Weekly Startup Ecosystem Overview in the Middle East and North Africa (MENA) / March 29 – April 18

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Last week, there were 5 startup investments in the MENA between March 29 – April 18:


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

Sectors Received Investments:

1 Advertising

1 Financial Services

1 B2B & SaaS

1 Web3 & Software

1 Financial Services

News of the Week

🎯 Advertising network Mubashir raised funding.

Mubashir, an out-of-home (DOOH) advertising network that provides clients with comprehensive advertising solutions, has raised funding from ITHCA Group.

Transaction Type: Investment

Investors: ITHCA Group

Co-founders: Ali Al Raisi, Khalid Al Khalifa, Khalid Alawad, Raif Al Harthy

Headquarters: Oman

🎯 B2C2B financial marketplace Daleel raised funding.

Daleel, which helps consumers find and compare financial products and helps banks and financial institutions access insights to acquire customers more effectively, has raised funding from Hambro Perks Spring Studios.

Transaction Type: Investment

Investors: Hambro Perks Spring Studios

Co-founders: Dania Alshowaikh, PK Shrivastava, Ridaa Shah

Headquarters: Bahrain

🎯 Sourcing management software Penny Software raised funding.

Penny Software, a B2B SaaS procurement startup that digitises the entire Source-to-pay process, enhancing spend efficiency, governance and compliance, has raised an investment in pre-Series A funding round. The investment round was joined by Iliad Partners, GSI, Knollwood Investments and other investors.

Transaction Type: Investment

Investors: Iliad Partners, GSI, Knollwood Investments, other investors

Co-founders: Iyad Aldalooj, Majid Aldalooj, Mohamed Ibrahim

Headquarters: Kingdom of Saudi Arabia (KSA)

🎯 Web3 entertainment company U-topia raised $850.000.

U-topia, a leading Web3 technology company with a focus on bridging Web2 and Web3, has raised $850.000 from GDA Capital.

Transaction Type: Investment

Investors: GDA Capital


Headquarters: United Arab Emirates (UAE)

🎯 POS and CRM solution Fortis raised $20 million.

Fortis, a one-stop POS and CRM solution that enables small businesses to accept offline and online point-of-sale payments, has raised $20 million in Series A funding round from Opportunity Venture.

Transaction Type: Investment

Investors: Opportunity Venture

Co-founders: Alberto Caruso

Headquarters: United Arab Emirates (UAE)

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