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.
14th August 2023 Funding and Investment Update
1. UAE VC Fund Illuminati Capital Raises $50 Million in Investments to Back Early-Stage Gaming, Blockchain and Web3 Startups.
UAE venture capital fund Illuminati Capital has raised $50 million to support early-stage gaming, blockchain, and Web3 startups. Founded by Vickaash Agrawal, Dhaval Parikh, Muhannad Abulhasan, and Laura K. Inamedinova, Illuminati Capital aims to build a Web3 ecosystem by focusing on multiple sectors, including DeFi finance, blockchain gaming, artificial intelligence technologies, NFT infrastructure, and real-world assets RWA.
2. UAE Sovereign Investment Company Mubadala Raises $76 Million Funding for Nigerian Fintech and Mobility Startup Moove to Support Its Global Expansion.
UAE’s sovereign investment company, Mubadala Investment Company, has led a funding round that secured $76 million in equity and debt for Nigerian fintech and mobility company Moove, which provides financing for cars and taxi drivers, including Uber. Founded in 2020, Moove operates in 13 markets across Africa, the Middle East, Europe, and Asia and has stated that it is the largest Uber vehicle supply partner across Europe, the Middle East, and Africa. It is the second-largest automotive partner in India and operates the largest fleet of electric vehicles by supply hours in the UAE. The new funding consists of $28 million in equity for new and existing investors and $10 million in project debt from funds for accounts it manages and $38 million in previously undisclosed funds over the past twelve months, and Moove will use the funding to expand and strengthen its position globally.
3. Gingo Partners Investor and Startup Services Raise $350,000 in Funding to Help the Entrepreneurial Community.
Gingo Partners, which provides mentorship and outreach services to investors and the startup community, announced it has successfully raised $350,000 in funding from a group of entrepreneurs. Focused on leading the business community, expanding market reach, and enhancing its product offerings to meet the evolving needs of startups and investors, Gingo Partners will allow the company to accelerate its vision of inclusiveness and diversification in venture capital, and capitalize on untapped opportunities within early-stage investments in emerging markets. The funds raised in this round will be strategically allocated to several key areas, including investment and funding, where Gingo Partners will intensify its assets to support the best teams, and the investment will be directed to the strategic management of the entrepreneurial community and content creation to provide startups with the essential fundraising tips.
4. Pharmacies’ Egyptian E-Commerce Platform Grinta Acquires Auto Cure to Provide Customer-Focused Solutions and Meet Their Requirements.
Grinta, the Egyptian e-commerce platform designed to cater to pharmacies in Africa and the Middle East, announced the acquisition of Auto Cure, a platform specialized in B2B transactions for pharmacies in Egypt, without disclosing the deal’s details. Founded in 2022 by Mohamed Rizk and Amr Kamel, Grinta is a new acquisition that contributes to the company’s objectives of providing customer-centric solutions and meeting their requirements through data collection and analysis, and Grinta offers the opportunity to leverage financial technologies to improve the pharmaceutical supply chain in Egypt and abroad. Auto Cure services support pharmacists by providing a comprehensive view of the supply in the market, enabling them to get the best prices, buy their supplies and receive them in one shipment containing all their needs. Auto Cure has succeeded in delivering more than 5,000 orders and provided services to more than 450 pharmacies during the past eighteen months. Grinta has previously acquired two companies, PH store, a platform with the same activity in Egypt, and EME, a software development company. As a result, the company has expanded significantly in nine governorates, serving more than 7,000 pharmacies and delivering more than 200,000 orders.
5. Emirati Health Tech Startup Onex Raises a $1.2 Million Pre-Seed Funding Round Led by the Hambro Perks Oryx Fund to Develop Its AI, Data Analytics and Technologies.
Emirati health tech startup Onex has announced that it has raised $1.2 million in a pre-seed funding round led by Hambro Perks Oryx Fund and participation from Techstars, HVB, PAX, and Aumet. Founded in Abu Dhabi and Jordan, Onex employs technology tools to connect healthcare companies with relevant partners worldwide, including healthcare manufacturers and distributors. The new funding advances Onex’s AI, data analytics, and IT technologies to meet the needs of its customers looking for robust, sustainable, and successful supply chain operations.
6. Wadaie Fintech Platform Reaps Pre-Seed Funding Led by Rzm Investments and Bunat Ventures to Develop Its Platform and Enhance Reach to Target Customers.
Wadaie, a fintech and depositor-banking platform, has closed a pre-seed funding round led by Razem Investments, Ventures Builders and a group of angel investors. Established in 2022 by Abdullah Al-Andas, Rayan Al-Tuwaijri, and Abdulrahman Al-Hawas, Depositors aims to create a distinct experience for depositors by enabling them to obtain the highest returns for time and savings deposits that are compatible with Islamic Sharia and flexible without the need to open new bank accounts in different banks. Deposita also facilitates banks’ access to new markets and a broad customer base to enable them to have diversified sources of liquidity without the need to increase the operational cost of the bank’s sector infrastructure, and the new investment represents an important step for the company in developing its platform and enhancing access to target customers.
7. Palestinian AI Data Training Company Data Queue Closes an Investment Round Led by Ibtikar Fund to Support Its Technologies and Invest in Research and Development.
Palestinian AI data training company Data Queue has closed an undisclosed investment round through an Ibtikar fund. Founded in 2021 by Bashir Saifi, the startup offers AI data training services through its platform, which allows companies and organizations to access a wide range of detailed and titled data to train their AI and machine learning models. Data Queue will invest the group’s funds in developing its technologies and investing in R&D to enhance its capabilities and expand its customer base.
8. Tenami Capital Invests in Saudi E-Commerce Platform for Selling Perfumes Golden Scent.
Dubai International Financial Centre (DIFC) based Tenami Capital has announced the completion of its most significant investment deal in Saudi e-commerce platform Golden Scent, which focuses on selling perfume products in the region, without disclosing the value of the transaction. Founded in September 2014 under the leadership of Malik Al Shehab and Ronnie Frolich, Golden Scent has gradually expanded into the GCC and the region until its products reach more than 80 countries worldwide through its warehouses in Saudi Arabia and the UAE. The company notes that it has attracted two million shoppers since its inception, and its platform attracts millions of visitors per month, offering more than 20,000 types of perfumes from more than 1,000 brands – including more than 100 Saudi brands.
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 August 14, 2023 by Safiya K
