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.
20th July 2023 Funding and Investment Update
1. Digital Payment Services Company HyperPay Acquires Saudi FinTech Company Sanad Cash to Enhance Its Solutions and Services and Facilitate the Automation of Financial Transactions for Individuals and Companies.
Digital solutions and services company HyperPay, announced the acquisition of Saudi financial technology company Sanad Cash, a specialist in business card solutions and expense management, without disclosing the value of the transaction. HyperPay currently provides its services to more than 5,000 companies in 7 countries, and through the recent acquisition, it will provide more comprehensive solutions for companies, as it will allow other financial technology companies to integrate Sanad Cash’s expense management services into their services, and HyperPay indicated in its statement that this strategic step comes within the framework of its vision to enhance its solutions and services, and is a qualitative leap in line with its mission to facilitate and automate financial transactions for individuals and companies, adding that it will cooperate with Sanad Cash in the coming months to integrate Platforms and services of the two companies.
2. Sustainable Mobility Solution One Moto Technologies Secures $40M Investment to Accelerate the Renting of Electric Vehicles Across the UAE.
ONE MOTO Technologies, a leading provider of sustainable mobility solutions focused on decarbonizing the last mile in the UAE, has announced the success of securing a $40 million investment to accelerate the leasing of electric delivery vehicles across the UAE, with ONE MOTO Technologies aiming to drive the transition towards carbon-neutral transportation even further and foster a green future for the UAE by converting 50,000 vehicles by 2025. The company will use the new funding to expand its electric delivery vehicle offerings to customers and establish a strong infrastructure network across the country.
3. Egypt’s Cashless Payments App Flash Closes $6M Seed Round Led by Addition to Enable Egyptians to Conduct Their Financial Transactions Seamlessly via E-Payments.
Egypt’s cashless payments app Flash has closed a $6 million seed funding round. The round was led by Addition, with the participation of Flourish Ventures and a group of strategic investors. The app allows consumers to make purchases using their phones by adding any bank card or digital wallet once and scanning the QR code provided by any company or store or upon delivery and cash on delivery. Companies can accept payments from consumers directly without the need for point-of-sale (POS) systems or the need for technical integration, this comes in line with the financial inclusion strategy adopted by the Central Bank of Egypt, where Flash works to enable Egyptians to conduct their financial transactions smoothly by moving from cash to digital payments, and this funding will be used to enhance the company’s efforts in developing its products and attracting new companies and customers in Egypt.
4. UAE’s Scalo Technologies Raises $3.5M Investments for Mobile Game Publisher Hexacore to Develop Its Web 3 Games.
Dubai-based technology company Scalo Technologies has announced that it has led a $3.5 million investment raising for mobile game publisher Hexacore, which specialises in Web 3 games. The new funding reinforces the expansion of Hexacore’s team, renowned for creating games that have received over 350 million downloads, including Sushi Roll, Blend It 3D and Merge Animals. It will lead to the development of innovative Hexacore mobile games that generate different income methods, including app purchases, cryptocurrencies and lucrative advertising.
5. Jordan’s Innovative Startups and SMEs Fund Invests $2M in the Hambro Perks Oryx Fund to Support and Strengthen the Startup Ecosystem in Jordan.
Jordan’s Innovative Startups and SMEs Fund (ISSF) announced its $2 million investment in the Hambro Perks Oryx Fund to support and strengthen the startup ecosystem in Jordan by investing in various sectors. The $50 million Hambro Perks Oryx Fund focuses on investing in startups in the MENA region and has previously been supported by sovereign funds and investments in the Middle East, the Arabian Gulf and Jordan, and the new investment aims to support startups in Jordan by investing in sectors such as fintech, health technology, e-commerce, logistics and education technology.
6. Saudi Aramco-Owned Wa’ed Ventures Is Leading an Investment Round for UAE-Based Tenderd to Develop the Company’s Industrial Operations.
Wa’ed Ventures, the Kingdom-based venture capital arm of Aramco, has announced that it has led an investment round for UAE-based Tenderd without disclosing the deal’s value. Established in 2018, Tenderd provides a platform that helps companies increase productivity and reduce carbon emissions by monitoring real-time emissions and providing AI-powered analytics, enabling companies in heavy industries such as construction and logistics to benefit significantly from Tenderd.
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 26, 2023 by Safiya K
