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 the most prominent MENA startup news on 21st July 2022.
1- Palestinian e-commerce Modesta raises six-figure Seed round
Palestine-based fashion marketplace Modesta has raised a six-figure Seed round led by 500 Startups, with the participation of the Innovative Private Sector Development Project (IPSD) program funded by the World Bank, and angel investors.
The e-commerce startup will deploy the latest funding for expansion and reach a wider base of customers in Saudi Arabia and Bahrain along with the growth of the technology to aggregate more brands and vendors.
2- Omooma raises $2.5 million for its mother-centric content platform
UAE-based female health Arabic content platform Omooma has raised $2.5 million from E20 Investment LTD. With the fresh funding, the startup plans to expand its B2B offerings and increase its network of experts and customers.
3- FMO announces $10 million commitment to Algebra Fund II
FMO, the Dutch entrepreneurial development bank, has pledged a $10 million commitment to Algebra’s second fund. The agreement was signed in the presence of H.E. Mr. Han-Maurits Schaapveld, the Dutch ambassador in Cairo.
The FMO Ventures Programme is a EUR 200 million investment vehicle funded by FMO targeting early-stage technology-enabled businesses in frontier and growth markets. Algebra Ventures has already invested in 21 startups through its $54 million inaugural fund.
4- Mohamed El-Sewedy acquires Magma via Averroes Ventures
Egypt-based Magma, a sportswear manufacturer, has been fully acquired by its incumbent CEO Mohamed El-Sewedy via venture capital firm Averroes Ventures. The new strategic investments will significantly change the quality of its products, and their presence in the local and regional markets.
5- Morocco’s SmartProf receives $50,000 from Plug and Play, UM6P
Morocco-based edtech Smartprof has secured $50,000 in funding after graduating from the Mohammed VI Polytechnic University (UM6P) Startgate and Plug and Play Morocco startup competition’s third cohort.
6- Pan-African CAIF fund closes at $112.8 million
Tunisia-based multi-asset investment platform AfricInvest and US-based VC firm Cathay Innovation, have completed the final close of their joint Pan-African venture fund, Cathay AfricInvest Innovation Fund [CAIF], at $112.8 million, backed by EIB, AfricaGrow, FMO, Bpifrance, Triodos Investment Management, Proparco, SIFEM, BIO, as well as a diverse pool of global investors.
The CAIF fund will invest in early to growth-stage startups improving African lives with disruptive tech-enabled products and services. The selected startups will receive investments ranging from $1-10 million for growth-stage and up to $1 million for Seed-stage tickets in startups focusing on fintech, mobility, health-tech, Ed-tech, AI, and digital content, and Agri-tech.
7- Stllr Network raises a six-figure investment round
Egypt-based Stllr Network has closed a six-figure investment from 500 Global and angel investors through Women Spark and Falak Angels. The fresh funds will be used to hire local talent and regional expansion across Saudi Arabia and the GCC.
8- DeFi platform ZKX raises $4.5 million Seed round
UAE-based DeFi platform ZKX has raised $4.5 million in Seed funding from StarkWare, Alameda Research, Amber Group, Huobi, and Crypto.com. The funding will go towards further development of its open-source protocol, DAO funding, and growth of the ZXK ecosystem.
9- Iraqi e-commerce Orisdi raises new investment
The Iraq-based e-commerce business, Orisdi has raised a new six figure investment round that included the participation of existing and new investors. The round was facilitated by the Iraqi Angel Investors Network and served to reinforce the continuous growth of the business and the growing potential of e-commerce in Iraq.
10- Flat6Labs invests in seven Jordanian startups
Flat6Labs has announced that it will invest $115,000 each in seven startups through the Jordan Seed Fund (JSF), as part of the second cycle of its funding program launched in June 2021. The selected startups are set to join Flat6Lab’s four-month accelerator program.
So Congrats to all of them and insatDeel is waiting for your good news to be published in our weekly roundup. Don’t forget to check the following articles: