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.
3rd August 2023 Funding and Investment Update
1. Saudi FinTech Company Mthmr Closes $1.6M Seed Funding Round to Develop Its Products and Expand Into New Markets.
Saudi FinTech Company Mthmr announced the closing of a USD 1.6 mn seed funding round with the participation of Wa’ed Ventures, Dhahran Trading Group and Le Augure, and some angel investors. Established in 2021 by Abdulrahman Komsani and Abdulrahman Bin Nujaifan, Muthmeer provides a comprehensive tool for individuals to track their expenses and increase their savings. The company also provides the latest deals and offers to help users save and maintain financial balance. The company stated that it would use the new funding in product development by automating the savings process and enhancing the application with artificial intelligence to increase efficiency, improve research, and expand into markets.
2. UAE Oral and Dental Health Platform Udenz Raises $5M Series A Funding to Expand Its Free Services to More Than 50K Dentists in the Region, Contributing to Improved Healthcare.
The UAE’s digital oral health platform UDENZ has successfully raised $5 million in Series A funding, supported by prominent venture capital firms in the UAE. Founded in 2016, UDENZ has grown significantly since then, starting as a platform offering appointment booking services to dentists and then integrating 26 different services into the platform. Thanks to its vast database, UDENZ has nearly 8,000 dentists, making it a valuable resource for patients seeking dental services and doctors seeking to connect with new patients. The funding received by UDENZ will be a golden opportunity to expand its services, increase the number of patients and doctors using the platform, and provide the platform’s services free of charge to more than 50,000 dentists in the region, contributing to improving healthcare in general.
3. Egyptian Medical Technology Platform Rology Receives Funding From Philips Foundation Impact Investments to Expand Healthcare in the Middle East and Africa Region.
Egyptian medical technology platform Rology announced that it had received an undisclosed investment led by Philips Foundation Impact Investments as part of its vision to make high-quality healthcare available to 100 million people annually in marginalised communities by 2030. Founded in Egypt in 2017 by Amr Abu Derea, Bassam Khalaf, Mahmoud El Defrawy and Moaz Hossam, Rology specialises in on-demand remote radiology diagnostic services through its AI-powered platform by linking radiology consultants, hospitals and private centres to address the lack of resources in this field and the consequent delay in issuing diagnostic reports approved by radiology departments. The platform will invest in expanding healthcare in the Middle East and Africa region and accelerate its mission to revolutionise the healthcare sector through the latest technologies.
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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