We take a look at some of the most notable funding announcements among MENA-region startups in February.
MENA startups continue to flourish, attracting investment from both the regional market and further afield. Fintech continues to dominate funding; while the sector’s funding levels increased last year, its overall share of total funding declined, with the e-commerce and retail-tech, and e-health sectors all growing faster than fintech.
As per media platform Waya, there were 14 notable deals.
MENA startups: Notable deals in February
Floward: Online flower and gifting company Floward is based in Saudi Arabia and offers a range of gift and flower sending services. Flowers are sourced daily and the company partners with brands to offer chocolate, perfumes, cakes and more. Floward raised USD 156 million in a Pre-IPO Series C Round last month.
Nana: Nana is the largest digital grocery shopping platform in Saudi Arabia. The company raised USD 33 million in a Series C funding round.
Yodawy: Egyptian healthech Yodawy offers a marketplace where patients can process prescriptions and place online orders for medicines and connects patients to medical labs and insurance companies. The company raised USD 16 million from international investors.
Telgani: Telgani is a car rental platform and rapidly growing app. Users can choose their desired car and benefit from competitive pricing and a smooth booking and collection process. Telgani raised USD 6 million in February.
Aion Digital: Bahraini fintech Aion Digital raised USD 5 million in funding. Aion offers a digital banking platform to support banking on the go and supports businesses in going digital.
Palm HR: Saudi-based Palm HR offers a fully automated HR system that helps companies to build a streamlined, professional HR system. Palm HR raised USD 5 million in February.
Munjz: Saudi proptech startup Munjz raised USD 5 million. Munjz offers a range of household services through its platform with a 60-second booking process and a money-back guarantee.
Deals under USD 5 million
Other notable deals included growth marketing platform Gameball’s raising of USD 3.5 million; gift card solutions startup YOUGotaGift’s raise of USD 3 million; vehicle maintenance firm Carefer’s raise of USD 2.9 million; drone operations startup AirGo’s raise of USD 2.7 million;, Saudi fintech Amwal’s raise of USD 2.5 million; produce sourcing and delivery platform Terraa’s raise of USD 1.5 million raise and expense management fintech Hollydesk’s USD 1 million raise.