With instaDeel’s Mena startup news roundup we will weekly explore recent business trends and announcements.
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 them:
1- African growth promise tempts investors
More than a dozen companies raised $100 million or more in 2021, compared with three in 2019 — supporting the idea that increasing amounts of capital are reaching startups when they are already nearing notable scale.
Almost all could be classed as fintech, and some, such as Flutterwave and Opay, both Nigeria-based digital payment companies, broke through to “unicorn” billion-dollar valuations with these funding rounds.
2- Supy raises $8 million seed round
UAE-based B2B food marketplace Supy has raised $8 million in a Seed round led by BECO Capital, with participation from Valia Ventures, COTU Ventures, Global Ventures, and AMK Investment Office.
3- MENA’s Demand for Payment Hubs Rises as Open Banking Fuels Cross-Border Flows
The accelerated digitalization that has swept the globe in the last two years has led to the widespread adoption of digital financial services. Customers – both individuals and businesses – now want their services fulfilled instantly, and that extends to cross-border settlements as well.
4- Sequoia Capital China raises $9B amid cooling tech sector
Sequoia Capital’s China affiliate has pulled in $9 billion in fresh capital to back the country’s tech companies across all stages.
The fresh capital came from pensions, endowment funds, and family offices from the U.S., Europe, the Middle East, and Southeast Asia. The firm received more than $12 billion in a 50% oversubscribed round but went ahead with the higher end of its original target.
5- Qatar fintech Karty raises $1.2 million pre-Seed
Qatar-based FinTech platform Karty has raised $1.2M (QR4.3M) in a Pre-SEED round from Visa, Qatar Development Bank (QDB), Qatar Foundation, and Qatar-based angel investors.
The Msheireb-based FinTech aims to revolutionize the daily financial experiences for its customers by leveraging cutting-edge technology and transaction data. It is working closely with strategic partner Visa to deliver full digital payment solutions for both consumer and business expenses.
6- Saudi Arabia’s Al Gooru raises $1.8 million seed round
Saudi Arabia-based ed-tech AlGooru has raised $1.8 million in a Seed round from RAZ Group, RZM Investment, 100 Ventures, RAY Investment, and Oqal Angel Investors.
Founded by Khalid Abou Kassem, AlGooru was launched in 2021 to build an online platform that harmoniously connects students with a pool of competent private tutors on-demand.
7- Pure Harvest secures $180.5 million from global investors to fund expansion
UAE-based agri-tech Pure Harvest Smart Farms, has raised $180.5 million in its latest growth funding round. Investors included Metric Capital Partners, IMM Investment Corp, and Olayan Group, alongside existing investors.
The company will utilize the capital, together with various forms of debt financing, to invest in research and development, expand its footprint across the GCC, and open new markets in Asia. To date, Pure Harvest has raised over $387 million.