Weekly: MENA Startups News Roundup (15th September 2022)

MENA Startups News on 15th September

With instaDeel’s Mena startups news roundup, we will weekly explore recent business trends and announcements, and with MENA Startups News on 15th September, 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 15th September 2022.

1- Gaza-based healthtech AlRazi wins $20,000 at Boost Without Borders competition

Gaza-based healthtech AlRazi wins $20,000 at Boost Without Borders competition

Gaza-based healthtech AlRazi has won first place in a competition held by Startups Without Borders in partnership with Meta, with a $20,000 prize.

The event, held in the Gaza strip, marked the conclusion of the Boost Without Borders Program, an initiative launched in partnership with Meta to support Palestinian entrepreneurs and small businesses, through digital marketing training and an Investment Readiness Program aimed at developing their skills and strengthening their businesses.

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2- UAE’s MetaFi raises $3 million

UAE’s MetaFi raises $3 million

UAE-based metaverse startup MetaFi, has raised $3 million from DoublePeak Group, Maven Capital, OKX Blockdream Ventures, Megala Ventures, Magnus Capital, Legion Ventures, SL2 Capital, X21 Digital, Good Games Guild, MetaGaming Guild, Mintable Go! Fund, with participation from Athena Ventures.

The startup plans to use the funding to build its first core product; the Trading Metaverse, a social trading experience governed by users. 

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3- ECC Group acquires majority stake in Source Beauty

ECC Group acquires majority stake in Source Beauty

Egypt-based cosmetics company ECC group has acquired a majority stake in beauty products marketplace Source Beauty, for an unknown amount.

ECC is one of the leading beauty and personal care manufacturers in Egypt and provides a substantial opportunity to offer an enhanced service to Source Beauty’s clients, including new product innovation, and manufacturing know-how among others. 

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4- Biola Alabi joins CASF as venture partner

Biola Alabi

Egypt-based VC Cairo Angels Syndicate Fund (CASF) has announced having the Nigerian businesswoman Biola Alabi join as a Venture Partner. Biola will take the lead on origination, investments, portfolio management and investor relations. 

Founded in 2012 by Hossam Allam, CASF is a micro VC fund launched by the Cairo Angels that invests in Seed-stage startups across Mena.

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5- The Cloud closes $10 million Series A round

The Cloud Founders

UAE-based cloud kitchen The Cloud has raised a $10 million Series A round, led by Middle East Venture Partners (MEVP) and Olayan Financing Company with participation from Rua Growth Fund. 

The Series A funding will support the startup’s expansion plans in the GCC and Europe and help develop its AI-powered kitchen matching platform.

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6- Omgyno, Siira, Maternally win the Organon and Flat6Labs’ Femtech Accelerator awards

Omgyno, Siira, Maternally win the Organon and Flat6Labs’ Femtech Accelerator awards

Three femtech startups: Omgyno, Siira, and Maternally have been named the winners of Organon and Flat6Labs’ FemTech Accelerator program, out of ten finalists. The program was launched by Organon and Flat6Labs at Expo 2020 to advance women’s health.

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7- LYVE acquires majority stake in Shopini World

LYVE acquires majority stake in Shopini World

Dubai-based B2B logistics SaaS platform Lyve Global has acquired a majority stake in Shopini World, a cross-border e-commerce logistics and solutions provider to businesses across the Middle East and North Africa region (Mena), with operations in several overseas markets such as the UK, Turkey, US, and China. 

This comes as part of LYVE’s broader strategy to invest $150 million in acquisitions within the next two years to expand its market reach. Last year, LYVE raised a $35 million Series B round, with participation from Faith Capital.

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8- Al Waha Fund, Hambro Perks launch fintech venture studio

Al Waha Fund, Hambro Perks launch fintech venture studio

Bahrain’s Al Waha Fund of Funds has partnered with UK investment firm Hambro Perks, to launch HP Spring Studios, a fintech venture studio. HP Spring Studios, which will be based in Manama, will both co-found and invest directly in next-generation fintech startups.

The studio will provide an in-house team covering product, engineering, and operations and will help accelerate startups towards product/market fit.

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9- Sowt Media acquires UAE’s Finyal Media

Sowt Media's logo

Jordan-based Sowt Media has acquired UAE-based podcast production company Finyal Media for an undisclosed amount, financed by the US Media Development Investment Fund (MDIF). The acquisition will enhance Sowt’s content, audience, and commercial opportunities. 

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10- Jordan’s liwwa closes $18.5 million pre-Series B round

Jordan’s liwwa's team

Jordan-based fintech liwwa has closed an $18.5 million pre-Series B round of equity and debt. The $4.5 million in equity investment was led by existing investors, DASH Ventures, Dutch Entrepreneurial Development Bank FMO, Edgo, and Bank al Etihad, in addition to German Development Finance Institution DEG approving an investment of $790,000. liwwa will utilize the funds for its growth and expansion plans.

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11- Medical training platform 5 Quarters raises Seed round

Medical training platform 5 Quarters' logo

Egypt-based edtech 5 Quarters has raised an undisclosed Seed round from a Saudi angel investor. The startup plans to use the investment to fuel its expansion plans in Saudi Arabia, as well as add new services for medical sector professionals.

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So Congrats to all of them, and instaDeel is waiting for your good news to be published in our weekly roundup. Meanwhile, don’t forget to check our latest articles:

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

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