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

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Last week, there were 3 startup investments in the MENA between June 21 – 27:


1 Egypt, 1 United Arab Emirates (UAE), 1 Iraq

Sectors Received Investments:

2 Financial Services

1 Food Delivery

News of the Week

🎯 Digital payments platform Connect Money raised $8 million.

Connect Money, which offers a white-label card issuing platform that enables businesses to provide their customers with debit and credit cards without the need to develop fintech infrastructure or obtain regulatory licensing, has raised $8 million in Seed funding round, led by Disruptech Ventures and Algebra Ventures. One Stop Capital and MDP also participated in the investment round.

Transaction Type: Investment

Investors: Disruptech Ventures, Algebra Ventures, One Stop Capital, MDP

Co-founders: Ayman Essawy, Marwan Kenawy, Momtaz Moussa

Headquarters: Egypt

🎯 B2B payments platform Comfi raised $5 million.

Comfi, a B2B payments platform that empowers manufacturers and suppliers with flexible payment solutions for their buyers, while ensuring upfront payments, has raised $5 million in debt financing round from Abu Dhabi-based private family office. 

Transaction Type: Investment

Investors: Private family office

Co-founders: Alisher Akbarov, Amal Abdullaev, Sanjar Samiev

Headquarters: United Arab Emirates (UAE)

🎯 Last mile delivery services provider Alsaree3 raised funding.

Alsaree3, which offers restaurants a user-friendly platform that makes food ordering and delivery seamless and accessible, has raised an investment on Series A funding round from Iraq Venture Partners (IVP), Euphrates Ventures and Snoonu.

Transaction Type: Investment

Investors: Iraq Venture Partners (IVP), Euphrates Ventures, Snoonu

Co-founders: Bassam Al-Ateia

Headquarters: Iraq

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