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.
24th July 2023 Funding and Investment Update
1. Germany’s DeliveryHero Acquires Saudi Arabia’s HungerStation and Purchases the Remaining 37% Stake in the Company for $297 Million.
Germany’s Delivery Hero announced the completion of its acquisition of Saudi Arabia’s HungerStation by purchasing the remaining 37% stake in the company for $297 million. Years ago, Delivery Hero acquired a 63% stake in HungerStation and is now the sole owner after receiving the remainder. The company announced in its statement that HungerStation connects more than 10,000 partners and helps them make their products available to consumers. It saw revenue grow 36% year-on-year in 2022 to about $677 million.
2. USA’s Data Orchestration Solutions and Cloud Services Hammerspace Closes First Round of Investments Worth $56.7 Million to Support Its Technical Expansion and Expand Its Customer Service Team.
Hammerspace, a US data organization and orchestration solutions, and cloud services, has announced the closing of its first $56.7 million investment round, led by Aramco’s Prosperity 7 Ventures venture fund, with the participation of ARK Invest, Pier 88 Hedge Fund, Samsung and some other investors. Founded in 2018 by David Flynn, Hammerspace delivers data mining software, storage space solutions, and data management to customers and organizations through the Parallel Global File System. According to the company’s statement, it will use the funding to support its technical expansion and expand its customer service team.
3. UAE’s YallaHub Raises $6 Million Pre-Series A Round to Develop Its Technology and Accelerate Its Expansion in Saudi Arabia and Qatar.
UAE’s YallaHub has received $6 million in a pre-Series A funding round involving some MENA investors, including Fedor Ovchennikov, Regolith, and the founder of Dodo Brands. YallaHub enables brands as B2B e-commerce startups to expand across the GCC region and achieve global multi-channel sales through a single window service. The funds will be used to improve the IT platform to aggregate orders and expand the network of partner markets, with plans to accelerate the company’s expansion into Saudi Arabia and Qatar shortly.
4. Get Outfit Raises Pre-Seed Funding to Support Brand Growth Globally.
Get Outfit recently raised undisclosed seed funding led by Forward Angel, making it the company’s first investment. Get Outfit founded in 2022 by Kim Sanzhiev subsidiary of in5 Design Group in Dubai Design District, is introducing an innovative fashion recommendation app that uses artificial intelligence technology and aims to transform the shopping experience into a personalized and easy one as the application draws on the user’s history, lifestyles and favorite brands to make customized recommendations. The development team seeks to make Get Outfit a global brand in the US, European, and Saudi Arabian markets using the B2B2C business model that allows easy and low-cost scaling.
5. Saudi Blockchain Application Streamlined Platform Oumla Receives Pre-Seed Funding to Improve Blockchain Application Building Infrastructures.
The Saudi platform for simplifying application building via blockchain technology – Oumla, succeeded in closing an undisclosed pre-seed funding round led by Core Vision. Established in Saudi Arabia in 2022, Oumla provides specialized infrastructure services to build and connect applications on the blockchain network in a way directed to developers and companies to help them avoid the complexities of blockchain networks and build applications quickly and securely.
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 July 24, 2023 by Safiya K
