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.
25th April 2023 Funding and Investment Update:
- GEM Digital Limited (GEM), a digital assets investment firm located in the Bahamas, has increased the amount it is investing in Everdome, a UAE-based metaverse startup, from $10 million to $60 million. GEM’s investment, in the form of a further structured token subscription agreement, will be used to accelerate the development of the startup’s metaverse projects. Everdome will be able to sell up to 200 percent of its average daily volume in tokens across several exchanges to GEM Digital under the terms of the deal, which allows it to control the timing and amount of drawdowns.
- Flyksoft, a booking software provider based in the UAE, received $55K in seed funding from angel investors. Mohammad Ibrahim founded Flyksoft in 2023 to provide an all-in-one solution for managing salon and spa operations. This money will assist the company in achieving its goal of increasing brand awareness and media exposure.
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 April 26, 2023 by Safiya K
