Weekly Startup Ecosystem Overview in the Middle East and North Africa (MENA) / October 6 – 12

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Last week, there were 6 investments in the MENA between October 6 – 12:


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

Sectors Received Investments:

1 Insurance

1 Enterprise Software / Legal Tech

1 Travel / Tourism

1 Financial Services

1 Artificial Intelligence

1 E-Commerce

News of the Week

🎯 Online insurance broker Amenli raised $1 million.

Amenli, which provides individuals, families and SMEs with tailored insurance plans that fit their needs, has raised $1 million in equity funding round. The investment round was led by Alter Global, with participation from Digital Venture Partners.

Transaction Type: Investment

Investors: Alter Global, Digital Venture Partners

Co-founders: Adham Nauman, Omar Ezz El Din, Shady El Tohfa

Headquarters: Egypt

🎯 Legal practice management solution App4Legal raised funding.

App4Legal, which provides comprehensive legal practice management and contract lifecycle management solutions across industries and jurisdictions, receieved an investment from Aditum Ventures.

Transaction Type: Investment

Investors: Aditum Ventures

Co-founders: Feras El Hajjar

Headquarters: United Arab Emirates (UAE)

🎯 Travel management platform Dharma raised $4.7 million.

Dharma, which allows travellers to book travel experiences hosted by their favourite chef, surfer, or fitness instructor, has raised $4.7 million in pre-Series A funding round, led by Convivialite Ventures. FJ Labs, Equinox, Shorooq Partners and several angel investors also participated in the investment round.

Transaction Type: Investment

Investors: Convivialite Ventures, FJ Labs, Equinox, Shorooq Partners, angel investors

Co-founders: Nisma Benani, Charaf El Mansouri, Leah Howe

Headquarters: United Arab Emirates (UAE)

🎯 Venture-backed fintech startup Zest Equity raised $3.8 million. 

Zest Equity, which enables ecosystem players like founders and venture capitalists to sell their secondary shares online, has raised $3.8 million in Seed funding round. The investment round was led by Middle East Venture Partners, with participation from Dubai Future District Fund and DASH Ventures.

Transaction Type: Investment

Investors: Middle East Venture Partners, Dubai Future District Fund, DASH Ventures

Co-founders: Rawan Baddour, Zuhair Shamma

Headquarters: United Arab Emirates (UAE)

🎯 Artificial intelligence startup Cycls raised $1 million.

Cycls, which offers AI-based chat services that can be integrated with services across various industries, including e-commerce, telecom, travel, and personal finance, has raised $1 million in pre-Seed funding round from angel investors.

Transaction Type: Investment

Investors: Angel investors

Co-founders: Mohammed Alrujayi, Khalid Alrasheed

Headquarters: Kingdom of Saudi Arabia (KSA)

🎯 E-commerce platform Orisdi raised funding.

Orisdi, which offers a range of products across various verticals including perfumes, cosmetics, appliances, stationery and electronics, has raised a six-figure investment in bridge round from Al Sharqiya TV Group and angel investors.  

Transaction Type: Investment

Investors: Al Sharqiya TV Group, angel investors

Co-founders: Ahmed Al Kiremli, Hala Usama

Headquarters: Iraq

Other News:

📌 Multi-stage VC firm 500 Global has launched Scale Up Programme in Egypt, in collaboration with The Egyptian Information Technology Industry Development Agency.

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