Rasmal
  • Home
  • News
    UAE’s Financial Savings Platform Sav Raises $750,000 Pre-Seed Round

    UAE’s Financial Savings Platform Sav Raises $750,000 Pre-Seed Round

    Baims raises $4M Series A

    EdTech Platform Baims Raises $4M in Series A Round

    Flat6Labs launches ‘StartMashreq’ initiative to support entrepreneurs across the Levant region

    Flat6Labs Launches StartMashreq Program to Support Entrepreneurs in Jordan, Lebanon, and Iraq

    Noon and Namshi Unite Into One Entity

    Noon and Namshi Unite Into One Entity

    Bahrain’s Procural B2B Procurement Platform Closes $1.2M in Seed Funding

    Bahrain’s Procural B2B Procurement Platform Closes $1.2M in Seed Funding

  • Resources
    Improve your Time Management Skills

    How to Improve your Time Management Skills: Everything you need to know

    Why Has ChatGPT Revolutionized the Uses of AI

    Why Has ChatGPT Revolutionized the Uses of AI?

    Top 9 Middle Eastern Fintech Anticipated to Grow in 2023

    Top 9 Middle Eastern Fintech Anticipated to Grow in 2023

    What Opportunities Exist for Startups to Expand in 2023 With the potential for an Economic Recession

    What Opportunities Exist for Startups to Expand in 2023 With the potential for an Economic Recession?

    Can startups help to solve Africa's food and climate crises?

    Can Startups help to solve Africa’s Food and Climate Crises?

  • About us
  • Services
    • What we do
    • Startup Resources
  • Contact us
  • العربية
No Result
View All Result
Get Started
Rasmal
  • Home
  • News
    UAE’s Financial Savings Platform Sav Raises $750,000 Pre-Seed Round

    UAE’s Financial Savings Platform Sav Raises $750,000 Pre-Seed Round

    Baims raises $4M Series A

    EdTech Platform Baims Raises $4M in Series A Round

    Flat6Labs launches ‘StartMashreq’ initiative to support entrepreneurs across the Levant region

    Flat6Labs Launches StartMashreq Program to Support Entrepreneurs in Jordan, Lebanon, and Iraq

    Noon and Namshi Unite Into One Entity

    Noon and Namshi Unite Into One Entity

    Bahrain’s Procural B2B Procurement Platform Closes $1.2M in Seed Funding

    Bahrain’s Procural B2B Procurement Platform Closes $1.2M in Seed Funding

  • Resources
    Improve your Time Management Skills

    How to Improve your Time Management Skills: Everything you need to know

    Why Has ChatGPT Revolutionized the Uses of AI

    Why Has ChatGPT Revolutionized the Uses of AI?

    Top 9 Middle Eastern Fintech Anticipated to Grow in 2023

    Top 9 Middle Eastern Fintech Anticipated to Grow in 2023

    What Opportunities Exist for Startups to Expand in 2023 With the potential for an Economic Recession

    What Opportunities Exist for Startups to Expand in 2023 With the potential for an Economic Recession?

    Can startups help to solve Africa's food and climate crises?

    Can Startups help to solve Africa’s Food and Climate Crises?

  • About us
  • Services
    • What we do
    • Startup Resources
  • Contact us
  • العربية
No Result
View All Result
Rasmal
No Result
View All Result
Unicorn Startups in the MENA region

Unicorn Startups List

Unicorn Startups in the MENA region

In this blog post, we will take a look at some of the most successful unicorn startups in the Mena region, and explore what makes them so successful.

Team Rasmal by Team Rasmal
February 16, 2023
in List, Startup
0
Share on FacebookShare on Twitter

You might also like

Baims raises $4M Series A

EdTech Platform Baims Raises $4M in Series A Round

March 21, 2023
Noon and Namshi Unite Into One Entity

Noon and Namshi Unite Into One Entity

March 13, 2023

“Businesses owned by responsible and organized merchants shall eventually surpass those owned by wealthy rulers.”
Ibn Khaldun.

The MENA region is facing an astounding growth in investments in the technology industry. A key movement to increase the number of unicorn startups

Being a privately owned business and having a valuation of over $1.00 billion is so unique and rare that Aileen Lee called that a unicorn. She is the founder of Cowboy Ventures, a seed-stage venture capital fund based in Palo Alto.

