Weekly Startup Ecosystem Overview in the Middle East and North Africa (MENA) / July 21 – 27

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Last week, there were 2 investments and 3 secondary transactions in the MENA between July 21 – 27:


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


1 Kingdom of Saudi Arabia


1 Germany-based company acquires stake in KSA-based food delivery app.

1 UAE-based company acquires stake in Philippine-based online lending platform.

Sectors Received Investments:

1 Insurtech

1 Wellness

News of the Week

🎯 Insurtech startup DESAISIV raised funding.

DESAISIV, which offers AI-powered SaaS products for medical insurance companies and third-party administrators, has raised $2 million in pre-Seed funding round from 500 Global, Terra VC, Oqal and other investors.

Transaction Type: Investment

Investment Amount: $2.000.000

Investors: 500 Global, Terra VC, Oqal, other investors

Co-founders: Saed Khawaldeh, Mohamad Nabhan

Country: Kingdom of Saudi Arabia (KSA)

🎯 Wellness-focused platform Wellx raised funding.

Wellx, which helps users build long-lasting healthy habits through incentives in the form of embedded insurance and personal rewards, has raised $2 million in Seed funding round. The investment round was led by Dubai Future District Fund, with participation from DASH Ventures, Annex Investments, Sanabil Investments, Plus VC, Aditum Investments, Loyal VC and Plug and Play Ventures.

Transaction Type: Investment

Investment Amount: $2.000.000

Investors: Dubai Future District Fund, DASH Ventures, Annex Investments, Sanabil Investments, Plus VC, Aditum Investments, Loyal VC, Plug and Play Ventures

Co-founders: Vaibhav Kashyap, Javed Akberali, Anushka Patchava

Country: United Arab Emirates (UAE)

🛒 Delivery Hero acquires remaining shares of HungerStation.

Foodtech firm Delivery Hero has acquired the remaining 37 per cent stake in food delivery company HungerStation for $297 million.

Transaction Type: Acquisition

Investors: Delivery Hero

Co-founders: Ebrahim Al-Jassim, Hossein Bukhamseen

Country: Kingdom of Saudi Arabia (KSA)

🛒 Sanad Cash, acquired by HyperPay.

Saudi Arabia-based fintech company HyperPay has acquired Sanad Cash, a platform for companies to automate their expense management processes.

Transaction Type: Acquisition

Investors: HyperPay

Co-founders: Mahmoud Iswiad

Country: Kingdom of Saudi Arabia (KSA)

🛒 Astra Tech acquires stake in Y Finance.

UAE-based technology company Astra Tech has signed a agreement to acquire a 90% stake in Y Finance to provide more financial services to Filipinos in the UAE or other international markets.

Transaction Type: Acquisition

Investors: Astra Tech

Co-founders: Roger Yang

Country: Philippines

Other News:

📌 Corporate innovation facilitator and venture development firm Rainnmaking Innovation has launched in Saudi Arabia (KSA).

📌 UAE-based technology group G42 has signed a $100 Million deal with Silicon Valley’s Cerebras Systems to develop the first in a potential series of nine AI supercomputers.

📌 Edtech corporate venture capital firm EdVentures has announced a strategic partnership with VMS to empower entrepreneurs and startups in the Middle East. 

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