With instaDeel’s Mena startups news roundup, we will weekly explore recent business trends and announcements, and with MENA Startups News on 8th 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 8th September 2022.
1- UAE-based fintech Ziina expands to Jordan
UAE-based fintech Ziina has extended its services to Jordan. Founded in 2020 by Faisa Toukan and Sarah Toukan, Ziina helps individuals send and receive payments through its app with just a phone number—no IBAN or swift code required. It launched its digital wallet in February 2022.
2- Endure Capital closes first round of $50 million fund
Egypt-based Endure Capital has completed the first close of its new $50 million fund to invest in early-stage startups across Africa. The limited partners who have invested in the fund include British International Investment (BII), and Egypt’s Micro, Small, and Medium Enterprise Development Agency (MSMEDA).
3- TruKKer raises $100 million pre-IPO round
Saudi Arabia-based digital freight network TruKKer has raised $100 million in a pre-IPO round, led by Bahraini investment firm Investcorp who alone invested $51 million. This investment is part of the recently launched Investcorp Saudi Pre-IPO Growth Fund LP, targeting equity growth capital investments across a range of companies primarily based in Saudi Arabia with the potential to access the capital markets within three years.
4- SVC invests in Jordan’s Propeller’s second fund
Saudi Venture Capital (SVC) has invested in Jordan-based Propeller’s second fund. The value of the investment was not disclosed. Propeller is an early-stage venture capital (VC) firm that targets investments in startups working across enterprise SaaS and cloud computing. The company concluded its first fund last year.
5- Flat6Labs, SANAD launch agritech accelerator in Egypt
Egypt-based VC Flat6labs and SANAD Entrepreneurship Academy have launched an agritech accelerator program to assist 10 to 12 startups in each cycle. The program will give startups access to capital and help them improve their business models, product development, customer relationships, marketing plans, and financial management.
6- UAE’s Tabby expands to Egypt
UAE-based fintech Tabby has expanded to Egypt, announcing partnerships with several retailers to offer shoppers the chance to pay for their purchases in installments in the North African country.
Tabby has secured $275 million in funding to date, most recently raising $150 million in debt financing from Atalaya Capital Management and Partners for Growth (PFG) in August this year.
7- Egyptian car service app 3atlana closes Seed round
Egypt-based car service app 3atlana has raised a six-figure Seed round from Egypt’s automotive company Ghabbour Auto. The new funding will be used to strengthen the startup’s AI technology feature, which provides users with innovative car service solutions.
8- Egypt’s el-dokan raises $550,000 pre-Seed round
Egypt-based el-dokan, a company that specializes in enterprise e-commerce solutions, has raised a $550,000 pre-Seed round led by a group of local and regional investors including EFG EV and Flat6Labs, 500 Global, and Hala Ventures. The company said it helped its clients achieve $45 million in GMV sales.
9- Carzami raises pre-Seed investment from Contact Financial Holding
Egypt-based second-hand cars marketplace Carzami has raised a pre-seed round led by Contact Financial Holding. The amount raised was not disclosed. Carzami plans to use the new funding to multiply its revenue to $30 million by 2024.
10- CarLogik raises $272,000 pre-Seed round
UAE-based Autotech CarLogik has raised $272,000 in a pre-Seed round funded by angel investors. The company will use the newly acquired funding to expand its footprint throughout the UAE, enhance its product line-up, and utilize its data-driven marketing to grow its customer base.
11- Egypt’s mental health startup Shezlong expands to South Africa
Egypt-based health tech startup Shezlong has announced the expansion of its business to South Africa under the brand name Upright.
The expansion came to a couple of years after the startup raised a funding round from Singapore-based AAIC, which is focused on the healthcare sector in Africa, Mohamed El Khamissy, chairman of MK Capital, and Khaled Ismail, chairman of HIMangel, an angel fund in Egypt and one of Shezlong’s early investors.
12- Edtech Emonovo raises bridge round to grow its platform matching students with universities
Egypt-based edtech Emonovo (formerly MARJA3), has raised a new bridge led by angel investors from across the Middle East and North Africa (Mena), Europe, and the US, along with follow-on investment from Flat6Labs.
The new round will enable Emonovo to onboard more universities and student recruitment, as well as bolster the platform’s technology to optimize matching and data management.
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