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.
10th June 2023 Funding and Investment Update:
1. KSA’s Auto Parts Startup Autobia Raises $2.5 Million in Seed Funding to Support Its Growth in the Kingdom and Attract Talent to Develop Its Digital and Logistics Infrastructure.
Sadu Capital, WAED Ventures, Raz Holding Group, The Riyadh Techstars Accelerator, and some angel investors led a $2.5 million seed round for Autobia, a Saudi auto components, and after-sales service company. Autobia, founded in early 2021 by Imad Daghriri and Ahmed Al Aufi, is rebuilding the Kingdom’s after-sales and auto parts business with an intelligent application available to all retailers and automobile repair shop owners. The new funding will help the company support its expansion in the Kingdom and expand into new and parallel areas of the aftersales and vehicle components sectors, with a stronger emphasis on acquiring talent and developing digital and logistics infrastructure.
2. Omani Data Analytics Platform Bayanat Closes Seed Funding Round Led by Sanabil 500 Mena to Develop Its Products and Technologies and Support Its Plans for Rapid Growth Within the Saudi Market.
Byanat, an Omani data analytics platform, has closed its first seed round of funding, led by Sanabil 500 MENA, Omantel, Al Jabr MENA accelerator, and some angel investors. Byanat, founded in 2022, provides data analytics software and SaaS solutions and services to various enterprises and organizations by growing and sustaining communication infrastructures by bringing connectivity management, monitoring of devices, and data analytics together in one place. The platform will use the investment in product and technology development to enter the Saudi market and support its quick expansion goals.
3. HashMove Logistics Solutions Receives Pre-Series A Funding Led by Bunat Ventures to Expand Its Logistics Business and Develop Its Innovative Solutions Across Its Various Channels.
HashMove logistics startup stated that it had received pre-Series A funding from Bunat Ventures and a consortium of Saudi investors without disclosing the amount. Rayan Al Bakri, Servaz Alm, and Noman Mohammed established HashMove in 2017, intending to provide integrated logistics solutions in one place. HashMove began operations in the UAE and recently relocated its headquarters to Riyadh, Saudi Arabia. According to the company’s statements, it has attracted more than 900 logistics service providers from 90 countries worldwide, providing a platform that combines air, sea, and land cargo service providers, customs clearance services, and storage, as well as the ability to book shipping operations efficiently and swiftly, trace the movement of goods from beginning to end. The new capital will allow the company to expand its logistics operation and provide more intelligent services and solutions through numerous channels.
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 10, 2023 by Safiya K
