Despite the turmoil in the global economy and investor reticence, startups in the MENA region have attracted colossal funding. According to Forbes’ list of the 50 most funded startups in the Middle East and North Africa for 2022, these companies raised about $ 3.2 billion in funding in 2022, compared to $ 3 billion in 2021.
The list stated that UAE-based companies are the most representative entities in 2022, with 18 companies with funding of $ 964 million, followed by Saudi Arabia with 12 companies that raised $ 946.7 million, and Egypt with 11 companies with financing of $ 508.5 million.
Although male entrepreneurs have taken over the startup sector, Forbes has listed some female entrepreneurs who have successfully co-founded companies in various economic sectors and even led the race in their target industries.
Some of these entities have even come to lead the startup ecosystem in the region, such as iMile Delivery, co-founded by Rita Huang Zhen, which raised a total of $40 million in funding.
Here, Rasmal highlights the top 4 startups based in Arab countries that were founded by women, as these companies were able to raise funds totalling more than $ 151.5 million in 2022. Here are the details.
1 – Khazna Tech
Khazna Tech provides financial services to unbanked Egyptians by digitizing cash transactions. It provides diverse financial products, including multipurpose credit, BNPL offline services, peer transfer services, and bill payment services. In April 2022, the company launched its prepaid “Khazna Card” in partnership with the Abu Dhabi Islamic Bank to serve unbanked cardholders. As of November 2022, Khazna had 300,000 active users and employs over 340 people.
- Total funding: $50 million
- Industry: Financial super app
- Founders: Fatma El Shenawy, Omar Saleh, Ahmed Wagueeh, Omar Salah
- Nationality: Egyptian
- Investors: Quona Capital, Algebra Ventures, Speedinvest, Khwarizmi Ventures, Disruptech, Nclude, Lendable
- Headquarters: Egypt
- Date of establishment: 2020
2 – iMile Delivery
iMile Delivery provides logistics and last-mile delivery services to e-commerce companies in 13 countries in the Middle East, Latin America, Africa, and Australia. It raised $40 million in 2021, with investors including TikTok’s parent company ByteDance. In 2022, it launched operations in Kuwait, Bahrain, Qatar, South Africa, Türkiye, and Brazil. iMile’s CEO, Rita Huang, was previously CTO for the Alibaba Joint Venture in Dubai and a country manager for Huawei.
- Total funding: $40 million
- Industry: Logistics and courier services provider
- Founders: Rita Huang Zhen, Nancy Chen, Naveen Joseph, Gao Wenli
- Nationality: Chinese, Indian, Chinese, Chinese
- Investors: ByteDance, HK
- Headquarters: U.A.E.
- Date of establishment: 2017
3 – RedSea
RedSea enables commercial farming in hot climates. In April 2022, the company secured $18.5 million in a strategic bridge funding round co-led by Wa’ed—the venture capital arm of Saudi Aramco and the Savola Group. The fresh capital will fuel its global and regional expansion plans. In January 2022, RedSea expanded into the U.S. and completed a new commercial-scale six-hectare technology retrofit site near Riyadh. The company also has an R&D facility at the King Abdullah University of Science and Technology in Thuwal.
- Total funding: $36.5 million
- Industry: Agri-tech startup
- Founders: Derya Baran, Ryan Lefers, Mark Tester
- Nationality: American, Australian, Turkish
- Investors: KAUST, RPDC, Wa’ed Ventures, FII Institute, Global Ventures, Savola, AppHarvest, Bonaventure Capital, UbbenOlsen
- Headquarters: Saudi Arabia
- Date of establishment: 2017
4 – Sarwa
Sarwa is an investment and personal finance platform that provides a hybrid model with access to on-demand investment experts and a customer support team. The startup employs 50 people and has more than 100,000 registered users. Sarwa Trade is a commission-free stock trading platform that allows investors to trade on all U.S. exchanges with zero-transfer fees for local AED accounts, while Sarwa Crypto is a crypto-trading service where users can buy and sell cryptocurrencies. Sarwa Invest is a hands-off auto-investing service with customized passive globally diversified portfolios. Last August, the company raised $15 million during a funding round. Nadine Mezher, one of the company’s founders, came fifth on Forbes list of “Women Behind Middle Eastern
Tech Brands”.
- Total funding: $25 million
- Industry: Online independent investment platform
- Founders: Nadine Mezher, Mark Chahwan, Jad Sayegh
- Nationality: Canadian, Lebanese, French
- Investors: Mubadala Investment Company, 500 Startups, Kuwait Projects Company (Holding)-KIPCO, Shorooq Partners, Middle East Venture Partners
- Headquarters: U.A.E.
- Date of establishment: 2017
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