Last week, there were 8 startup investments in the MENA between December 6 – 12:
Investments:
4 United Arab Emirates (UAE), 2 Kingdom of Saudi Arabia (KSA), 1 Morocco, 1 Tunisia
Sectors Received Investments:
1 Financial Services
1 Education
1 Marketplace
1 Web3
1 Consulting
1 Automotive
1 Wellness
1 Mobile Payments
News of the Week
🎯 Accounting platform Wafeq raised $7.5 million.
Wafeq, an accounting platform targeting SMEs in the Middle East, enabling them to conduct their e-invoicing, taxation and employee payroll online, has raised $7.5 million in Series A funding round, led by 9900 Capital. Gary Turner, Raed Ventures and Wamda Capital also participated in the investment round.
Transaction Type: Investment
Investors: 9900 Capital, Gary Turner, Raed Ventures, Wamda Capital
Co-founders: Nadim Alameddine
Headquarters: United Arab Emirates (UAE)
🎯 Private tutoring platform AlGooru raised $4 million.
AlGooru, which connects students with on-demand private tutors, has raised $4 million in pre-Series A funding round through a combination of debt and equity financing. The investment round was led by Constructor Capital, with participation from Hub71, angel investors and family offices.
Transaction Type: Investment
Investors: Constructor Capital, Hub71, angel investors, family offices
Co-founders: Khalid Abou Kassem, Omer Awad
Headquarters: Kingdom of Saudi Arabia (KSA)
🎯 B2B marketplace ZSystems raised $1.5 million.
Z’s platform, which empowers traditional retailers and brands with direct access to consumers, has raised $1.5 million in Seed funding round, led by MNF Ventures, Witamax, Cash Plus Ventures and Kalys Ventures.
Transaction Type: Investment
Investors: MNF Ventures, Witamax, Cash Plus Ventures, Kalys Ventures
Co-founders: Meriem Benabad, Samer Choumar, Youssef Ait-Haddouch
Headquarters: Morocco
DeChat, which develops a decentralised, user-centric communication platform powered by Web 3.0 technologies, has raised $1 million from Mindspace Solutions.
Transaction Type: Investment
Investors: Mindspace Solutions
Co-founders: –
Headquarters: United Arab Emirates (UAE)
🎯 Services platform Abikhdmh raised $800.000.
Abikhdmh, which allows consumers and companies to access government services, including document issuing, has raised $800.000 in Seed funding round from undisclosed investors.
Transaction Type: Investment
Investors: –
Co-founders: Abdulmohsen Al-Mufadli, Mohammed Al-Mufadli
Headquarters: Kingdom of Saudi Arabia (KSA)
🎯 B2B autotech BuyAnyAutoPart raised $750.000.
BuyAnyAutoPart, an automotive tech startup for trading used car parts, has raised $750.000 in pre-Seed funding round from Galadari Brothers, 6G Capital and other investors.
Transaction Type: Investment
Investors: Galadari Brothers, 6G Capital, other investors
Co-founders: Zarir Saifuddin
Headquarters: United Arab Emirates (UAE)
🎯 Wellness app Better raised $550.000.
Better, a men’s wellness startup dedicated to providing personalised solutions for physical health, has raised $550.000 in pre-Seed funding round from Salica Spring Studios, Al Waha Fund of Funds and Plus VC.
Transaction Type: Investment
Investors: Salica Spring Studios, Al Waha Fund of Funds, Plus VC
Co-founders: Walid Dib, Hassanain Anver
Headquarters: United Arab Emirates (UAE)
🎯 Digital payment solution Konnect raised funding.
Konnect, which offers seamless payment links, e-commerce plugins and a robust API designed to cater to businesses of all sizes, has raised funding from Renew Capital.
Transaction Type: Investment
Investors: Renew Capital
Co-founders: Amin Ben Abderrahman
Headquarters: Tunisia
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