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.
9 July 2023 Funding and Investment Update
1. ABO Digital Finances a $200 Million Investment in the Shariah-Compliant Islamic Coin to Structure Its Innovative Products Within the Digital Asset.
Islamic Coin, the Shariah-compliant, ethics-first crypto, has raised $200 million in new funding from ABO Digital, a subsidiary of Alpha Blue Ocean, bringing the total funding it has received to $400 million, surpassing Circle, BlockFi, and Solana. Islamic Coin and the Haqq Network, which powers it meets the aspirations of 1.9 billion Muslims and other users by offering pioneering products and services, empowering the Muslim community with a financial instrument conducive to the digital age. Under the new financing, Islamic Coin will be introduced to the ABO Digital investor network, helping to structure innovative Sharia-compliant financial products that can be used within the digital asset space to provide an alternative financing instrument.
2. NOMU Foodtech Raises $5 Million Seed Round to Develop Its Solutions for SaaS, AI, and Sustainability.
NOMU, the innovative technology platform for food supply chains in the MENA, announced the successful completion of its first round of funding by raising $5 million from some major investors, including DIV Capital, Shorfa, Core Vision, Purity for Information Technology, prominent family offices in KSA such as Altoukhi Family Office and Bakr Family Office and several angel investors. Since its founding in 2022, NOMU has rapidly expanded to four countries – Saudi Arabia, Egypt, Tunisia, and Morocco – and plans to enter 50 new cities by 2025. The funding will grow NOMU’s business in the food service and hotel industries, focusing on restaurants and financing solutions. NOMU plans to develop service software solutions and AI chat in addition to strengthening its significant focus on sustainability and the economics of health units.
3. Emirati Tech Startup Alfii Receives $2.5 Million Pre-Seed to Attract Talent and Build an Automated Platform to Facilitate HR Management.
Emirati tech startup Alfii announced that it had secured $2.5 million in pre-seed funding during an investment round led by venture capital firm Preface Ventures that involved Kayan Ventures, Aditum Ventures and Wayfinders, and a group of angel investors. Alfi was founded in November 2022 by Yousef Albarqawi, Becky Jefferies, and Dina Mohammad-Laity to help growing companies manage their HR workload, with a focus on creating holistic HR, payroll, and payment management solutions, providing a better experience for businesses and employees that eliminates time-consuming administrative work. Funding will be used to expand the team and onboard talent to continue building an automated platform to facilitate HR management.
4. Egyptian Fintech Platform Masroofi Closes a $1.5 Million Investment Round to Support Its Expansion Plans in Egypt and Launch Financial Solutions for Young People.
Egyptian fintech platform Masroofi has successfully closed a $1.5 mn investment round without disclosing its funders and is currently implementing financial policies specifically designed to meet the needs of the Egyptian family and promote financial inclusion for children aged 5 to 15 years in line with the digital transformation directions of the Egyptian government. Founded in 2022 by Mustafa Abdul-Jabbar and Sayed Hosni, Masroofi offers e-payment solutions and services for children and adolescents that enable them and their parents to manage their expenses through Masroofi cards and points without needing cash. The platform will use the funding to support its expansion plans in Egypt and launch new solutions and services for young people in its area of operations.
5. Moroccan Online Real Estate Evaluation Platform Agenz Secures $1.3 Million Pre-Series A to Develop Real Estate Transactions and Accelerate Their Growth.
Moroccan online real estate evaluation startup Agenz secured $1.3 million in funding during the latest pre-Series A investment round, attracting prominent investors including Beenok, Azur Innovation Fund, and Maroc Numeric Fund II. Founded in 2021 by Malik and Badr Belkeziz, Agenz provides comprehensive real estate services that include the valuation of properties using artificial intelligence to make accurate estimates, as the system is supported by databases and market analysis software, making Agenz a reference for real estate buyers and sellers in Morocco, as well as providing curated listings of properties and facilitating access to real estate credit. The new investment will enable the platform to accelerate its growth and revolutionize the real estate sector in Morocco by strengthening its service offerings and making real estate transactions more accessible and efficient for all stakeholders.
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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