Welcome to our daily funding update for MENA startups. In this brief, we’ll cover the latest funding news and investments from the region’s vibrant startup ecosystem.
18th April 2023 Funding and Investment Update:
- Hakbah, a Saudi fintech platform that specialises in social savings funds via the rotating savings and credit association (ROSCA) mechanism, announced the closing of a two million US dollar pre-Series A funding round led by Global Ventures with participation from Aditum Investment Management. The investment will be used to strengthen the company’s presence in the Saudi market and to develop its algorithms to provide better solutions for users to help them save, as Hakbah has helped nearly 18K people save over 130M riyals among its 120K verified and registered customers.
- PropTech Company (Ajras) announced the closing of a $533K Pre-Seed funding round with the participation of angel investors. Ajras, which was founded in 2022 by Muath Al-Jubailan, Ahmed Al-Tamimi, Abdullah Al-Qarni, Suhail Al-Tamimi and Suleiman Al-Jarbou, started its operations in the second quarter of this year in Riyadh after obtaining the licence of the General Authority for Real Estate. Through its platform. the company aims to reconcile small and medium companies with properties owners, as (Ajras) allows owners of real estate companies to search for and choose the appropriate properties and submit a rental application, so that the platform studies the application and rents the place from the owner in the event of approval and payment of the annual rent to him, and then (Ajras) collects regular monthly payments from tenants.
That’s all for today’s funding update. Stay tuned for more updates on the MENA startup scene, and don’t forget to subscribe to our newsletter or browse our archives for more news and analysis.
These funding updates were sourced from a press releases and Wamda.com
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Last Updated on April 21, 2023 by Safiya K
