Weekly Startup Ecosystem Overview in the Middle East and North Africa (MENA) / November 10 – 16

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Last week, there were 8 investments in the MENA between November 10 – 16:


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

Sectors Received Investments:

3 FinTech

1 Cyber Security

1 Supply Chain Management / Artificial Intelligence

1 Education / Ebooks

1 SaaS

1 Last-Mile / Transportation

News of the Week

🎯 Shopping and payments platform Tamara raised $250 million.

Tamara, a buy now pay later (BNPL) platform that allows consumers to buy a product and pay for it in installments, has raised $250 million in debt financing from Goldman Sachs and Shorooq Partners.

Transaction Type: Investment

Investors: Goldman Sachs, Shorooq Partners

Co-founders: Abdulmajeed Alsukhan, Turki Bin Zarah, Abdulmohsen Albabtain

Headquarters: Kingdom of Saudi Arabia (KSA)

🎯 Fintech startup LYNK raised funding.

LYNK, which connects financial institutions, commodity markets, and beneficiaries through its Shariah-compliant services, has raised funding from Al Fozan Holding and Ramla Holding Group.

Transaction Type: Investment

Investors: Al Fozan Holding, Ramla Holding Group

Co-founders: Thabet Alsubaie

Headquarters: Kingdom of Saudi Arabia (KSA)

🎯 Personal finance management solution Mafhoom raised $1.36 million.

Mafhoom, which allows users to optimise their spending behaviour, reduce bills, eliminate debt, enhance financial literacy, and achieve savings and investment objectives, has raised $1.36 million in pre-Seed funding round. The investment round was led by Al-Wafra Al-Thanya for Investments, with participation from angel investors.

Transaction Type: Investment

Investors: Al-Wafra Al-Thanya for Investments, angel investors

Co-founders: Ahmad Khatib, Ziad Melhem

Headquarters: United Arab Emirates (UAE)

🎯 Cybersecurity startup Cognna raised $2.25 million.

Cognna, which provides cybersecurity stress-free, by providing the tools needed to detect, prevent, and resolve threats with ease, has raised $2.25 million in Seed funding, led by IMPACT46. Vision Ventures, Faith Capital and other investors also participated in the investment round.

Transaction Type: Investment

Investors: IMPACT46, Vision Ventures, Faith Capital, other investors

Co-founders: Ibrahim Alshamrani, Ziyad Alshehri

Headquarters: Kingdom of Saudi Arabia (KSA)

🎯 Transport and logistics startup CloudFret raised $2.1 million.

CloudFret, an ai algorithm-driven platform to connect shippers and carriers through Mediterranean shoresi, has raised $2.1 million from Afri Mobility and Azur Innovation Fund

Transaction Type: Investment

Investors: Afri Mobility, Azur Innovation Fund. 

Co-founders: Driss Jabar

Headquarters: Morocoo

🎯 Edtech startup Akhdar raised funding.

Akhdar offers more than 2,500 Arabic-language educational content in the form of audio and written books, book reviews and podcasts, has raised six-figure funding from Value Maker Studio.

Transaction Type: Investment

Investors: Value Maker Studio

Co-founders: Mohamed Osama

Headquarters: Egypt

🎯 SaaS solution Khafy raised $800.000.

Khafy, which specializes in providing a service that assesses the performance quality of employees through its application, has raised $800.000 in pre-Seed funding round.

Transaction Type: Investment

Investors: –


Headquarters: Kingdom of Saudi Arabia (KSA)

🎯 Last-mile transportation solution Wize raised $16 million.

Wize, which provides eco-friendly last-mile transportation solutions, has raised $16 million in pre-Seed funding round from angel investors.

Transaction Type: Investment

Investors: Angel investors

Co-founders: Alexander Lemzakov

Headquarters: United Arab Emirates (UAE)

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