Back in 2013, she published an article called “Welcome To The Unicorn Club: Learning From Billion-Dollar Startups”. There she talks about the likelihood of a startup achieving a billion-dollar valuation.

With the data she gathered by that time, she concluded that only 0.07% of startups get to that landmark. Hence the unicorn label. The term gained such popularity that, nowadays, is used worldwide.

There are unicorn startups in the MENA region too. Have a look at this list.

List of Unicorn Startups in the MENA Region 

Unicorn Startups Infographic in English
Unicorn Startups Infographic in English | Date as of Dec. 2021

Just like Aileen Lee explained in her famous article, the majority of unicorn startups are related to cloud-based software and similar technologies. After checking out our list, you will see that hasn’t changed that much.

1. Emerging Markets Property Group

Emerging Markets Property Group
Emerging Markets Property Group
  • Founders Name: Kevin Gormand and Kian Moini
  • Industry: Classifieds
  • Founded In: 2015
  • Date Joined: 4/28/2020
  • Country: United Arab Emirates
  • City: Dubai
  • Valuation ($B): $1.00 
  • Select Investors: OLX Group, KCK Group, EXOR Seeds
Emerging Markets Property Group Team
Emerging Markets Property Group Team Image Source: EMPG

EMPG (short for Emerging Markets Property Group) is well-known for its ability to expose classifieds on its portals. With a high traffic volume, advertisers can assure they will be seen in emerging markets. 

2. Kitopi

kitopi logo
kitopi logo
  • Founders Name: Mohamad Ballout, Saman Darkan, and Bader Ataya
  • Industry: Supply Chain, Logistics, & Delivery
  • Founded In: 2018
  • Date Joined: 07/01/2021
  • Country: United Arab Emirates
  • City: Dubai
  • Valuation ($B): $1.55
  • Select Investors: CE-Ventures, BECO Capital, Nordstar
Kitopi team
Kitopi team Image source: Caterermiddleeast

Kitopi is one of those examples of how the cloud can impact our lives directly. This company uses technology to maximize efficiency in the kitchen. They serve restaurants with an operating system that provides a collection of apps to cover different aspects of the kitchen work.

3. STC Pay

STC Pay logo
STC Pay logo
  • Founders Name: Abdulkarim Giraud, Abdulqader Alharbi, Abdulrahman Alageel, Ahmed Alenazi, Ananoud Babagi, Ayman Fallatah, Fahed Alsagaby, Iyas Alhabib, Khalid Algarni, Saad Almuhana, and Talal Alqahtani
  • Industry: Fintech
  • Founded In: 2018
  • Date Joined: 11/22/2020
  • Country: Saudi Arabia
  • City: Riyadh
  • Valuation ($B): $1.30
  • Select Investors: Western Union
stc pay team
stc pay team | Image Source: stcpay.com.sa

STC Pay is a Saudi digital payment company that brings financial solutions both for end-users and businesses. Companies can boost their growth by using a payment platform that eases the payment process for goods and services. On the other hand, individuals can easily manage their money, avoiding banking hassles.

4. Yalla Group

Yalla Group logo
Yalla Group logo
  • Founders Name: Tao Yang
  • Industry: Social Network
  • Founded In: 2016
  • Date Joined: 09/30/2020
  • Country: United Arab Emirates
  • City: Dubai
  • Valuation ($B): $1.00
  • Select Investors: SIG China, Orchid Asia Group Management, Hongfan Capital
Saifi Ismail Director and President Yalla Group
Saifi Ismail Director and President Yalla Group | Image Source: theglobaleconomics.com

Yalla is a social networking and entertainment platform tailored for cultures in the MENA region. It is a great application for people to hang around with friends and family. The app also offers board games like ludo, domino, parchis, and other services.

5. Swvl

Swvl logo
Swvl logo
  • Founders Name: Mostafa Kandil, Mahmoud Nouh, and Ahmed Sabbah
  • Industry: Transportation
  • Founded In: 2017
  • Date Joined: 07/28/2021
  • Country: United Arab Emirates
  • City: Dubai
  • Valuation ($B): $1.50
  • Select Investors: VNV Global
Swvl team
Swvl team Image Source MENAbytes

Swvl is a transportation service that claims to save its customers time and money with their fixed rate rides. They also aim to provide a comfortable trip on its buses and vans working on the networks they operate. Even though it is based in Dubai, Swvl operates in 115 cities across Europe, Africa, Asia, the Middle East, and Latin America.

