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Over $60 Million Fundraising to Support the Ecosystem of 14 Arab Startups in November 2022

Over $60 Million Funds Raised to Support the Ecosystem of 14 Arab Startups in November 2022

Team RasmalbyTeam Rasmal
November 29, 2022
in Funding, News, Startup
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This report, prepared by Rasmal, touches on the list of investments in 14 Arab startups that either received funding or were acquired during the month of November. Our list includes the names of the founders, investors, and the industries of each of these startups, their locations, and the amount of funding given to 12 of them, as the amount of funding for one of the 14 companies was not disclosed, while no details were provided about the only acquisition deal on our list.

The total amount of venture funding granted to the 12 companies that announced the amount of funds raised is estimated at $59.4 million, which provides a boost to the development and support of the MENA startup ecosystem.

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Our list of supporting the ecosystem of the 14 Arab startups tracks the diversity of sectors targeted by investors in the MENA region, with the industries of the supported companies ranging from: 3 companies in the field of fintech, 2 in edtech, and one company each in the proptech, agritech, (SaaS), productivity, artificial intelligence, blockchain, marketplace and energy.

The List shows where these companies are based in Arab countries, with six companies in the United Arab Emirates, three companies in Saudi Arabia, two companies in Egypt and one company each in Morocco, Jordan and Tunisia.

13 investment transactions:

Grinta, Jeel, Proptech Silkhaus, DataLexing, Order Startup Data
Grinta, Jeel, Silkhaus, DataLexing, Order Startup Data

1- Silkhaus

Industry: Real Estate Rental Platform Investment amount: $7,750,000 

Investors: Nuwa Capital, Nordstar Partners, Global Founders Capital, Yuj Ventures, Whiteboard Capital, VentureSouq 

Founders: Aahan Bhojani, Ashmin Varma

Country: United Arab Emirates

2- Baraka

Industry: Fintech platform for commission-free investment

Investment amount: $20,000,000 

Investors: Knollwood and Valar Ventures

Founders: Feras Jalbout

Country: United Arab Emirates

3- Fintech KLAIM

Industry: Providing capital to small and medium healthcare  providers 

Investment amount: $5.000.000

Investors: Knuru Capital

Founders: Karim Dakki, Ghafoor Ahmad

Country: United Arab Emirates

4- Rekt Studios

Industry: TranslateDevelopment of engineering products and designs via blockchain technology

Investment amount: $1.500.000

Investors: Cypher Capital

Founders: Elie Rizek

Country: United Arab Emirates

5- Qashio

Industry: Fintech platform for spending and finance management

Investment amount: $10.000.000

Investors: One Way Ventures, MITAA, Cadorna Ventures, Sanabil 500 MENA, Nuwa Capital, Iliad Partners, Phoenix Investments, Angel Investors, Family offices

Founders: Jonathan Lau, Armin Moradi

Country: United Arab Emirates

6- Order

Industry: Food & Beverage Orders through SaaS

Investment amount: $1.000.000

Investors: Angel Investors

Founders: Faisal AlAnazi, Essam Mohamed

Country: Kingdom of Saudi Arabia

7- DataLexing

Industry: Integrated data-driven productivity platform

Investment amount: $3.000.000

Investors: Sadu Capital, Impact46, Unnamed Investors

Founders: Rayan Alfaheid, Abdulelah Alganas

Country: Kingdom of Saudi Arabia

8- Jeel

Industry: Edtech and entertainment platform for children

Investment amount: $1.100.000

Investors: EdVentures, Nahdet Misr Publishing Group

Founders: Ahmed Sobaih

Country: Kingdom of Saudi Arabia

Qashio, Rekt Studios, Fintech KLAIM, Baraka Startup Data
Qashio, Rekt Studios, Fintech KLAIM, Baraka Startup Data

9- CONIX.AI

Industry: AI-based engineering design technology

Investment amount: $1.300.000

Investors: BIM Ventures

Founders: Yusuf Fahmy

Country: Egypt, UK

10- Grinta

Industry: Pharmaceutical Supply Chain Digitization

Investment amount: $8.000.000

Investors: Raed Ventures, Nclude, Endeavor Catalyst, 500 Global

Founders: Mohamed Azab, Yosra Badr, Ali Youssef, Hamza Mohamed

Country: Egypt

11- SmartProf

Industry: Marketplace for tutoring through edtech practices

Investment amount: $110.000

Investors: UM6P Ventures, Plug and Play, Angel Investors

Founders: Mustapha Faiz, Hamza Faiz, Ali Faouzi

Country: Morocco

12- Beekeeper

Industry: Increasing honey production through agricultural technology

Investment amount: $640.000

Investors: 216 Capital Ventures, Angel Investors, Bridging Angels

Founders: Khaled Bouchoucha

Country: Tunisia

13- Algebra Intelligence

Industry: Software Development for the Energy Sector

Investment amount: Financial details of the investment were not disclosed

Investors: Ibtikar Fund

Founders: Ahmad Altawafsheh, Ala’a Alghwiri, Batool Almallahi 

Country: Jordan

1 Acquisition transactions:

Floward, Algebra Intelligence, Beekeeper, CONIX.AI, SmartProf Startup Data
Floward, Algebra Intelligence, Beekeeper, CONIX.AI, SmartProf Startup Data

14- Floward

Industry: E-commerce platform for selling flowers and gifts

Investment amount: Financial details of the investment were not disclosed

Investors: AbdulaIaziz Loughani

Acquired: Mubkhar Perfumes Company 

Country: Kingdom of Saudi Arabia


Follow us on Instagram, LinkedIn, and Twitter for startup & business news and inspiring stories of MENA businesses, entrepreneurs, startups, innovators, investors, and change-makers.

To report any issue or error in the story, please email us editor [at] rasmal [dot] com.

Tags: FundingNewsSilkhausStartups
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