The MENA Startup Scene is Booming with Investments and Acquisitions
CAIRO: The Middle East and North Africa region’s startup ecosystem is buzzing with activity as venture investments and acquisitions flourish.
Saudi-Based Merit Raises $12 Million in Pre-Series B Funding Round
Saudi Arabia-based Software-as-a-Service provider Merit has secured $12 million in its pre-series B funding round. The funding was led by Alistithmar Capital i-Cap and followed by existing series A investors Tech Invest Com and Hambro Perks Oryx Fund.
Riyad Capital Launches 1957 Ventures to Drive Digital Transformation
Riyad Capital, backed by Riyad Bank, has introduced the 1957 Ventures investment fund to fuel transformative growth in Saudi Arabia’s fintech sector. The fund aims to accelerate the Kingdom’s digital transformation by creating opportunities for innovative fintech business models.
Saudi Logistics Startup MDD Secures $1.3M in Series A Round
Saudi Arabia-based logistics startup MDD has closed its series A round with $1.3 million in funding. The funding round resulted in a 5 percent stake with a valuation of $26 million for the company.
Saudi Startup Sorbet Raises Funding from Web3 VC Adverse
Saudi web3 startup Sorbet has received an investment round from the Kingdom’s newly announced venture capital firm Adverse. Sorbet aims to simplify business processes for freelancers by reducing fees and intermediaries.
Egyptian Fintech e-Finance Acquires Stakes in Al Ahly Momken and EasyCash
Egypt-based fintech e-Finance has acquired a 25 percent stake in Al Ahly Momken and a 13 percent stake in EasyCash. These acquisitions align with e-finance’s strategy to expand its footprint in the digital payments market and support Egypt’s Vision 2030 for digital transformation.
Egypt’s OneOrder Closes $16M Series A Round
Egypt-based logistics startup OneOrder has raised $16 million in a series A round. The company plans to expand into the Gulf Cooperation Council region by the fourth quarter of 2024.
Jordan’s Fintech Liwwa Secures $5M Loan
Jordan-based fintech liwwa has secured a $5 million loan from the US International Development Finance Corp. The funding will enable liwwa to finance more small and medium-sized enterprises across various sectors.
Egyptian Investment Bank EFG Hermes Acquires Stake in Danish Wealth Management Firm
Egypt’s investment bank, EFG Hermes, has acquired a minority stake in the Danish digital wealth manager Kenzi Wealth. The new partnership will enhance EFG Hermes’ digitalization vision.
UAE’s Plain Tiger Raises Funding Round
UAE-based business-to-business marketplace Plain Tiger has raised an investment from UAE’s venture capital firm AngelSpark. The funding will be used to expand into Saudi Arabia and accelerate more hotels’ pathway to net zero procurement.
UAE’s Revent Closes $900K in Pre-Seed Round
UAE-based electronics marketplace Revent has raised $900,000 in a pre-seed round. The funds will be used to build a self-service platform for businesses and grow Revent’s client base in Saudi Arabia.
UAE’s Proptech Keyper Raises $4M Equity Round
UAE-based proptech Keyper has secured $4 million in equity in a pre-series A round. The company will invest the funds into digitizing the rental experience in the UAE and scaling its rent now, pay later solution.
UAE’s Proptech Huspy Raises Investment Round
UAE-based property technology firm Huspy has raised a new investment round led by Balderton Capital. The capital will be used to build a super app for real estate.
Egypt’s Proptech Birdnest Closes Pre-Series A Round
Egypt-based proptech Birdnest has secured an undisclosed pre-series A funding round. The funds will be used for the expansion of the regional quality team, enhancement of proprietary technologies, and marketing initiatives.