Welcome to our daily funding update for MENA startups. This brief will cover the latest funding news and investments from the region’s vibrant startup ecosystem.
3rd May 2023 Funding and Investment Update:
- Eighty6, the leading online procurement platform in the UAE, has successfully raised $3.7 million in a Seed round. Sanabil 500 MENA Seed Accelerator Fund, as well as renowned GCC family offices and strategic investors, participated in the round. Eighty6’s objective is to reduce the time it takes for restaurants and suppliers to purchase items, as well as errors, gaps, and food waste, by using technology and digitising the day-to-day procurement process, allowing suppliers to improve sales and profits while saving restaurants money. The funding will be used to improve the platform’s technological capabilities, expand operations within the UAE, and launch the service in Saudi Arabia and Kuwait, allowing a broader spectrum of F&B enterprises to benefit from Eighty6’s creative solutions.
- Exits Mena, an Egyptian company, announced that it has officially obtained a licence from the Financial Regulatory Authority (FRA) to promote and cover the subscription in securities, just 6 months after the Authority approved the company’s establishment to become the Middle East’s first investment platform that connects startups and SMEs through financial technology with acquirers and investors by providing several investment advisory services. Exits Mena will be able to extend its services and give new investment channels to its clients after getting this licence, which will ultimately assist startups in Egypt and the Middle East’s entrepreneurial ecosystem.
That’s all for today’s funding update. Stay tuned for more updates on the MENA startup scene, and remember to subscribe to our newsletter or browse our archives for more news and analysis.
These funding updates were sourced from a press release and Wamda.com.
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Last Updated on May 5, 2023 by Safiya K
