Weekly Startup Ecosystem Overview in the Middle East and North Africa (MENA) / January 19 – 25

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Last week, there were 9 startup investments in the MENA between January 19 – 25:


3 United Arab Emirates (UAE), 2 Egypt, 1 Qatar, 1 Kingdom of Saudi Arabia (KSA), 1 Morocco, 1 Oman

Sectors Received Investments:

2 Fintech

1 Beauty & Wellnes

1 Asset Management

1 Edtech

1 Agriculture

1 Software

1 Manufacturing

1 Artificial Intelligence & Software

News of the Week

🎯 Fintech startup Takadao raised funding.

Takadao, which offers two Shariah-compliant blockchain-based services, savings and loans and cooperative life insurance, has raised funding from Adaverse.

Transaction Type: Investment

Investors: Adaverse

Co-founders: Sharene Lee, Morrad Irsane

Headquarters: Kingdom of Saudi Arabia (KSA)

🎯 E-wallet app Karty raised $2 million.

KARTY, an e-wallet that enables individuals and companies to manage financial assets and savings through a user-friendly app, has raised $2 million in Seed funding round from local investors. 

Transaction Type: Investment

Investors: Local investors

Co-founders: Mohammed Suleiman, Abdulaziz Al-Marri

Headquarters: Qatar

🎯 Beauty and wellness startup Mira raised $200.000.

Mira, which offers a wide range of cosmetic and skin care products, has raised $200.000 from Wingoo Investment and Technology.

Transaction Type: Investment

Investors: Wingoo Investment and Technology

Co-founders: Amira Dawood

Headquarters: Egypt

🎯 Asset management platform Akkrue Capital raised funding.

Akkrue Capital, a non-custodial asset management platform dedicated to providing solutions in the fields of DeFi and digital asset management, has raised an investment in Seed funding round, led by DHF Capital.

Transaction Type: Investment

Investors: DHF Capital

Co-founders: Oliver von Wollf

Headquarters: United Arab Emirates (UAE)

🎯 Education platform Edura raised funding.

Edura, an interactive educational platform that connects teachers and students through recorded or live interactive lessons, has completed an undisclosed pre-Seed funding round. The investment round was led by Smart Zone Startups, with participation from angel investors.

Transaction Type: Investment

Investors: Smart Zone Startups Studio, angel investors

Co-founders: Osama Abdelwahed

Headquarters: Egypt

🎯 Agritech startup Crysp Farms raised $2.25 million.

Crysp Farms, which builds and operates bespoke onsite hydroponic farms catering to hospitality groups, healthcare facilities, restaurants, and hypermarkets, has raised $2.25 million in pre-Series A funding round, led by Gate Capital. Regional investors from UAE and Saudi Arabia also participated in the investment round.

Transaction Type: Investment

Investors: Gate Capital, regional investors

Co-founders: Maan Said

Headquarters: United Arab Emirates (UAE)

🎯 Copyright management platform Crealo raised $1.42 million.

Crealo, which helps cultural and creative institutions manage copyrighted material through an online platform, has raised $1.42 million in Seed funding round from CDG Invest, Kima Ventures, Evolem, Super Capital and angel investors.

Transaction Type: Investment

Investors: CDG Invest, Kima Ventures, Evolem, Super Capital, angel investors

Co-founders: Mohammed Belghiti, Najlae Zeitouni

Headquarters: Morocco

🎯 Manufacturing and prototyping services provider Innotech raised $500.000.

Innotech, which automates the construction process using additive manufacturing to reduce the cost, speed up the process, and reduce carbon emissions in the construction industry, has raised $500.000 from Hope Ventures, Areej Mohsen Darwish and Dr. Lamya Mahmood during the Bahraini TV show Bebean.

Transaction Type: Investment

Investors: Hope Ventures, Areej Mohsen Darwish, Dr. Lamya Mahmood

Co-founders: Othman Al Mandhari

Headquarters: Oman

🎯 AI-driven software startup DXwand raised $4 million.

DXwand, an AI-driven software that automates text and voice conversations between customers and businesses in call centres, Facebook Messenger, WhatsApp, SMS, or on a website, has raised $4 million in Series A funding round. The investment round was led by Shorooq Partners, Algebra Ventures and Dubai Future District Fund.

Transaction Type: Investment

Investors: Shorooq Partners, Algebra Ventures, Dubai Future District Fund

Co-founders: Ahmed Mahmoud, Mahmoud Gomaa

Headquarters: United Arab Emirates (UAE)

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