6. Fawry

Fawry logo
Fawry logo
  • Founders Name: Ashraf Sabry, and Mohamed Okasha
  • Industry: Banking, Finance
  • Founded In: 2008
  • Date Joined: 08/19/2020
  • Country: Egypt
  • City: Cairo
  • Valuation ($B): $1.40
  • Select Investors: Alsoug, Brimore, Elmenus, Bosta
Ashraf Sabry Founder & CEO Fawry
Ashraf Sabry Founder & CEO Fawry | Image Source: fawry.com

Fawry is a banking and financial solution for anyone in Egypt. By using its app, anyone can perform several operations such as payments, collections, reconciliations, settlements, new contracts, and subscriptions. Users can pay their bills and services online, using ATMs, mobile wallets, and retail points.

7. Careem

Careem Logo
Careem Logo
  • Founders Name: Magnus Olsson, Abdullah Elyas, and Mudassir Sheikha
  • Industry: Transportation
  • Founded In: 2012
  • Date Joined: 12/19/2016
  • Country: United Arab Emirates
  • City: Dubai
  • Valuation ($B): $3.10
  • Select Investors: Kingdom Holding Company, Didi
Careem Team
Careem Team Image Source: Brandsynario

Careem offers a SuperApp where customers can find transportation, delivery, and payment solutions. When using Careem Pay, users can pay for their rides, and food orders or send money to family members. They also have a fidelity program where customers can redeem their points for goods or make donations. Currently, they are present in more than 100 cities from Morocco to Pakistan.

Some more promising startups from the MENA region

Lately, many investors both from the West and the Far East have been paying attention to the entrepreneurship ecosystem in the MENA region. That’s only natural because of the promising startups that are offering great solutions while growing steadily. These are some of them.

1. MNT-Halan

MNT-Halan Logo
MNT-Halan Logo
  • Founders Name: Mounir Nakhla
  • Industry: Banking, Finance
  • Founded In: 2017
  • Country: Egypt
  • City: Cairo
  • Select Investors: Development Partners International, Apis Partners
MNT-Halan Team
MNT-Halan Team | Image Source: mnt-halan.com

MNT-Halan is a multiservice company that offers business and consumer lending, a digital payment platform, and logistic services. They are revolutionizing the microfinance world by bringing finance solutions to the unbanked who can benefit from several lending services.

2. Edita Food Industries

Edita Food Industries Logo
Edita Food Industries Logo
  • Founders Name: Hani Berzi
  • Industry: Food, Beverage
  • Founded In: 1996
  • Country: Egypt
  • City: Ramadan City
  • Select Investors: Actis
Edita Food Industries Team
Edita Food Industries Team | Image Source: medias24.com

Just like they say, Edita is “a leader for the snack industry in the Middle East and North Africa. They offer a wide range of snacks like cakes, bakery, rusks, wafers, candy, and biscuits. Nowadays, they are present in more than 17 markets across the MENA region being West Bank, Iraq, Libya, and Morocco the largest ones.

Also Read: 10 Most Funded Startups in the Middle East 2022

3. MaxAB

MaxAB Logo
MaxAB Logo
  • Founders Name: Belal EL-Megharbel, and Mohamed Ben Halim
  • Industry: E-commerce
  • Founded In: 2018
  • Country: Egypt
  • City: Cairo
  • Select Investors: RMBV, Beco Capital, Crystal Stream Capital
MaxAB Team
MaxAB Team | Image Source: waya.media

MaxAB offers an e-commerce platform where retailers and suppliers can solve their food and groceries needs. While retailers simplify business by finding what they need in one place, suppliers can “predict, monitor, and control the impact of their strategies in real-time.” MaxAB mainly operates in Egypt and Morocco.

4. Vezeeta

Vezeeta Logo
Vezeeta Logo
  • Founders Name: Ahmed Badr, and Amir Barsoum
  • Industry: Healthcare
  • Founded In: 2012
  • Country: Egypt
  • City: Cairo
  • Select Investors: Gulf Capital, International Finance Corporation
Vezeeta.com Team
Vezeeta.com Team| Image Source: techcrunch.com

Vezeeta eases the process of making an appointment with a medical specialist with their healthcare booking platform. Users can choose from more than 40 specialties, get the advantages of telemedicine, and ask a doctor for a home visit. They offer this service to people living in Egypt, KSA, Jordan, Lebanon, Kenya, and Nigeria.

