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 May 2023 Funding and Investment Update:
- Jordan Payment and Clearing Systems Company (Jopac) signed an agreement with Rainmaking Innovation to establish the FinTech Center’s (Gwen) first FinTech incubator program. As the Gwen Centre works to support entrepreneurial ideas and startups in the fintech sector within Jordan’s local entrepreneurship ecosystem, the new incubator will provide entrepreneurs and innovators with access to infrastructure, secure testing space, and specialised systems that will allow them to test their products and services in fintech.
- Wusool, a cloud-based and digital payments firm based in Saudi Arabia, has closed a US$3.2 million seed round led by Khallab Investment firm and a group of investors. Wusool was founded in 2020 as the first Saudi platform for digital transformation in the retail sector to achieve Vision 2030 goals of digital transformation and economic growth in the KSA.
- Raed Health, a Saudi healthcare startup licensed to provide treatments remotely within the Kingdom, has raised a million US dollar financing round led by Merac Capital. Raed Health, founded in 2021, serves clients directly by providing and making general health and fitness items. The new funds will be used to expand the production capacity of the startup’s services, particularly the telemedicine service NoDiet and the provision of wellness items to assist persons in losing weight.
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 19, 2023 by Safiya K
