Weekly Startup Ecosystem Overview in the Middle East and North Africa (MENA) / September 22 – 28

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Last week, there were 3 investments and 1 secondary transaction in the MENA between September 22 – 28:


3 United Arab Emirates (UAE)

Secondary Transactions:

1 United Arab Emirates (UAE)

Sectors Received Investments:

1 Gaming / Social Network

1 Cyber Security

1 Fintech

News of the Week

🎯 Football fan engagement platform Fanzword raised $1.2 million.

Fanzword, a football fan engagement platform that aims to forge a virtual stadium where fans follow their beloved teams and also connect, interact, and earn rewards, has raised $1.2 million in pre-Seed funding round, led by XVC Tech.

Transaction Type: Investment

Investors: XVC Tech

Co-founders: Ibrahim El Mohdar, Amr El-Beheiry

Headquarters: United Arab Emirates (UAE)

🎯 Cyber risk monitoring and scoring platform Cypherleak raised $750.000.

Cypherleak, which specialises in simplifying advanced risk monitoring for smaller companies, has raised $750.000 in Seed funding round from Qatar Insurance Company and Maroc Numeric Fund.

Transaction Type: Investment

Investors: Qatar Insurance Company, Maroc Numeric Fund

Co-founders: Mohamed Amine Belarbi

Headquarters: United Arab Emirates (UAE)

🎯 Cross-border bill payment platform BILRS raised funding.

BILRS, which enables online and offline merchants to offer bill payment as a service to their customers across more than 30 countries, has raised a pre-Seed funding from Haatch.

Transaction Type: Investment

Investors: Haatch

Co-founders: Rupert Shaw

Headquarters: United Arab Emirates (UAE)

🛒 ClearPier acquires MQuest.

Canadian performance advertising company ClearPier has acquired data-centric marketing startup Media Quest Group (MQuest) for $35 million. 

Transaction Type: Acquisition

Investors: ClearPier

Co-founders: John Rowe, Jay (Mitul) Bhojani, Lorraine Hall

Headquarters: United Arab Emirates (UAE)

Other News:

📌 P1 Ventures, a Pan-African early-stage VC fund, has completed the first close of its second fund at $25 million.

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