5. Fetchr

Fetchr Logo
Fetchr Logo
  • Founders Name: Idriss Al Rifai, and Joy Ajlouny
  • Industry: Supply Chain, Logistics, & Delivery
  • Founded In: 2012
  • Country: United Arab Emirates
  • City: Dubai
  • Select Investors: CMA CGM, Beco Capital, New Enterprise Associates, NGP Capital
Fetchr Team
Fetchr Team | Image Source: wamda.com

Fetchr is a company focused on giving logistic solutions to its customers. They target e-commerces, B2B businesses, entrepreneurs, startups, SMEs, and anyone looking for integrated supply chain services. Fetchr uses high-tech such as drone deliveries, self-driving cars, robotization, augmented reality, artificial intelligence, and other advanced logistics technology to serve the Middle East and beyond.

6. Souqalmal

Souqalmal Logo
Souqalmal Logo
  • Founders Name: Ambareen Musa
  • Industry: Banking, Finance
  • Founded In: 2012
  • Country: United Arab Emirates
  • City: Dubai
  • Select Investors: Riyad TAQNIA Fund (RTF)
Souqalmal Team
Souqalmal Team | Image Source: entrepreneur.com

Soulaqmal is a money market where customers can compare different financial solutions from personal loans, credit cards, and mortgages to insurance, bank accounts, loans for cars, and more. They are present in UEA, Saudi Arabia, and Bahrein. What’s great about this platform is the unbiased information they offer to empower customers from the MENA region.

7. Tamatem

Tamatem Logo
Tamatem Logo
  • Founders Name: Eyad Al Basheer, Hussam Hammo, and Sohaib Thiab
  • Industry: Gaming
  • Founded In: 2013
  • Country: Jordan
  • City: Amman
  • Select Investors: MSA Novo, Krafton, Wamda Capital
Tamatem Team
Tamatem Team | Image Source: techcrunch.com

Tamatem is a game publisher for the MENA region. In 2013, they saw a market opportunity in the game industry for the Arabic-speaking world. Given the lack of games tailored for the region, they stepped in to customise games for Arab countries. Since then, they have released more than 50 games and keep striving to bring the best of the gaming industry to the MENA region.

Also Read: Top 10 Emerging Blockchain Startups in the Middle East Making Significant Strides

8. Elves

Elves Logo
Elves Logo
  • Founders Name: Abdel Rahman El-Zohairy, Abeer Elsisi, and Karim Elsahy
  • Industry: Travel
  • Founded In: 2013
  • Country: Egypt
  • City: Cairo
  • Select Investors: Sawari Ventures, Intelak Hub
Elves Team
Elves Team | Image Source: adigitalboom.com

Elves offer an app to make things easier for traveling and exploring Egypt safely. This app serves as a channel where travel experts guide users to plan their adventures around Egypt. Elves solve common issues travelers are used to having like language barriers, scattered resources, lack of information, and more.

9. Yaoota

Yaoota Logo
Yaoota Logo
  • Founders Name: Mohamed Ewis, and Sherif ElRakabawy
  • Industry: E-commerce
  • Founded In: 2013
  • Country: Egypt
  • City: Cairo
  • Select Investors: KBBO Group
Yaoota Team
Yaoota Team | Image Source: meobserver.org

Yaoota is a big marketplace working online. Users can surf the website to look for a certain article and compare prices from different suppliers in Egypt. With a meticulous filter, they choose certain online stores to inform customers what their options are. In a way, Yaoota works as a search engine for buying items online.

10. Wuzzuf

Wuzzuf Logo
Wuzzuf Logo
  • Founders Name: Ameer Sherif
  • Industry: Human Resources
  • Founded In: 2009
  • Country: Egypt
  • City: Cairo
  • Select Investors: European Bank of Reconstruction and Development, Endure Capital, VNV Capital
Ameer Sherif Founder & CEO of Wuzzuf
Ameer Sherif Founder & CEO of Wuzzuf| Image Source: menabytes.com

Wuzzuf is a portal where people can search and apply for a job. They are focused on the Egypt job market. Users can also find resources to improve their skills such as free and paid courses, workshops, and more. Everything is so well organized that finding a specific job or course is very easy.

