Weekly Startup Ecosystem Overview in the Middle East and North Africa (MENA) / October 27 – November 2

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Last week, there were 8 investments and 1 secondary transaction in the MENA between October 27 – November 2:


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

Secondary Transactions:

1 India


1 Saudi Arabia-based VC firm invests in Singapore-based startup.

Sectors Received Investments:

3 Financial Services

1 Healthcare

1 Super App / E-Commerce

1 Cyber Security

1 E-Learning / Social App

1 Environmental Consulting

News of the Week

🎯 Payments and shopping app Tabby raised $200 million.

Tabby, a payments and shopping app that creates financial freedom in the way people shop, earn and save, has raised $200 million in Series D funding round with $1.5 billion valuation, prior to a planned IPO in Saudi Arabia. The investment round was led by Wellington Management, with participation from Bluepool Capital, STV, Mubadala Investment Capital, PayPal Ventures and Arbor Ventures.

Transaction Type: Investment

Investors: Wellington Management, Bluepool Capital, STV, Mubadala Investment Capital, PayPal Ventures, Arbor Ventures

Co-founders: Daniil Barkalov, Hosam Arab

Headquarters: Kingdom of Saudi Arabia (KSA)

🎯 Money transfer services provider My Easy Transfer raised $423.000.

My Easy Transfer, which aims to simplify money transfer services from the Tunisian diaspora to their families inside the country, has raised $423.000 in Seed funding round from 216 Capital.

Transaction Type: Investment

Investors: 216 Capital

Co-founders: Ismaïl Khenissi, Jabrane Khenissi

Headquarters: Tunisia

🎯 Payroll and remittance platform NOW Money raised funding.

NOW Money, which uses mobile banking technology to bring accounts and remittance to the unbanked population of the Middle East, has raised an undisclosed funding from Mark Nutter and Nicolas Andine.

Transaction Type: Investment

Investors: Mark Nutter, Nicolas Andine

Co-founders: Ian Dillon, Katharine Budd

Headquarters: United Arab Emirates (UAE)

🎯 Healthcare platform Almouneer raised $3.6 million.

Almouneer, a healthcare digital transformation platform to serve patients with chronic diseases, has raised $3.6 million in Seed funding round, led by Global Ventures. Proparco, Digital Africa and Wrightwood Investments also participated in the investment round.

Transaction Type: Investment

Investors: Global Ventures, Proparco, Digital Africa, Wrightwood Investments

Co-founders: Noha Khater, Rania Kadry

Headquarters: Egypt

🎯 Super app ORA Technologies raised $1 million.

Ora app, which offers multiple features, including P2P transactions, an e-commerce platform, on-demand services, chat functionality, social networking, has raised $1 million in pre-Seed funding round from local private investors.

Transaction Type: Investment

Investors: Local private investors

Co-founders: Omar Alami

Headquarters: Morocco

🎯 Cyber-attack simulations provider spiderSilk raised $9 million.

SpiderSilk, which provides organisations with an ai-powered cyber defence platform and exposure detection technologies, has raised $9 million. The investment round was led by Wa’ed Ventures, with participation from STV and Global Ventures.

Transaction Type: Investment

Investors: Wa’ed Ventures, STV, Global Ventures

Co-founders: Mossab Hussein

Headquarters: United Arab Emirates (UAE)

🎯 P2P social learning app Noon raised $41 million.

Noon, an Edtech startup that offers peer-to-peer social learning for students in the Mena region. has raised $41 million in Series B funding round, co-led by Wa’ed Ventures and Raed Ventures. STV, Riyadh Valley Company, Endeavor, Sanabil 500, Qyem Development Holding, Nahlat Alarab Holding and other investors also participated in the investment round.

Transaction Type: Investment

Investors: Wa’ed Ventures, Raed Ventures, STV, Riyadh Valley Company, Endeavor, Sanabil 500, Qyem Development Holding, Nahlat Alarab Holding, other investors

Co-founders: Mohammed Aldhalaan, Abdulaziz Alsaeed

Headquarters: Kingdom of Saudi Arabia (KSA)

🎯 Renewable energy certificate service provider Redex raised $10 million.

Redex, which provides a comprehensive set of services for managing Renewable Energy Certificates, has raised $10 million in Series A funding round from Aramco Ventures.

Transaction Type: Investment

Investors: Aramco Ventures

Co-founders: Jen-Wee Kang

Headquarters: Singapore

🛒 Shipsy acquires Stockone.

UAE-based SaaS provider Shipsy has acquired cloud-based warehouse management system and inventory management solution provider Stockone.

Transaction Type: Acquisition

Investors: Shipsy

Co-founders: Karthik Bala

Headquarters: India

Other News:

📌 Google and Saudi-based VC firm STV has announced a strategic partnership to accelerate artificial intelligence, cloud, and digital growth adoption across Saudi Arabia and MENA’s tech venture ecosystem.

📌 Abu Dhabi’s Hub71 has selected 23 startups to join its 13th cohort of the Company Building programme, each receiving up to $204.000 in cash and in-kind incentives.

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