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.
28th September 2023 Funding and Investment Update
1. Advertising Technology Company ClearPier Acquires UAE’s MQuest Group for $35 Million to Expand Into the Gulf Region and Europe.
ClearPier, one of the world’s leading advertising technology companies, has announced the acquisition of UAE’s MQuest Group for $35 million. MQuest Group, a leading data-driven marketing group, is building an innovative customer acquisition engine that bridges the gap between advertisers and consumers with high buying intent. The deal is the latest in a series of strategic acquisitions for Clearpier, starting with its purchase of advertising technology company PubPlus for $60 million in May 2022, followed by two deals in late 2022 in which Cygobel was acquired for $40 million and Hang My Ads for $35 million. ClearPier has been expanding its global data- and technology-driven marketing capabilities to serve customers. With the acquisition of MQuest, it is strengthening its offerings not only in North America but also across the GCC and Europe, with the company’s current work in 17 countries, with more regions joining in the coming period. MQuest will remain an independent company within the ClearPier Group, managed by MQuest’s current Board of Directors.
2. African VC Firm P1 Ventures Closes a Round of Its Second Fund With $25 Million Funding to Back the High-Tech Industry.
African venture capital firm P1 Ventures has announced the initial close of its second $25 million fund. This financial support came from some of the continent’s most prominent industry groups, private companies and investment funds from the United States and Europe. The company looks forward to a final close of its fund early next year. Founded in 2020 by Mikael Hajjar and his partner Hisham Halbouni, P1 Ventures has allocated investments from its first fund of $11 million to support 24 startups with a focus on advanced technology sectors such as e-commerce and fintech, and the company is showing increasing interest in the AI sector as it made its first investment in this sector by supporting the Zambian startup Nkoloso.ai which works to exploit artificial intelligence to track farmland using satellite images.
3. UAE Web 3 Gaming Platform Fanzword Secures $1.2 Million Pre-Seed Funding Led by XVC Tech for Regional Expansion.
Dubai-based football fan engagement platform Fanzword has secured $1.2 million in pre-seed funding led by the $125 million XVC Tech fund that supports early-stage Web 3 companies and other angel investors from the region. Fanzword was founded in 2021 by Ibrahim Al Mahdar and Amr El Beheiry, who aimed to create a virtual stadium that enables fans to follow their beloved teams and connect, interact and earn massive rewards. Fanzword has emerged as the perfect platform for enthusiastic fans, with over 250,000 downloads, 15 million amazing predictions and a 4.7/5 rating on the Apple Store and Google Play, earning it a position as a favourite destination for football fans. The emerging platform stated in its statement that it is committed to evolving with XVC Tech by its side, making the future brighter than ever, as this investment ensures Fanzword’s regional expansion, enabling it to be a Web 3 gaming destination in the Middle East.
4. Emirati Cybersecurity Firm Cypherleak Closes a $750,000 Seed Funding Round to Start Its Expansion Plans in the Middle East and Africa.
UAE cybersecurity firm Cypherleak has closed a $750,000 seed funding round led by investors from inside and outside the UAE with the participation of Maroc Numeric Fund II and Qatar Insurance Company. Founded in the UAE in 2022, Cypherleak provides surveillance and intrusion protection services and products to the business sector, especially to small and medium enterprises, providing them with tools to track their leaked information and passwords on the public web and Dark Web, as well as vulnerability analysis and control services, and the company will use the funding it has raised to enforce its expansion plans in the Middle East and Africa.
5. Web 3 Startup Cultos Global Raises Funding to Expand in the UAE and India.
Dubai-based Web 3 startup Cultos Global has successfully raised undisclosed funding during its latest investment round. The funding round saw the participation of significant investors, including Samir Mehta, Founder and CEO of Butt; Tarun Katyal, Founder and CEO of Koto; Ashwath Bhat, Chief Financial Officer at Fractal Analytics, and Vijay Ratnabarkesh, President of Bosch Group Southeast Asia, who will also join the company’s advisory board. Cultos Global empowers brands by equipping them with the tools to create their brand code and reward systems quickly, and this approach improves efficiency, conversion rates and increases brand sales. This investment will enable Cultos Global to expand and engineer its products in the UAE and India, facilitate the integration of cutting-edge features into its platform, and continue changing how brands interact with their customers.
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 September 28, 2023 by Safiya K
