinDCX, Wamda Capital, Jump Capital

Co-founders: Ola Doudin

Country: United Arab Emirates (UAE)

🎯 B2B e-commerce platform Sle3ti raised funding.

SLE3TI, which offers a B2B marketplace, connecting FMCG retailers to more than 10,000 suppliers registered on its platform, received an investment from Cash Plus VC Fund.

Transaction Type: Investment

Investors: Cash Plus VC Fund

Co-founders: Abderrahim Zizi, Ayoub Harij

Country: Morocco

🎯 AI-enabled marketplace SeekMake raised $539.000.

SeekMake.com, an ai-enabled marketplace for on-demand transforming, has raised $539.000. The investment round was led by Lafayette Group, with support from Flat6Labs.

Transaction Type: Investment

Investors:  Lafayette Group, Flat6Labs

Co-founders: Adel Ayari

Country: Tunisia

🎯 Full-stack inventory management platform Rewaa raised $27 million.

Rewaa, an omnichannel inventory management system and a POS that integrate with marketplaces, shopping carts, and other retail services, has raised $27 million in Series A funding round, led by Wa’ed Ventures. STC’s Corporate Investment Fund, Graphene Ventures, Sadu Capital, Vision Ventures, Khwarizmi Ventures, RZM Investment and Derayah VC also participated in the investment round.

Transaction Type: Investment

Investors: Wa’ed Ventures, STC’s Corporate Investment Fund, Graphene Ventures, Sadu Capital, Vision Ventures, Khwarizmi Ventures, RZM Investment, Derayah VC

Co-founders: Mohammed Alqasir, Abdullah Aljadha

Country: Kingdom of Saudi Arabia (KSA)

🎯 Social networking and content monetization platform Lyvely raised funding.

Lyvely, which enables freelancer content creators to monetise their work, has raised a Seed round from Cypher Capital.

Transaction Type: Investment

Investors: Cypher Capital

Co-founders: Farah Zafar, Dave Catudal

Country: United Arab Emirates (UAE)

🎯 No-code AI solution Ikigai Labs raised $25 million.

Ikigai, which helps analysts and operations teams automate data-intensive business, finance, analytics, and supplychain operations, has raised $25 million in Series A funding round. The investment round was joined by UAE-based VC firm e& capital, along with Premji Invest and Foundation Capital.

Transaction Type: Investment

Investors: e& capital, Premji Invest, Foundation Capital

Co-founders: Devavrat Shah, Vinayak Ramesh

Country: United States (US)

Other News:

📌 The Abu Dhabi Businesswomen Council (ADBWC) has partnered with Flat6Labs to launch a boot camp program to empower members of the Council and enhance their entrepreneurial skills.

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