Weekly Startup Ecosystem Overview in the Middle East and North Africa (MENA) / July 7 – 13

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Last week, there were 6 investments and 1 secondary transaction in the MENA between July 7 – 13:


2 Egypt, 2 United Arab Emirates (UAE), 1 Bahrain, 1 Kingdom of Saudi Arabia (KSA)


1 United Arab Emirates (UAE)


1 UAE-based investment platform invested in US-based startup.

Sectors Received Investments:

2 E-Commerce

1 Advertising

1 Fintech

1 Health Tech

1 Food Tech

News of the Week

🎯 Refurbished-electronics startup Revibe raised funding.

Revibe, which offers a B2C marketplace for refurbished electronics, has raised $2.3 million. The investment round was led by Resonance and Flat6Labs, with participation from Techmind, Financiere Saint James and angel investors.

Transaction Type: Investment

Investment Amount: $2.300.000

Investors: Resonance, Flat6Labs, Techmind, Financiere Saint James, angel investors

Co-founders: Abdessamad Benzakour, Hamza Iraqui

Country: United Arab Emirates (UAE)

🎯 Online marketplace Exits.ME raised funding.

Exits.me, a regional online marketplace where individuals and business owners can buy and sell websites, apps, traditional businesses, has raised $1.25 million. The investment round was led by Practical Venture Capital.

Transaction Type: Investment

Investment Amount: $1.250.000

Investors: Practical Venture Capital

Co-founders: Mohamed Aboul Naga, Ahella El Saban, Ayman El Tanbouly

Country: Egypt

🎯 Online education application Unipal raised funding.

Unipal, which provides university students access to tailored discounts and promotions through a digital identification, has raised a $500.000 from Tenmou, Flat6Labs, GTS and angel investors. 

Transaction Type: Investment

Investment Amount: $500.000

Investors: Tenmou, Flat6Labs, GTS, angel investors

Co-founders: Ali Alalawi, Ali Al Shaer

Country: Bahrain

🎯 Digital savings platform Menthum raised funding.

Menthum, a B2B and B2C digital savings platform that enables individuals and companies to invest in safe treasury bills (T-bills) through a money market fund, has raised pre-Seed funding from Acasia Ventures, A15 and angel investors.

Transaction Type: Investment

Investment Amount: 

Investors: Acasia Ventures, A15, angel investors

Co-founders: Himanshu Shrimali, Ismail Sarhank

Country: Egypt

🎯 Chronic illness management platform Alma Health raised funding.

Alma Health, a digitally-native chronic illness management platform, has raised $10 million in Series A funding round. The investment round was co-led by Knuru Capital and Hambro Perks Oryx Fund, with participation from e& capital, S3 Ventures, Pinnacle Capital and Khwarizmi Ventures.

Transaction Type: Investment

Investment Amount: $10.000.000

Investors: Knuru Capital, Hambro Perks Oryx Fund, e& capital, S3 Ventures, Pinnacle Capital, Khwarizmi Ventures

Co-founders: Tariq Seksek, Khaldoon Bushnaq

Country: United Arab Emirates (UAE)

🎯 Foodtech startup Kaso raised funding.

Food supply ordering platform Kaso, has raised $10.5 million in Seed funding round from Spade Ventures, Hala Ventures, Seedra Ventures, Cyfr Capital, BY Venture Partners, Pioneer Fund and Vulpes Ventures.

Transaction Type: Investment

Investment Amount: $100.500.000

Investors: Spade Ventures, Hala Ventures, Seedra Ventures, Cyfr Capital, BY Venture Partners, Pioneer Fund, Vulpes Ventures

Co-founders: Manar Alkassar, Ahmed Soliman

Country: Kingdom of Saudi Arabia (KSA)

🎯 Tech-enabled support infrastructure solution Mascotte Health raised funding.

Mascotte Health, which provides veterinary clinics with tech-enabled support infrastructure solutions, including virtual triage and customer experience, has raised $1.2 million in pre-Seed funding round. The investment round was led by UAE-based Nuwa Capital.

Transaction Type: Investment

Investment Amount: $1.200.000

Investors: Nuwa Capital

Co-founders: Bora Hamamcioglu

Country: United States (US)

🛒 EDGE Group acquires OryxLabs.

Technology and defence group EDGE Group has acquired digital risk protection and cyber security services provider OryxLabs.

Transaction Type: Acquisition

Investors: EDGE Group

Co-founders: –

Country: United Arab Emirates (UAE)

Other News:

📌 Egypt-based e-commerce platform Rabbit has announced the aunch of RabbitAI, a revolutionary AI-powered shopping assistant powered by OpenAI’s ChatGPT.

📌 UAE-based food and beverage company Agthia Group PJSC has launched a $54 million VC fund called Agthia Ventures.

📌 Cards as a service (CaaS) platform SimpliFi and Hub71 startup Lune have signed a partnership that will harness the power of artificial intelligence (AI) to drive transformative outcomes for businesses in the region.

📌 Multi-stage venture capital firm 500 Globalnd The Egyptian Information Technology Industry Development Agency (ITIDA) has announced the launch of 500 Global first batch of the Scale Up program in Egypt. The Scale Up program will focuse on providing strategies and experimentation methodologies to accelerate growth for Pre-Series A startups in Egypt.

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