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.
13th July 2023 Funding and Investment Update
1. UAE’s Advanced Technology and Defence Group EDGE Acquires OryxLabs Cyber Security Company to Provide Innovative Solutions for Cyber and Online Hacking Problems.
UAE’s advanced technology and defense group EDGE has announced the acquisition of Abu Dhabi-based cybersecurity company OryxLabs. Founded in 2020, OryxLabs offers customized cybersecurity solutions to protect its customers from cyber threats and hacking and currently delivers three of its products: Vulncano, which is used to detect malicious actors and vulnerabilities within entities and system, the external attack surface monitoring platform Discovery, and Firewall DNS, which protects against dangerous websites. Founded in 2019 by Mansoor Al Mulla, EDGE is expanding its portfolio and providing advanced solutions to address cybersecurity issues locally and internationally, such as its new acquisition of cybersecurity company OryxLabs.
2. UAE-Based Digital Healthcare Company Alma Health Raises $10M Series A Round to Expand Into New Markets and Attract Talent.
Emirati direct-to-patient digital healthcare company Alma Health raised $10M during a Series A funding round led by Knuru Capital, Hambro Perks and Oryx Fund. Founded in 2021 by Khaldoun Bushnaq and Tarek Al-Siksik, Alma Health provides technological healthcare solutions for people with chronic diseases, as the platform enables digital health services such as e-consultations, ordering laboratory tests at home, automatic renewal of prescriptions, and delivery of medicines to patients. The company currently operates in the UAE, KSA and Egypt. It plans to use the new funding to increase its presence in Saudi Arabia and expand into new markets, continuing to attract the best talent to become one of the leading healthcare companies specialized in managing chronic conditions.
3. UAE’s Platform Revibe Closes a $2.3M Investment Round to Accelerate Its Refurbished Electronics Marketplace Growth.
UAE’s refurbished-electronics startup Revibe closed a $2.3M investment round led by Flat6Labs and France’s Resonance fund, with the participation of Techmind and Financiere Saint James. Abdul Samad Bin Zakour and Hamza Iraqi founded Revibe in 2022 with the goal of meeting the market’s demand for refurbished used electronics. Revibe offers refurbished smartphones, laptops, and tablets at discounts ranging from 30% to 70%, and it plans to use the new funding to hasten its expansion in the MENA region.
4. Egypt’s Investment Platform Exits MENA Raises Its Total Capital to $1.25M in Latest Funding Round to Support Its Growth and Service Development.
Egyptian leading investment platform Exits MENA announced an increase in its total capital from investors to $1.25M following an investment round involving the US Practical VC. Exits MENA offers startups a unique mix of investment banking services via its online platform EXITS. ME and the MENA financing and mergers and acquisition advisory service for SMEs in the MENA region, enabling entrepreneurs to anonymously market their ventures to investors registered on the platform and access a wide range of services to improve investment or exit readiness and enhance their chances of success, since its pilot launch, Exits MENA has been able to close 6 deals worth more than $10 million. The platform aims to expand its reach and enhance its services through the use of the securities promotion and sponsorship licence it recently received from the Egyptian Financial Supervisory Authority (FRA), becoming the first fintech investment platform in the region that connects startups and SMEs with acquirers and investors.
5. US-Based Tech-Enabled Veterinary Practice Operator Mascotte Health Secures $1.2M Pre-Seed Round to Develop Tech Solutions Serve the Veterinary Sector.
US-based tech-enabled veterinary practice operator Mascotte Health has unveiled the closing of a pre-seed funding round in which it raised $1.2M led by Nuwa Capital and the participation of angel investors from Uber, Turo, and Airbnb. Mascotte Health provides tech solutions for veterinary clinics to improve customer experience, automated triage, and placement. It employs trained, licensed veterinarians and nurses to be seconded to partner clinics, reducing pressure on veterinary clinic cadres and avoiding hiring new staff. Mascotte Health plans to expand its services to help the veterinary sector with more tech solutions. It is implementing an app for partner clinic clients to enable them to access round-the-clock veterinary care.
6. Egyptian Digital Savings Platform Menthum Secures Pre-Seed Funding to Build Its Brand, Digital Infrastructure, and Expand its Customer Base.
Egypt’s digital savings platform Menthum announced the closing of an undisclosed pre-seed funding round led by Egyptian venture capital firms A15 and Acasia Ventures and the participation of angel investors. Menthum was launched in November last year as a solution that dispenses with traditional cash funds that need to open a bank account, suffer from pressure on the service, require regular visits to banks, and long periods during purchases and redemptions, as the platform seeks to overcome these challenges by providing a simple investment experience for everyone. Menthum is a B2B and B2C digital savings platform that offers an innovative digital savings application that allows investing in secure treasury bonds through the Money Market Fund, providing the first safe and fast digital money market fund in Egypt instead of traditional savings accounts for individuals and companies. Menthum intends to use the pooled funding to build a strong brand, develop the digital infrastructure for its application, and expand its customer base.
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 13, 2023 by Safiya K
