Startups in MENA Region Experience Surge in Funding
The entrepreneurial ecosystem in the Middle East and North Africa region is buzzing with excitement as startups secure significant funding, propelling their growth and development. From Saudi Arabia to Tunisia, early-stage companies are attracting investments that are fueling their expansion efforts.
Saudi Arabia’s Barakah Raises Funds to Combat Food Waste
Barakah, a food tech startup based in Saudi Arabia, recently secured funding from German-based VC FoodLabs to combat food waste. Co-founded by Rabah Habiss and Abdulaziz Al-Saud in 2022, Barakah enables restaurants, bakeries, and groceries to sell excess inventory through its app. This funding boost will accelerate Barakah’s expansion within Saudi Arabia and neighboring markets.
Bahrain’s Receiptable Bridges Information Gap with Pre-Seed Round
Receiptable, a fintech startup in Bahrain, received a pre-seed funding round from HP Spring Studios to bridge the information gap between banks and retailers. Founded by Chris Purdie in 2022, Receiptable aims to provide digital receipts directly to consumers’ mobile phones. The funding will help the company attract talent, enhance its platform, and debut its service in partnership with a leading Bahraini bank.
Egypt’s Pharmacy Marts Secures Bridge Round for Healthtech Innovation
Egyptian healthtech startup Pharmacy Marts secured a six-figure bridge funding round led by Acasia Ventures. Established in 2021, Pharmacy Marts connects pharmacies and medical suppliers, facilitating access to medicines and products. With coverage of 20% of Egypt’s market and over 200 suppliers, the company is on a rapid growth trajectory.
Egyptian Healthtech InCurA Focuses on Biomedical Technologies
InCurA, a healthtech startup in Egypt, raised a pre-seed round from regional investors to focus on biomedical technologies, specifically bleeding control solutions. Founded in 2021 by Wessam Sarhan and Moussa Salem, InCurA aims to democratize healthcare access and expand its reach in the market.
ClusterLab Utilizes AI and NLP Technologies to Secure Funding
ClusterLab, an artificial intelligence startup originally from Tunisia and now based in the UAE, raised $600,000 in a pre-seed round. Co-founded by Haithem Kchaou and Chehir Dhaouadi in 2020, ClusterLab offers advanced AI and natural language processing technologies. The funding will support research and development initiatives to drive innovation in the AI domain.