With instaDeel’s Mena startups news roundup, we will weekly explore recent business trends and announcements, and with MENA Startups News on 25th 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 25th August 2022.
1- OBM raises second round of investment from EdVentures
Egypt-based edtech OBM has raised a six-digit sum from EdVentures in the second round of investment. The new investment will enhance OBM’s expansion plans and launch its new application; “Taleb”.
2- Cargoz secures pre-seed funding from Nama Ventures
UAE-based logistics startup Cargoz has secured pre-Seed funding for an unknown amount from Nama Ventures. Cargoz will use the new funding to back its expansion plans across the UAE by the end of the year.
3- Qatar’s Sponix Tech receives investment from UK’s Aser Ventures
Qatar-based sports tech Sponix Tech has received an unknown investment amount from UK-based Aser Ventures, the co-owner of Leeds United Football Club. The new investment will help bolster Sponix’s growth and technologies. In addition to the capital investment, Aser will leverage its global network.
4- Danish Refugee Council partners with BeyondCapital to support refugee-lens entrepreneurship
The Danish Refugee Council (DRC) has partnered with BeyondCapital to launch an initiative to support early-stage startups with refugee impact in Jordan.
Startups will be reviewed through a multi-step selection process. Potential startups will be granted an investment amount of up to $40,000, along with access to mentorship from BeyondCapital, networking, and technical assistance.
5- Huspy acquires Just Mortgages, Finance Lab
UAE-based proptech Huspy has acquired two mortgage brokerages: Just Mortgages and Finance Lab. The founding teams of both companies are set to join Huspy.
Last June, Huspy raised $37 million in Series A led by Sequoia Capital India, with participation from Founders Fund, Fifth Wall, Chimera Capital, Breyer Capital, Venture Friends, COTU, Venture Souq, and BY Venture Partners.
6- Egypt’s ArabyAds raises $30 million pre-Series B funding
Egypt-born and UAE-headquartered advertising technology company ArabyAds, has raised $30 million in pre-Series B funding from AfricInvest.
ArabyAds will use the new financing to expand its footprint and further invest it to accelerate its technological advancement and talent acquisition to support its growth.
7- Neobank Zywa raises $3 million Seed round
UAE-based neobank Zywa has raised $3 million in a Seed round from Goodwater Capital, Dubai Future District Fund, Rebel Fund, Trampoline Venture Partners, and Zemu VC, alongside some angel investors.
The Seed fund will help the YC-backed startup focus on product, growth, and strategic partnerships to accelerate its growth in the UAE and Egypt markets while prepping it to launch in Saudi Arabia by early 2023.
8- Tamara raises $100 million Series B round
Saudi Arabia-based fintech Tamara has raised $100 million in a Series B equity round from investors including Sanabil Investments, Coatue, Shurooq Partners, Endeavor Catalyst, and existing investors Checkout.com.
The latest round would support Tamara to expand into new markets and introduce new services and products.
9- Al Maya Group acquires majority stake in Conektr
UAE-based retailer Al Maya Group has bought a majority stake in the e-commerce platform Conektr for an undisclosed amount. The acquisition will allow Al Maya to expand its distribution base.
10- Emaar to sell Namshi to Noon for $335.2 million
Dubai real estate developer Emaar will sell its fashion e-commerce platform Namshi to Noon for $335.2 million.
Emaar, which is listed on the Dubai Financial Market, stated that its board of directors had in principle approved the sale of Namshi, subject to the approval of Noon’s board of directors.
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:
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Lastly, if you missed last week’s news roundup, catch it up from here