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 28th July 2022.
1- Egypt’s Cartona raises $12 million Series A round
Egypt-based B2B e-commerce platform Cartona has closed its $12 million Series A fundraise led by Silicon Badia, with the participation of the SANAD Fund for MSME, Arab Bank Accelerator, and Sunny Side Ventures, alongside existing investors, Global Ventures and Kepple Ventures.
The investment will be used to enhance Cartona’s expansion plans across Egypt, cover all governorates, grow its product, technology, and services, and explore new verticals beyond FMCG.
2- Egypt’s fashion marketplace TFK closes a $2.6 million Seed round
Egypt-based fashion marketplace The Fashion Kingdom (TFK), has raised a $2.6 million Seed funding round, co-led by CVentures and A15, with participation from existing investors such as Paul Antaki and Nasser Chourbagi. New participating investors include Lotus Capital, Africa-focused investors Raba Capital, Sunny Side Venture Partners, Foundation Ventures, and The Cairo Angels.
Proceeds will be used to accelerate TFK’s growth, build scalable technology and grow the team.
3- Creative Dock Group’s FoundersLane expands to Egypt
Berlin-based corporate venture builder FoundersLane, which was recently acquired by Creative Dock Group (CDG), has expanded its operations to Egypt. This comes as part of the Group’s commitment to invest up to €100 million in startups based in the Middle East and North Africa (Mena).
The new venture, named FoundersLane Egypt, is co-led by Egyptian entrepreneurs Mohamed Aboulnaga and Anas Rabah, both venture capitalists and former startup founders. Aboulnaga recently founded PiE, acquisitions, and mergers (M&A) advisory firm, and is the co-founder of MNT-Halan, an Egypt-based fintech super app and one of the country’s best-funded startups. Together, Rabah and Aboulnaga worked as a duo at Halan and UAE-based super app Careem and recently co-founded Klivvr, a fintech-focused venture capital firm.
4- UAE’s Qstay closes $6.5 million Seed round
UAE-based hospitality platform Qstay, has closed a debt and equity Seed round of $6.5 million. This funding will allow Qstay to continue investing in its technology and expand its footprint and product offering to enhance its guest experience.
Qstay operates as a virtual hotel brand with 200 units. It also provides digital app-based access to nearby pools, beaches, gyms and spas for its guests staying in beachfront properties.
5- ChatFood raises a $3 million bridge round led by Antler
UAE-based food tech ChatFood, has announced a bridge round of $3 million led by Antler with a reserved amount for key strategic Saudi partners. Other participants in the round include 6G Capital and existing investors such as Guillaume Pousaz’s Zinal Growth.
The funds will support the company’s plans to expand into Saudi Arabia, as well as product development with the aim to unlock further efficiencies for restaurants, bars, hotels, and entertainment venues.
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: