Weekly: MENA Startups News Roundup (1st September 2022)

MENA Startups News on 1st September

With instaDeel’s Mena startups news roundup, we will weekly explore recent business trends and announcements, and with MENA Startups News on 1st 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 1st September 2022.

1- Aramco’s Wa’ed Ventures co-invests €13 million Series A round in OQ Technology

Aramco’s Wa’ed Ventures co-invests €13 million Series A round in OQ Technology

Luxembourg-based 5G satellite operator OQ Technology, has closed a €13 million Series A funding round co-led by Saudi Arabia’s Wa’ed Ventures, the venture capital arm of Aramco and Phaistos Investment Fund, part of 5G Ventures in Greece.

The funding will be used to expand the operations of OQ globally, and also in Saudi Arabia and Greece.

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2- Stake raises $8 million pre-Series A round

UAE-based proptech Stake founders

UAE-based proptech Stake has secured $8 million in pre-Series A funding round, backed by MEVP and BY Ventures, with participation from returning investors Vivium Holding and Combined Growth Real Estate.

Stake plans to invest this new capital to advance its product and technology and expand its operations within the region.

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3- KarmSolar announces new minority stake round

KarmSolar's team

Egypt-based solar energy company KarmSolar has initiated a round of capital increase, supported by US-based Synergy Consulting as the sell-side advisor.

The capital injection will fund KarmSolar’s local and regional expansion plans, support its existing power generation and distribution businesses, and enable new business verticals such as solar water desalination solutions provider KarmWater, and electric mobility venture KarmCharge to flourish.

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4- Egypt’s Zeew raises $630,000 Seed

Egypt’s Zeew's founder

Egypt-based e-commerce SaaS startup Zeew has raised a $630,000 Seed round from Plug and Play, Poland Prize, and a group of angel investors, bringing the total funds it has raised in the past couple of years to $1 million.

The startup plans to use the newly acquired funding to grow its team to serve more customers worldwide. 

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5- Algerian Startup Fund to invest $411 million in local startups

Algerian Startup Fund to invest $411 million in local startups

The Algerian Startup Fund (ASF) has signed an agreement with the country’s General Directorate of the Treasury to launch a new fund with a target corpus of AD 58 billion ($411 million) to invest in local startups across the country’s 58 regional provinces. The Fund will invest up to $1 million in each startup. 

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6- Egypt’s SubsBase closes $2.4 million seed round

Egypt's SubsBase's team

Egypt-based subscription and recurring revenue management platform SubsBase has closed its Seed round at $2.4 million, led by Global Ventures, along with HALA Ventures, P1 Ventures, Plus Venture Capital (+VC), Plug and Play, Ingressive Capital, and Camel Ventures, plus existing investors Falak Startups and Arzan Venture Capital.

The newly raised funds will be deployed to accelerate product development and support the expansion strategy across the Mena region.

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7- Mintroute DMCC raises minority investment from Razer Gold

Mintroute DMCC raises minority investment from Razer Gold

UAE-based e-vouchers and digital cards’ aggregator Mintroute DMCC, has raised a minority investment from US-based Razer Gold. The investment will support Razer’s plans to expand the global footprint of its virtual credit services offerings for gamers. 

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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 our latest articles:

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

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