Weekly Startup Ecosystem Overview in the Middle East and North Africa (MENA) / May 26 – June 1

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Last week, there were 5 investments and 1 secondary transaction in the MENA between May 26 – June 1:


2 Morocco, 2 United Arab Emirates (UAE), 1 Egypt


1 Kingdom of Saudi Arabia (KSA)

Sectors Received Investments:

1 Marketplace

1 Electronics

1 Logistics

1 Health Tech

1 Fintech

News of the Week

🎯 Home services marketplace PrestaFreedom raised funding.

PrestaFreedom, a platform that offers a variety of home maintenance services via monthly and weekly membership options, has raised $1.1 million from Azur Innovation Fund.

Transaction Type: Investment

Investment Amount: $1.100.000

Investors: Azur Innovation Fund

Co-founders: Majid Bensilmane

Country: Morocco

🎯 Electronic device creator CardoO raised funding.

CardoO, which creates a variety of goods, such as wireless earbuds, smart watches, sketch tablets, and smart scales, received an investment of $660.000. The investment round was led by Alexandria Angel Network, with participation from Sofico Investments and angel investors from Saudi Arabia.

Transaction Type: Investment

Investment Amount: $660.000

Investors: Alexandria Angel Network, Sofico Investments, angel investors

Co-founders: Ahmed Adel

Country: Egypt

🎯 Logistics startup Cargoz raised funding.

Cargoz, a logistics startup that connects SMEs looking for warehousing space with warehousing companies, has secured an undisclosed bridge funding round from Nama Ventures, RAZ Group and other angel investors from the UAE and Saudi Arabia.

Transaction Type: Investment

Investment Amount: 

Investors: Nama Ventures, RAZ Group, angel investors

Co-founders: Premlal Pullisserry, Lijo Antony

Country: United Arab Emirates (UAE)

🎯 Healthtech startup DataPathology raised funding.

DataPathology, which aims to deliver quick and accurate pathological diagnosis for patient care using technologies such as AI, has raised $1 million from Azur Innovation Fund.

Transaction Type: Investment

Investment Amount: $1.000.000

Investors: Azur Innovation Fund

Co-founders: Mohammed El Khannoussi, Hicham El Attar

Country: Morocco

🎯 Payment app Tabby raised funding.

Tabby, a fintech that creates financial freedom in the way people shop, earn and save, has upsized its debt facility to $350 million after closing a new financing round led by San Francisco-based Partners for Growth (PFG), along with Atalaya Capital Management and CoVenture.

Transaction Type: Investment

Investment Amount: $350.000.000

Investors: Partners for Growth (PFG), Atalaya Capital Management, CoVenture

Co-founders: Hosam Arab

Country: United Arab Emirates (UAE)

🛒 Integrative Health acquires Nala.

KSA-based patient-centered healthcare network Integrative Health has acquired digital health company Nala.

Transaction Type: Acquisition

Investors: Integrative Health

Co-founders: Othman Abahussein

Country: Kingdom of Saudi Arabia (KSA)

Other News:

📌 Saudi Venture Capital (SVC) has made an investment of $7.5 million into a fund dedicated to supporting early and late-stage startups in Saudi Arabia, with the aim of fostering entrepreneurial growth and innovation in the region.

📌 The Libyan government and United Nations Development Programme (UNDP), in collaboration with the European Union and the African Development Bank, have launched the Deraya Entrepreneurship Initiative to build an entrepreneurial ecosystem in Libya.

📌 Three KSA-based female-led startups have been awarded $50.000 in equity-free cash rewards, as part of the Standard Chartered Women in Tech programme initiated by Saudi investment firm Falak Investment Hub.

📌 DisrupTech Ventures has announced that it will allocate funding estimated at a range from US$4 to US$5m in four new Egyptian fintech startups.

📌 Khalifa Fund for Enterprise Development will support two UAE businesses participating in the highly anticipated “Make it in the Emirates”, a prominent industrial event that brings together government entities, industrial leaders, financial institutions, SMEs, and investors to explore investment opportunities, boost local content, and enable sustainable manufacturing.

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