Weekly Startup Ecosystem Overview in the Middle East and North Africa (MENA) / September 9 –  September 15

Top News

There were 5 investments and 3 secondary transactions in the MENA between 9-15 September:

Investments: 

2 United Arab Emirates (UAE), 1 Egypt, 1 Jordan and 1 Palestine. 

Acquisitions: 

1 United Arab Emirates (UAE), 2 Egypt 

Sectors Received Investments:

1 Web3 

1 Cloud Kitchen

1 Fintech 

1 SaaS 

1 EdTech

🎯 UAE-based Web3 trading platform MetaFi raised funding.

MetaFi,metaverse startup, raised $3 million in new funding round from DoublePeak Group, Maven Capital, OKX Blockdream Ventures, Megala Ventures, Magnus Capital, Legion Ventures, SL2 Capital, X21 Digital, Good Games Guild, MetaGaming Guild, Mintable Go! Fund and Athena Ventures.

Transaction Type: Investment

Investment Amount: $3.000.000

Valuation: $25.000.000

Investors: DoublePeak Group, Maven Capital, OKX Blockdream Ventures, Megala Ventures, Magnus Capital, Legion Ventures, SL2 Capital, X21 Digital, Good Games Guild, MetaGaming Guild, Mintable Go! Fund,  Athena Ventures

Co-founders:  Matt Danilaitis

Country: United Arab Emirates (UAE)

🎯 UAE-based cloud kitchen The Cloud closed $10 million Series A round

The Cloud, the startup that allows restaurant owners to increase their kitchen usage by hosting third-party food distribution brands, raised $10M in Series A funding led by Middle East Venture Partners and Olayan Financing Company.

Transaction Type: Investment

Investment Amount: $10.000.000

Investors: Middle East Venture Partners (MEVP), Olayan Financing Company, Rua Growth Fund

Co-founders:  Kamil Rogalinski, George Karam

Country: United Arab Emirates (UAE)

🎯 Jordan-based fintech liwwa raised funding.

Jordan-based fintech liwwa, which provides private financial solutions, closed $18.5 million in equity and debt prior to Series B. The investment round was led by DASH Ventures, Dutch Entrepreneurial Development Bank FMO, Edgo, and Bank al Etihad, in addition to German Development Finance Institution DEG.

Transaction Type: Investment

Investment Amount: $18.500.000

Investors: DASH Ventures, Dutch Entrepreneurial Development Bank FMO, Edgo, Bank al Etihad, German Development Finance Institution DEG

Co-founders: Ahmed Moor, Samer Atiani

Country: Jordan

🎯 Palestine-based enterprise SaaS startup Userpilot raised funding round.

Userpilot, the enterprise SaaS startup that helps companies customize in-app engagement experiences for users, raised $4.6M in a seed funding round led by Silicon Badia, and joined by ScOp Ventures, and 500 Global. 

Transaction Type: Investment

Investment Amount: $4.600.000

Investors: Silicon Badia, ScOp Ventures, 500 Global

Co-founders: Yazan Sehwail, Thabet G.

Country: Palestine

🎯  Egypt-based edtech 5 Quarters raised funding Seed round

Medical training platform, which offers online courses for healthcare professionals to develop their skills, 5 Quarters has raised an undisclosed Seed round from a Saudi angel investor.

Transaction Type: Investment

Investment Amount:

Investors: Saudi Angel Investor

Co-founders: Mohamed Salah, Noha Emad

Country: Egypt

🛒 Egypt-based ECC group has acquired a majority stake in Source Beauty

Egypt-based cosmetics company ECC group has acquired a majority stake in beauty products startup Source Beauty, for an unknown amount.

Transaction Type: Acquisition

Investors: ECC group

Co-founders: Lydia Schoonderbeek (Source Beauty)

Country: Egypt

🛒 Lyve Global, UAE-based B2B logistics SaaS platform, acquired a majority stake in Shopini World, UAE-HQ freight company

A majority stake in Shopini World, a cross-border e-commerce logistics and solutions provider to businesses in the Middle East and North Africa region (Mena), has been acquired by Lyve Global, an Abu Dhabi-based B2B logistics SaaS platform, for an undisclosed amount. Lyve Global offers solutions for businesses that will digitize the customer journey from order to payment and delivery.

Transaction Type: Acquisition

Investors: LYVE

Co-founders: Hassan Hallas, Walid Moneims (LYVE)

Country: Egypt

🛒 Sowt Media, Jordan-based podcast network, acquired Finyal Media, UAE-based podcast network

Sowt Media, Jordan-HQ podcast network, acquired Finyal Media, UAE-based podcast network, for an undisclosed amount. The acquisition was co-financed with the Media Development Investment Fund (MDIF), a US-based nonprofit investment fund for independent news and information businesses.

Transaction Type: Acquisition

Investors: Sowt Media

Co-founders: Hazem Zureiqat (Sowt Media)

Country:  United Arab Emirates (UAE)

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Other News:

📌 Egypt-based VC Cairo Angels Syndicate Fund (CASF) has announced the joining of Biola Alabi, an active angel investor and advisor to African technology and media companies, as a Venture Partner.

📌 The Boost Without Borders competition, launched in partnership with Meta and organized by an Investment Readiness Program aimed at developing and empowering Palestinian entrepreneurs and small businesses with digital marketing training and skills, has been completed.

Gaza-based health technology AlRazi won the prize with $20,000.

The West Bank-based B2B SaaS platform for logistics company Olivery placed second with $15,000 in prizes.

Jerusalem-based data-driven risk measurement Naviatix placed third with a $10,000 prize.

Grants System, the web-based project monitoring and reporting system for NGOs, placed fourth with a $5,000 prize.

📌 The winners of Organon and Flat6Labs’ FemTech Accelerator Program have been selected. Three femtech startups were selected from ten finalists: Omgyno, Siira, and Maternally.

📌 Bahrain’s Al Waha Fund and British investment firm Hambro Perks have launched the fintech venture studio.

📌Hope Ventures, Bahrain’s investment arm of Hope Fund, completed the raise of $4M from over 30 private investors

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