With instaDeel’s Mena startups news roundup, we will weekly explore recent business trends and announcements, and with MENA Startups News on 11th August, we got plenty of good news.
Despite the economic situation and the worldwide financial crisis, there is a lot of news to give your business hope that it will thrive and survive. In this article, we will explore some of the most prominent MENA Startups News on 11th August 2022.
1- Egyptian e-commerce Sharwa raises $2 million pre-Seed
Egypt-based social commerce platform Sharwa, has closed a $2 million pre-Seed funding round, co-led by Nuwa Capital and Hambro Perks Oryx Fund, among other investors.
The investment will be used to develop the platform’s technology and obtain further talent.
2- Egypt’s Convertedin raises $3 million Seed round
Egypt-based marketing platform Convertedin, has raised a $3 million Seed round, led by Saudi Arabia-headquartered Merak Capital, with participation from 500 Global and MSAS.
Convertedin will use the funds to launch operations in Brazil while expanding its presence in Egypt and Saudi Arabia.
3- Everdome raises $10 million from GEM Digital
UAE-based metaverse startup Everdome, has raised $10 million from Bahamian-based digital asset investment firm GEM Digital Limited. The funding will be funneled through a structured token agreement.
The company plans to use the fresh funds to boost its marketing efforts and build more strategic partnerships.
4- Produze raises $2.6 million to digitise agri value chain
UAE-based B2B marketplace Produze, has raised $2.6 million in a Seed round led by Accel, with participation from All In Capital, and founders of Ninjacart, Sammunati, Fashinza, Drip Capital, CityMall, Stellapps, DhanHQ along with other investors.
Produze serves clients across multiple countries in the Middle East, North America and Europe, where the total addressable market is valued at $143 billion.
5- Iraqi Islamic Bank partners with MSA Novo to fund tech-focused startups
Iraq Islamic Bank (IIB) has partnered with MSA Novo (MSA) to launch a fund to invest in tech-focused startups in Iraq. The size of the fund has not yet been determined.
The targeted sectors include core logistics, payments infrastructure layers, consumer technology platforms and enterprise enablers.
6- Mena to witness more than 45 unicorns by 2030, STV report
Mena is set to witness the birth of more than 45 unicorns in the next eight years, with an estimated total equity value to reach more than $100 billion, according to an STV report.
The report claims that more than 55 per cent of Mena’s population is under the age of 30, who are avid consumers of digital media, with an average daily social media consumption of 3.5 hours, which creates the right environment for unicorns to thrive.
7- Bahrain’s Faceki raises undisclosed Seed round from Tenmou
Bahrain-based AI startup Faceki, has raised an undisclosed Seed round from Bahraini business angel network Tenmou.
The new funding will help Faceki accelerate technology innovation, and reach new markets globally.
8- KAPi acquires HR tech startup BLOOVO
Saudi Arabia-based human resources (HR) consultancy firm KAPi Technologies, has acquired AI-powered recruitment solutions provider BLOOVO.
BLOOVO offers various products including HYRDD, an AI-powered Applicant Tracking System, BKATHON, a cloud-based virtual hackathon platform, INVIEWS, an AI-powered video interviewing tool, and Algorithmus, an AI-as-a-Service platform that can easily integrate with other recruitment systems to rank applicants against job descriptions.
It boasts more than two million profiles and over 3,500 companies.
9- OneOrder receives $6.5 million from Contact Factoring
Egypt-based OneOrder, a B2B e-commerce startup catering to the restaurant and hospitality sector, has signed an investment agreement worth EGP 125 million ($6.5 million) with Contact Factoring, a subsidiary of Contact Financial Holding.
10- COTU ventures raises capital from Dubai Future District Fund
COTU Ventures, a venture capital firm offering capital for early stage startups, has raised investment from Dubai Future District Fund (DFDF).
So far in 2022, COTU has invested in four startups based in the UAE. These include fintechs: Supy and Zenda; proptech Huspy and edtech Qureo.
So Congrats to all of them and insatDeel is waiting for your good news to be published in our weekly roundup. Meanwhile don’t forget to check the following articles:
- The Ultimate Guide for Startup FundRaising
- Most Famous VCs in Egypt in 2022
- How to Attract Investors for Your Start-up
Lastly if you missed last week’s news roundup, catch it up from here.