Weekly Startup Ecosystem Overview in the Middle East and North Africa (MENA) / December 8 – 14

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Last week, there were 8 startup investments and 3 secondary transactions in the MENA between December 8 – 14:


4 United Arab Emirates (UAE), 3 Kingdom of Saudi Arabia (KSA), 1 Egypt

Secondary Transactions:

3 United Arab Emirates (UAE)

Sectors Received Investments:

4 Financial Services

1 Agriculture

1 Recycling / Waste Management

1 SaaS / Beauty

1 Micromobility

News of the Week

🎯 Fintech startup Banknbox raised funding.

Banknbox offers a wide array of services ranging from ATM management, transaction monitoring, POS and soft-POS electronic payment machines, payment gateway and anti-fraud systems, has raised funding from Disruptech Ventures.

Transaction Type: Investment

Investors: Disruptech Ventures

Co-founders: Basem Mahmoud

Headquarters: Egypt

🎯 Debt crowdfunding marketplace Lendo raised $28 million.

Lendo, an alternative lending marketplace that helps digitally finance small and medium-sized enterprise in Saudi Arabia, has raised $28 million in Series B funding round. The investment round was led by Sanabil Investments, with participation from Shorooq Partners, AB Ventures and other investors.

Transaction Type: Investment

Investors: Sanabil Investments, Shorooq Partners, AB Ventures, other investors

Co-founders: Osama AlRaee, Mohammad Jawabr

Headquarters: Kingdom of Saudi Arabia (KSA)

🎯 Payment infrastructure solutions provider NearPay raised $13.8 million.

NearPay, a financial technology startup that specializes in payment infrastructure, has raised $13.8 million in Series A funding round, led by Sanabil Investments. CIF Fund, Vision Ventures, Hala Ventures and Arzan Venture Funds also participated in the investment round.

Transaction Type: Investment

Investors: Sanabil Investments, CIF Fund, Vision Ventures, Hala Ventures, Arzan Venture Funds

Co-founders: Mohammed Al-Aiban

Headquarters: Kingdom of Saudi Arabia (KSA)

🎯 Corporate lending and payments automater Fundbot raised $1.5 million.

Fundbot, which automates corporate lending and payments between banks, buyers and sellers, has raised $1.5 million in Seed funding round. The investment round was led by Hambro Perks Oryx Fund, with participation from Aditum Investment Management Limited, Flat6Labs, Middle East Venture Partners (MEVP) and PlusVC.

Transaction Type: Investment

Investors: Hambro Perks Oryx Fund, Aditum Investment Management Limited, Flat6Labs, Middle East Venture Partners (MEVP), PlusVC

Co-founders: Karl Abou Zeid

Headquarters: United Arab Emirates (UAE)

🎯 Climate tech startup HyveGeo raised funding.

HyveGeo, which utilises microalgae technology for soil regeneration and carbon removal to address the nexus between climate change and food security, has raised an undisclosed amount of investment in pre-Seed funding round, led by SystemaNova.vc.

Transaction Type: Investment

Investors: SystemaNova.vc

Co-founders: Abdulaziz bin Redha, Samsurin Welch, Eva Morales, Harjit Singh

Headquarters: United Arab Emirates (UAE)

🎯 Container-based mobile recycling modules network Midori raised $200.000.

Midori, a distribution network of container-based mobile recycling modules solving the plastic waste problem in rural areas, has raised $200.000 in pre-Seed funding round from angel investor Kirill Veselov.

Transaction Type: Investment

Investors: Kirill Veselov

Co-founders: Fedor Smirnov

Headquarters: United Arab Emirates (UAE)

🎯 Salon management system provider Naeem raised funding.

Naeem, which provides solutions for both customers and business owners in the personal care sector, has raised an undisclosed amount of investment in pre-Seed funding round. The investment round was led by Lunment, with participation from angel investors.

Transaction Type: Investment

Investors: Lunment, angel investors

Co-founders: Abdullah Al Mansour, Saleh Al Butti

Headquarters: Kingdom of Saudi Arabia (KSA)

🎯 B2B micromobility startup Terra raised $2 million.

Terra, which offers battery-swapping and recharging platform along with a line-up of electric vehicles, enabling riders to exchange batteries while optimising last-mile delivery and promoting environmental sustainability, has raised $2 million in Seed funding round from angel investors.

Transaction Type: Investment

Investors: Angel investors

Co-founders: Husam Zammar

Headquarters: United Arab Emirates (UAE)

🛒 EasyLease acquires stake in Fully Charged.

Mobility solutions provider EasyLease has acquired 60 per cent stake in EV manufacturer Fully Charged.

Transaction Type: Acquisition

Investors: EasyLease


Headquarters: United Arab Emirates (UAE)

🛒 BOTH Corporate Services Limited, acquired by Clara.

Legaltech startup Clara has acquired corporate services provider BOTH Corporate Services Limited.

Transaction Type: Acquisition

Investors: Clara


Headquarters: United Arab Emirates (UAE)

🛒 Mercer acquires The Talent Enterprise.

Talent and workforce management company Mercer has acquired human capital management company The Talent Enterprise.

Transaction Type: Acquisition

Investors: Mercer

Co-founders: Radhika Punshi, Gauri Gupta

Headquarters: United Arab Emirates (UAE)

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