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.
9th May 2023 Funding and Investment Update:
- Morni, a Saudi Arabia-based mobility solutions platform, has invested in its Egyptian counterpart, Helpoo. Exits.me, a mergers and acquisitions (M&A) advisory firm, mediated the deal, whose value is undisclosed. Helpoo, founded in 2022, provides its consumers in Egypt with a broad range of roadside help and auto insurance services. The Financial Regulatory Authority (FRA) has granted the startup its licence. The deal is part of Morni’s long-term ambition to invest $10 million in Egyptian mobility businesses through Exits.me.
- The Digital Hotelier, a UAE-based travel tech startup, has raised an undisclosed six-figure pre-Seed round from Select Ventures Holding and a group of angel investors from the UAE and Saudi Arabia. The Digital Hotelier, founded in 2022 by Qutaiba Alali and Ali Fouad, provides a software solution enabling guests and tourists to book and pay for hotel services, including room service, spas, dining, and entertainment, among others. The startup’s multilingual solution also caters to hotel apartments and vacation houses that offer short-term stays. The Digital Hotelier intends to use the funds to accelerate product development, broaden its scope and reach, and expand its team.
- Balad, an Egypt-based fintech, has raised an undisclosed seven-figure pre-Seed round led by Acasia Ventures. Other investors in the round included Launch Africa, Future Africa, V&R, Magic Fund, First Circle, Sunny Side, and several family offices. Balad, founded in 2022 by Adham Azzam, Sally Asaad, and Mohamed Assem, is a remittance-driven financial service provider with low transfer fees and rapid delivery of inward remittances using Balad prepaid cards. The funds will be used to establish Balad’s remittance platform, develop its technology, hire new team members, get necessary licences, and finish interfaces with its banking partner.
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 May 13, 2023 by Safiya K
