With instaDeel’s Mena startups news roundup, we will weekly explore recent business trends and announcements, and with MENA Startups News on 18th 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 18th August 2022.
1- G42 launches $10 billion technology growth fund
UAE-based AI and cloud computing technology company G42, has launched a $10 billion G42 Expansion Fund, in partnership with Abu Dhabi Growth Fund (ADG).
The fund, which will be managed by a subsidiary of G42, will invest in late-stage growth companies with a focus on computing and communications technologies, intelligent mobility, clean tech and renewables, digital infrastructures, new materials, multiverses, fintech, healthcare, and life sciences.
2- Dukkantek secures $10 million Pre-Series A funding
UAE-based store management platform Dukkantek has raised a $10 million pre-Series A funding round, led by BECO Capital with significant participation from Rocketship and Colle Capital. Other strategic investors in the round included Comma Capital, AMK Investment Office, Chaos Ventures, and Wamda Capital.
This round will support Dukkantek’s geographical expansion, increase the team size and further advance its technology.
3- Logistics platform Cartlow acquires Melltoo
UAE-based reverse logistics platform Cartlow has acquired the Melltoo platform for an unknown sum. This acquisition will allow Cartlow to enhance its position in the reverse logistics market, as per the acquisition, Melltoo’s customers will be automatically redirected to Cartlow’s platform.
4- Faceki raises Seed round from Nama Ventures
Bahrain-based identity verification platform Faceki has raised an undisclosed amount in a Seed funding round led by Nama Ventures, with participation from Vision Ventures, and other angel investors.
Earlier in August, Faceki raised another founding round from Bahraini business angel network Tenmou; to fuel the startup’s plans to accelerate technology innovation and reach new markets globally.
5- Restaurant management platform BONBELL raises $350,000
Egypt-based food tech startup BONBELL has raised $350,000 from a Candian angel investor. BONBELL will use the investment to expand its network of restaurant partners to 750 by the end of 2022. It also is set on a course of closing a $10 million.
6- AstraTech acquires fintech app PayBy
UAE-based technology and Investment Group AstraTech has acquired fintech platform PayBy for an undisclosed sum. PayBy claims to have processed $160 million worth of transactions during May 2022.
7- SWVL announces $20 million private placement
Dubai-based mobility and transport solutions provider SWVL has signed an agreement with US-based institutional investors for the sale and purchase of over 12 million shares along with securities for $20 million for $1.65 per share.
8- Bayzat receives funding support from MBRIF
UAE-based HR solutions platform Bayzat has raised investment for an unknown amount from The Mohammed Bin Rashid Innovation Fund [MBRIF]; as part of a guarantee scheme.
Bayzat will use the funds to expand its workforce with a focus on further strengthening its technical development team.
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 our latest articles:
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Lastly if you missed last week’s news roundup, catch it up from here