Weekly Startup Ecosystem Overview in the Middle East and North Africa (MENA) / September 15 – 21

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Last week, there were 4 investments in the MENA between September 15 – 21:


3 United Arab Emirates (UAE), 1 Jordan

Sectors Received Investments:

1 Digital Marketing

1 Financial Services

1 Clean Tech

1 Web3

News of the Week

🎯 Digital advertising and performance marketing service DigiZag raised funding.

DigiZag, which provides companies and institutions with technology-enabled solutions in performance-based marketing to boost their revenues and increase sales, received an seven-figure investment in Series A funding round. The investment round was joined by SME Investment Fund managed by Al-Arabi Investment Group.

Transaction Type: Investment

Investors: SME Investment Fund

Co-founders: Saif Atout

Headquarters: Jordan

🎯 Digital assets infrastructure provider Fuze raised $14 million.

Fuze, which enables banks, fintech startups and traditional enterprises to offer regulated digital asset products to their customers through their native apps, has raised $14 million in Seed funding round, led by Further Ventures. Liberty City Ventures also participated in the investment round.

Transaction Type: Investment

Investors: Further Ventures, Liberty City Ventures

Co-founders: Arpit Mehta, Srijan Shetty

Headquarters: United Arab Emirates (UAE)

🎯 Cleantech startup Zero Carbon Ventures raised $5 million.

Zero Carbon aims to bring carbon-reducing technologies to the Mena region through four key pillars: waste, water, energy and materials, has raised $5 million in Seed funding round from Sheikh Ahmed Mana Khalifa Al Maktoum.

Transaction Type: Investment

Investors: Sheikh Ahmed Mana Khalifa Al Maktoum

Co-founders: Peter Jodlowski, Martin Reynolds

Headquarters: United Arab Emirates (UAE)

🎯 Web3 platform Cultos raised funding.

Cultos, an online platform that enables brands and creators to supercharge their rewards, loyalty, and influencer marketing with Web3, has raised an undisclosed investment from Sameer Mehta, Tarun Katial, Ashwath Bhat and Vijay Ratnaparkhe.

Transaction Type: Investment

Investors: Sameer Mehta, Tarun Katial, Ashwath Bhat, Vijay Ratnaparkhe

Co-founders: Pavan Govindan

Headquarters: United Arab Emirates (UAE)

Other News:

📌 Dar Ventures, the venture capital arm of Dar Al-Handasah, has launched the “DARE” incubator programme for startups in the architecture, engineering, and construction industries across the MENA.

📌 United States Agency for International Development (USAID) has celebrated the graduation of 23 Egyptian startups from Cohort 3 of ita Startups Accelerator Programme, in collaboration with the Information Technology Industry Development Agency (ITIDA), the National Bank of Egypt (NBE), and Egypt Post.

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