The Startup Ecosystem in the Middle East: A Look at Recent Venture Investments and Acquisitions
CAIRO: The startup scene in the Middle East is abuzz with activity, from educational technology to digital content and cryptocurrency. Significant venture investments and strategic acquisitions are taking place across various sectors, signaling a dynamic and evolving landscape.
Jeel Secures Seven-Figure Funding to Expand its EdTech Services
Saudi-based Jeel, an edtech startup catering to children, adolescents, parents, and educators, has recently announced securing a seven-figure funding round from RZM Investment and a group of prominent angel investors. This funding will enable Jeel to strengthen its presence in the business-to-business and business-to-government sectors by offering its services to institutions and governments, driving growth in the sector.
The funding will also be utilized to add new languages to the Jeel app, attracting users from various Arab countries and expanding into new markets within the region. Jeel aims to provide a superior user experience through new features and continuous app improvements. Additionally, the company plans to launch an online store to facilitate the purchase of Jeel app-related products and services, contributing to revenue growth.
CoinDCX Acquires BitOasis to Expand Presence in MENA Region
In a strategic move to strengthen its presence in the Middle East and North Africa, CoinDCX, India’s largest crypto exchange, has acquired BitOasis, a UAE-based virtual assets trading platform. This acquisition follows CoinDCX’s initial investment in BitOasis and aims to empower the platform to expand across the MENA region.
Established in 2018, CoinDCX boasts a robust user base and high trading volumes, positioning itself as a leading trading platform for cryptocurrencies worldwide. With this acquisition, BitOasis will enhance its product portfolio, crypto services, liquidity, and trading options, offering users a broader range of tokens and improved trading experiences.
EdVentures Invests in Egyptian Online Education Platform El Kheta
Egyptian EdVentures, the investment arm of Nahdet Misr Group specializing in educational technology, has announced a $400,000 investment in El Kheta, an online platform for Egyptian students. El Kheta offers reinforcement lessons, exams, and interactive videos from the new Egyptian curriculum, providing a customized educational experience for students.
The El Kheta platform allows students to choose their preferred curricula, create study plans, access reinforcement lessons, interactive videos, homework assignments, and communicate directly with teachers. This personalized approach aims to improve academic performance and expand online education opportunities for school students in Egypt.
Germany’s Mitgo Group Launches $20m Fintech Startup Capy for MENA Market
Germany-based holding company Mitgo Group has launched a $20 million fintech startup called Capy, targeting the MENA market. The investment will be distributed over the next three years, focusing on developing early and accelerated payment solutions. Capy’s launch builds upon the acquisition of UAE-based embedded finance platform, Embedded, and aims to provide a range of fintech services for publishers in the affiliate market.
Since the acquisition, Embedded has received additional funding and support, relaunching as Capy within Mitgo’s global holding company. This strategic move underscores Mitgo Group’s commitment to expanding its fintech offerings and presence in the MENA region, catering to a diverse range of retail and institutional clients.