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.
18th June 2023 Funding and Investment Update
1. Saudi Mjalis Investment Company Invests in the Rodud Logistics App for Strategic Expansion in the Logistics Sector Within the Kingdom.
Saudi Arabia-based investment company Mjalis has revealed its investment in Saudi Arabia’s logistics platform Rodud, without announcing the deal’s value. The Rodud platform, established in 2020, enables cargo owners from factories, stores and others to transport their goods by land by linking them with truck owners and providing the feature of tracking shipments from the point of receipt to the end of delivery. Mjalis stated that the investment aims to strategically expand in the promising logistics sector and help the Rodud platform grow in all regions of the Kingdom.
2. Saudi Venture Capital Company Invests $30M in Shorooq Partners’ Bedaya Fund II to Promote the Growth of the VC Ecosystem in the Kingdom’s Startups.
Saudi Venture Capital Company (SVC) has invested $30 million in the Bedaya Fund II, managed by Shorooq Partners. Bedaya Fund II will focus on investing in early-stage startups in different sectors. The investment of the SVC Company comes as part of its strategic plan to promote the growth of the venture capital ecosystem in startups in the Kingdom at various stages and to fill the funding gaps for the early stages. The company stated that the new investments are the result of the support of the SME Bank represented in increasing the investment allocation, bringing the total investment volume of the company to $ 1.6 billion.
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.
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Last Updated on June 18, 2023 by Safiya K
