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.
5th July 2023 Funding and Investment Update
1. Moroccan Fintech and E-Commerce Platform Chari Raises $1.5 Million in Funding Led by Verod-Kepple Africa Ventures to Expand Its Financial Services in Africa.
Moroccan fintech and e-commerce platform Chari have received $1.5 million in funding from Verod-Kepple Africa Ventures. Founded in 2020 by Ismail Belkhayat and Sofia Alaj, the Chari platform allows retailers, stores, and B2B businesses to order and receive their goods in less than 24 hours, and the platform also offers many other financial services that allow its customers to run their businesses and apply for small loans. VKAV partner Ryosuke (Rio) Yamawaki will be treated as a strategic advisor to help Chari strengthen its commitments to digitising the informal retail sector and driving economic growth in the region. It will also leverage funding to expand into Africa and offer more financial services.
2. Saudi Accelerator VMS Acquires a Minority Stake in Egypt’s Cash Cows to Launch a Joint Platform to Exchange Ideas, Collaborate, and Support Startups in Both Countries.
Saudi accelerator VMS announced the acquisition of a minority stake in Egypt’s Cash Cows without disclosing the deal’s value as part of a strategic partnership agreement to bridge the gap between the Saudi and Egyptian markets. According to the company’s statement, the agreement includes the launch of a joint platform for the exchange of ideas and cooperation between them, which helps startups, investors, and entrepreneurs to make decisions, as the partnership contributes to building a bridge between Egypt and Saudi Arabia for startups, expanding the scope of operations of the two companies and discovering more opportunities, in addition to supporting the capabilities of startups to grow based on the mix of expertise resulting from the partnership. Cash Cows has a portfolio of startups, including CheckMe, GoFuel, HealthTag, CowPay, and IQ, and will enhance this list through VMS partners, including ETTAR, Dawafast, CHART, Mobelia, and iSchool.
3. UAE Digital Logistics Platform Transportr Raises Eight-Figure Seed Funding for Growth in the UAE and Expansion in Saudi Arabia.
UAE’s digital logistics platform Transportr has completed its eight-figure seed funding round led by Ittihad Ventures Holding, the VC arm of Ittihad International Investment and Industrial Capital Group. Since its inception less than three years ago, Transportr has operated as a digital freight marketplace that provides comprehensive services linking shippers and carriers to transport goods efficiently, transparently, and affordably, as the company has embarked on building a complete digital logistics system in the UAE that can be expanded to the broader MENA region. One of the platform’s main features is the ability to quickly compare prices from multiple carriers, enabling shippers to make informed and timely decisions regarding options for Their shipping, which stimulated transparency and competition and helped reduce business costs. The Transportr team is preparing for the Series A funding round to be used for the company’s growth in the UAE and expansion into Saudi Arabia.
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 July 5, 2023 by Safiya K
