Egyptian Startups Gain Momentum with Funding Boost
Startups in Egypt have started to gain momentum with several ventures securing funding to boost expansion efforts to the Kingdom. Following a period of startup funding stagnation, Egyptian founders have made their way back to the regional venture capital space with a flurry of investment deals and expansion strategies already in place.
Waffarha Secures Seven-Figure Seed Round for Expansion
Egyptian fintech startup Waffarha has secured a seven-figure seed round from Value Makers Studio to expand its footprint. Founded in 2012 by Tarek Magdy, the platform offers significant discounts, with daily deals ranging from 50 percent to 90 percent. The new capital will enable Waffarha to enhance its technology, recruit talent, and expand into Saudi Arabia and additional markets.
Bluworks Raises $1m in Pre-Seed Funding
Egyptian HR tech startup Bluworks has secured $1 million in pre-seed funding led by Khawarizmi Ventures to optimize costs for businesses through data-driven decision-making. Founded in 2022, Bluworks aims to revolutionize HR software for blue-collar workers and streamline payroll processes for companies.
Bokra Closes $4.6m Pre-Seed Funding Round
Egypt-based fintech Bokra has closed a $4.6 million pre-seed funding round to launch its app and expand investment products across the MENA region. Founded in 2023, Bokra aims to accelerate financial inclusion and provide diversified investment solutions for retail and SME investors.
Egyptian Startups Shine in Saudi-Egyptian Program
Ten Egyptian startups have received awards from the VMS Bridge program, fostering connections between Egypt and Saudi Arabia’s entrepreneurial ecosystems. Winners will explore investment opportunities in the Kingdom, with some receiving free company licenses and training programs.
Arab Therapy Secures $1m Seed Funding for Mental Health Platform
Jordan-based mental health platform Arab Therapy has raised $1 million in seed funding to expand its market reach and launch business to business sales operations. The platform connects users with licensed mental health professionals for personalized care.
TVM Capital Healthcare Invests $17m in Neurocare Group AG
TVM Capital Healthcare has invested $17 million in Neurocare Group AG, a Munich-based healthtech company specializing in personalized mental healthcare. The investment will support Neurocare’s expansion in the US and Saudi Arabia, as well as the development of new clinical solutions.
Shorages Secures $1m for Logistics Expansion in the Gulf
UAE-based logistics startup Shorages has raised $1 million in funding to expand warehouse operations across the Gulf region. Founded in 2019, the company provides fulfillment solutions for e-commerce platforms in the UAE and Saudi Arabia.
WEE Secures $12m in Funding for Logistics Capabilities
UAE-based e-commerce startup WEE has secured $12 million in funding to enhance logistics capabilities, accelerate growth, and expand the team. Founded in 2021, WEE offers below 15-minutes delivery services for online marketplace customers.
Midas Raises $45m for MENA Expansion
Turkish fintech app Midas has closed a $45 million funding round to boost expansion in the MENA region. The company aims to provide investment opportunities for retail investors in Turkiye and beyond, with plans to introduce new products in cryptocurrency trading, mutual funds, and savings accounts.
Maalexi Partners with Etihad Credit Insurance for SMEs
UAE-based risk management platform Maalexi has signed an agreement with Etihad Credit Insurance to enhance trade credit solutions for SME agri-businesses. The collaboration aims to support regional SMEs in the food and agriculture trade sectors and contribute to food security in the UAE.