Weekly: MENA Startups News Roundup (3rd August 2022)

MENA Startups News on 3rd August

With instaDeel’s Mena startup news roundup we will weekly explore recent business trends and announcements and with MENA Startups News on 3rd 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 3rd August 2022.

1- Artifi raises $3.26 million in investment

Artifi raises $3.26 million in investment

UAE-based blockchain NFT ecosystem Artfi has received funds worth $3.26 million at a valuation of $100 million from Sheikha Hend Al Qassemi, a member of the ruling family of Sharjah, and Raza Beig, director of Landmark Group, among other angel investors.

Artfi will use this capital to build a dedicated marketplace for fine art NFTs, as well as for product and team development.

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2- Enhance Ventures launches $30 million Builders Fund

Enhance Ventures launches $30 million Builders Fund

UAE and Saudi Arabia-based venture studio Enhance Ventures has launched a $30 million Builders Fund, which will invest in the company’s next set of ventures in the Middle East.

Through the fund, the company aims to create 5,000 high-tech jobs, produce 500 business leaders, train 50 capable founders, and be the institutional co-founder of at least five major exits in the region in the next five to 10 years.

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3- Openner launches Web3-focused Qurious Labs

 Openner launches Web3-focused Qurious Labs

Egypt-based VC firm Openner has launched Qurious Labs, a Web3-focused venture studio, to help develop markets and aid them to access the global technology, talent, and capital pool.

Qurious Labs will offer an inclusive ecosystem for builders to launch their Web3 ventures and brands. Through a one-stop shop, they will get the chance to explore Web3 business models and build and launch their projects.

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4- Kuwait’s Teeela raises $3.75 million pre-Series A

Kuwait’s Teeela raises $3.75 million pre-Series A

Kuwait-based gifting platform Teeela has raised $3.75 million in a pre-Series A funding round, led by Saudi Arabian investment firm Wealth Well and supported by strategic investment from Mad’a Investment Company, Al-Akeel family, and other investors.

The funding will fuel Teeela’s expansion plans across the GCC, product development, and team growth.

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5- Homzmart raises $23 million pre-Series B round

Homzmart raises $23 million pre-Series B round

Egypt-based furniture and home supplies marketplace Homzmart has raised a $23 million pre-Series B round from STV, Impact46, Outliers Ventures, Rise Capital, and NUWA Capital. This round brings the company’s total funding to $40 million.

Homzmart will use the new capital to continue market expansion and product development as well as improve its logistics operations.  

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6- SWVL suspends $100 million acquisition of UK’s Zeelo

SWVL suspends $100 million acquisition of UK’s Zeelo

Dubai-headquartered transport and mobility solutions provider SWVL has canceled the proposed acquisition of Zeelo, a UK-based B2B smart bus operator. The deal dates back to April this year and was worth $100 million.

Excluding Zeelo, SWVL also acquired five global startups. The latest addition to its buying spree was Mexico-based mass mobility startup Urbvan.

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7- BNPL Tabby secures $150 million credit facility

BNPL Tabby secures $150 million credit facility

UAE-based fintech Tabby has secured $150 million in debt financing from Atalaya Capital Management and existing investor Partners for Growth (PFG).  With total capital raised to date amounts to $275 million.

The investment will help Tabby to sustain its growth in transaction volumes and product expansion.

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8- Procurified raises $1.1 million Seed funding

Procurified raises $1.1 million Seed funding

UAE-based construction bid management platform Procurified has raised a $ 1.1 million Seed Round, led by UAE-based Aditum Investment Management, with participation from US-based Signal Peak Ventures, Al Hathboor Group, Empede Capital and some angel investors.

The new funding will accelerate the startup’s growth by acquiring new talent.

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9- Barakah raises $300,000 pre-Seed round

Barakah raises $300,000 pre-Seed round

Saudi Arabia-based food delivery startup Barakah has secured $300,000 in a pre-Seed round from Alriyadah Investments.

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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:

Lastly if you missed last week’s news roundup, catch it up from here

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