What’s ahead?

After surfing this small list of unicorn startups from the MENA region, it is easy to notice that services with a cloud-based background are pretty common. Artificial intelligence is also a recurrent feature among these unicorn startups. 

From this information, it is easy to see a trend in services that make the most of web technology. In other words, most investors are hopeful and keep positive expectations toward artificial intelligence, machine learning, and programming solutions.

FAQs

What Is a Unicorn Startup?

Unicorn startups are companies that have been valued at $1 billion or more by venture capitalists. These companies are relatively rare, and they tend to receive a lot of attention from the media and investors.

What Is the Top Unicorn Startup in Egypt?

These are the top 5 unicorn startups in Egypt:
1. Fawry
Industries: Banking, Finance, Financial Services, Payments
2. Swvl
Industries: CRM, Information Technology, Software
3. MNT-Halan
Industries: Banking, Financial Services, Micro Lending
4. Edita Food Industries
Industries: Food and Beverage, Food Processing, Hospitality, Manufacturing
5. Instabug
Industries: iOS, Mobile, Software

What Is the Top Unicorn Startup in Saudi Arabia?

These are the top 5 unicorn startups in Saudi Arabia:
1. Sary
Industries: B2B, E-Commerce, Marketplace, Wholesale
2. Tamara
Industries: Financial Services, FinTech, Mobile Payments, Payments
3. Red Sea Farms
Industries: Agriculture, AgTech, Farming
4. Gathern
Industries: Customer Service
5. Unifonic
Industries: Information Technology, Messaging, PaaS, SaaS, SMS

What Is the No. 1 Unicorn Startup in UAE?

Vista Global Is the No. 1 Unicorn Startup in UAE.
Founders:Thomas Flohr
Valuation:$2.50B
Country: United Arab Emirates
Industry: Aerospace
Employees: 1,000-5,000
Website: vistaglobal.com

Tags: MENA regionUnicorn Startups
Previous Post

IMPACT46 led a $50 million Series B financing for Zid.

Next Post

Tarjama Group Acquires Screens Firm for Subtitling and Dubbing

Team Rasmal

Team Rasmal

News and Stories written by Team Rasmal

Related Posts

Baims raises $4M Series A

EdTech Platform Baims Raises $4M in Series A Round

by Team Rasmal
March 21, 2023
0

Arabic EdTech startup Baims has secured $4M in its Series A round led by AK Holding with the participation of...

Noon and Namshi Unite Into One Entity

Noon and Namshi Unite Into One Entity

by Team Rasmal
March 13, 2023
0

Arabic noon.com, a leading digital platform in the Middle East, has acquired Namshi, a top fashion shopping platform in the...

UAE’s Kitopi Announces Acquisition of AWJ Group

UAE’s Kitopi Announces Acquisition of AWJ Group

by Team Rasmal
March 6, 2023
0

Arabic Kitopi, the world’s leading tech-powered, multi-brand restaurant, announced that it has acquired leading F&B group – AWJ, in one...

$15M for Egypt’s GBarena Acquisition of Tunisia’s Gaming Galactech

$15M for Egypt’s GBarena Acquisition of Tunisia’s Gaming Galactech

by Team Rasmal
January 23, 2023
0

Arabic GBarena, the leading Middle East esports platform, announced an agreement to acquire Tunisia-based Galactech, the gaming leader in North...

Next Post
Tarjama Group Acquires Screens Firm for Subtitling and Dubbing

Tarjama Group Acquires Screens Firm for Subtitling and Dubbing

The Evolution of the EdTech Market in the MENA

The Evolution of the EdTech Market in the MENA

MENA Startups funded through the Y Combinator Program in 2022

MENA Startups Funded Through the YC Program in 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Rasmal

Digital PR | Marketing | Innovation

  • About us
  • Services
  • Contact us

All Rights reserved © 2022 Rasmal - Managed by BrainyForce.

No Result
View All Result
  • Home
  • News
  • Resources
  • About us
  • Services
  • Contact us
  • Arabic
  • en English
  • ar العربية

All Rights reserved © 2022 Rasmal - Managed by BrainyForce.

Newsletter Signup

Subscribe to our weekly newsletter below and never miss the latest news

Enter your email address

Thanks, I’m not interested

  • English
  • العربية