Weekly Startup Ecosystem Overview in the Middle East and North Africa (MENA) / November 8 – 14

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Last week, there were 5 startup investments in the MENA between November 8 – 14:

Investments: 

3 United Arab Emirates (UAE), 1 Kingdom of Saudi Arabia (KSA), 1 Egypt

Sectors Received Investments:

1 Financial Services

1 Enterprise

1 Food and Beverage

1 Accounting

1 Home Decor & Interior Design

News of the Week

🎯 Fintech platform Lean Technologies raised $67.5 million.

Lean, an open banking platform that enables companies to access bank data and make payments, has raised $67.5 million in Series B funding round, led by General Catalyst. Bain Capital Ventures, Stanley Druckenmiller’s Duquesne Family Office, Arbor Ventures and other investors also participated in the investment round.

Transaction Type: Investment

Investors: General Catalyst, Bain Capital Ventures, Stanley Druckenmiller’s Duquesne Family Office, Arbor Ventures

Co-founders: Hisham Al-Falih, Ashu Gupta, Aditya Sarkar

Headquarters: Kingdom of Saudi Arabia (KSA)

🎯 SaaS solutions provider UnifyApps raised $20 million.

UnifyApps, which helps enterprises automate workflows across various applications, has raised $20 million in Series A funding round. The investment round was led by Iconiq Growth, with participation from Elevation Capital.

Transaction Type: Investment

Investors: Iconiq Growth, Elevation Capital

Co-founders: Pavitar Singh Abhishek Khurana, Rachit Mittal, Sumeet Nandal, Haitham Elkhatib

Headquarters: United Arab Emirates (UAE)

🎯 Omnichannel restaurant group Epik Foods raised $15.5 million.

Epik Foods, which operates quick-service restaurants, digital brands, meal plans, and catering services, has raised $15.5 million from Ruya Partners.

Transaction Type: Investment

Investors: Ruya Partners

Co-founders: Khaled Fadly, Ranya Basyuni, Gulf Islamic Investments

Headquarters: United Arab Emirates (UAE)

🎯 Spend management platform Pemo raised $7 million.

Pemo, an all-in-one spend management solution that empowers MENA SMEs, has raised $7 million in pre-Series A funding round. The investment round was co-led by Shorooq Partners and Augmentum Fintech.

Transaction Type: Investment

Investors: Shorooq Partners, Augmentum Fintech

Co-founders: Alessandro Durì 

Headquarters: United Arab Emirates (UAE)

🎯 Interior design startup Efreshli raised funding.

Efreshli, which allows customers to visualise how room setups will look before they make a purchase through its virtual decor tool, has raised an investment in Seed funding round, led by Algebra Ventures. 500 Startups, Dar Ventures and angel investors also participated in the investment round.

Transaction Type: Investment

Investors: Algebra Ventures, 500 Startups, Dar Ventures, angel investors

Co-founders: Heba El Gabaly

Headquarters: Egypt

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