Weekly Startup Ecosystem Overview in the Middle East and North Africa (MENA) / March 15 – 21

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Last week, there were 4 startup investments and 3 secondary transaction in the MENA between March 15 – 21:


1 1 Kingdom of Saudi Arabia (KSA), 1 Bahrain, 1 Egypt, 1 Tunisia

Secondary Transactions:

1 Oman, 1 Kingdom of Saudi Arabia (KSA), 1 Pakistan

Sectors Received Investments:

1 Food Delivery & Marketplace

1 Financial Services

1 Health Tech

1 Artificial Intelligence

News of the Week

🎯 Online marketplace Barakah raised funding.

Barakah, which helps restaurants, bakeries, and groceries fight food waste by enabling them to sell their surplus inventory through its app, has raised funding from FoodLabs.

Transaction Type: Investment

Investors: FoodLabs

Co-founders: Rabah Habiss, Abdulaziz Al Saud

Headquarters: Kingdom of Saudi Arabia (KSA)

🎯 Fintech startup Receiptable raised funding.

Receiptable,which bridges the data gap between banks and retailers through digital receipts consumers can receive on their mobile phones, has raised an investment in pre-Seed funding round from HP Spring Studios.

Transaction Type: Investment

Investors: HP Spring Studios

Co-founders: Chris Purdie

Headquarters: Bahrain

🎯 Health tech startup Pharmacy Marts raised funding.

Pharmacy Marts, a B2B digital marketplace that connects pharmacies and medical suppliers to easily access and receive medicine, medical supplies and cosmetics, has raised an investment in bridge round, led by Acasia Ventures.

Transaction Type: Investment

Investors: Acasia Ventures

Co-founders: Ahmed Kadous, Ahmed Mazhar, Haitham El Ghotni, Mahmoud Shousha

Headquarters: Egypt

🎯 NPL technologies provider Clusterlab raised $600.000.

ClusterLab, which provides AI and natural language processing (NLP) technologies, has raised $600.000 in pre-Seed funding round from regional investors.

Transaction Type: Investment

Investors: Regional investors

Co-founders: Haithem Kchaou, Chehir Dhaouadi

Headquarters: Tunisia

🛒 T2 acquires Promize.

Business development company T2 has acquired customer data analysis company Promize.

Transaction Type: Acquisition

Investors: T2

Co-founders: Saif Al-Issaie, Saheeb Badr

Headquarters: Oman

🛒 Classera acquires Expert Solutions.

Gamified learning management platform Classera has acquired enterprise resource planning Expert Solutions.

Transaction Type: Acquisition

Investors: Classera


Headquarters: Kingdom of Saudi Arabia (KSA)

🛒 MNT-Halan acquires Advans Pakistan Microfinance Bank.

Fintech startup MNT-Halan has acquired microfinance banking services provider Advans Pakistan Microfinance Bank.

Transaction Type: Acquisition

Investors: MNT-Halan


Headquarters: Pakistan

Other News:

📌 SVC has invested $30 million in Olive Rock Partners Fund I, boosting support for buyout deals in mid-market companies.

📌 Jordan’s Innovative Startups and SMEs Fund (ISSF) has increased its commitment to Propeller’s second fund, to be increased from an initial $3,5 million to $5 million.

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