MENA startups from Egypt, Saudi and the UAE stood out this October, with fintech, e-commerce and logistics standing out.
MENA startups continue to attract regional and international investments across a range of sectors. Waya recently highlighted a series of standout deals across Egypt, Saudi Arabia and the UAE. The highlighted companies raised approximately USD 215 million across 18 deals.
Egypt-based MoneyFellows, a startup focused on the digitalization of money circles, raised USD 31 million in a Series B funding round. E-commerce firm MaxAB, which aims to reduce logistical issues between suppliers and smaller retailers, raised USD 40 million in a pre-series B funding round. Fintech firm Telda raised USD 20 million in a seed funding round last month. Egypt’s Trella, a logistics firm, brought in USD 6 million from a deal with ALMA Sustainable Finance. The company has previously received funding from Algebra Ventures.
Egypt’s e-commerce platform Kenzz raised USD 3.5 million in a seed round. KarmSolar, a renewable energy firm, raised USD 2.42 million from QNB. I’Supply, a digital distribution business focusing on the pharmaceutical industry, raised USD 1.5 million in a pre-seed round, Glamera, a health and beauty startup aimed at women, raised USD 1.4 million in pre-seed, and fintech Nexta, a next-gen banking startup, raised USD 3 million. FlapKap, an e-commerce funding platform, raised USD 3.6 million in a seed round.
Saudi Arabia’s Zid, an electronic retail solutions provider, raised USD 50 million in Series B funding in a round led by IMPACT46. ZenHR, a globally-recognized HR software provider, brought in USD 10 million via a growth fund. NearPay, a payments solutions startup, received USD 3.6 million in a pre-Series A round. Tachyon, a digital logistics platform, raised USD 1.6 million in a pre-seed round.
The UAE’s invygo, a car subscription service, raised USD 10 million in a Series A round. Fintech startups Five FS, a service designed to help individuals and institutions find the best finance deals, and Cashee, a youth-focused finance solution, raised USD 3.5 million and USD 3 million respectively.
MENA startups: Summary
Fintech continues to dominate the regional investment scene, with investments in e-commerce and logistics also appearing. Fintech’s dominance within the region is well established, as highlighted in our exclusive interviews with Flat6Labs and VentureSouq.