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MENA Digest: SiFi, Elevate raise funds; May VC funding up 5 times from April, down 58% YoY

VCCircle

VCCircle · 1y ago

MENA Digest: SiFi, Elevate raise funds; May VC funding up 5 times from April, down 58% YoY

Simplified Financial Solutions Company (SiFi) and Elevate, two fintech startups in the Middle East and North Africa (MENA) region, have successfully raised funds to grow their businesses. SiFi secured double-digit seed funding from venture capital firms, while Elevate received a pre-Series A investment round. These funding rounds indicate a positive trend for the MENA fintech sector, with VC funding in May increasing by five times compared to April. However, year-on-year, funding is down by 58%.

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MENA Digest: Egypt’s Mrkoon, UAE’s BILRS, FanTV secure funding

VCCircle

VCCircle · 5m ago

MENA Digest: Egypt’s Mrkoon, UAE’s BILRS, FanTV secure funding

Funding activity in the Middle East and North Africa (MENA) region recently slowed due to Ramadan, but several startups still secured early-stage funding. Egyptian platform Mrkoon got bridge funding for regional expansion, while UAE’s BILRS and FanTV secured funding for technological growth and AI enhancement, respectively. Additionally, UAE’s Talabat Holding acquired Instashop for $32 million to boost its regional grocery and retail offerings. MENA startups saw significant funding growth in February with $494 million raised across 58 deals.

MENA Digest: Connect Money leads fundraising; Smpl Holdings sets up VC fund

VCCircle

VCCircle · 1y ago

MENA Digest: Connect Money leads fundraising; Smpl Holdings sets up VC fund

Egyptian fintech startup Connect Money raised $8 million in seed funding, leading fundraising activities in the MENA region. Other startups that secured funding include UAE-based B2B payments platform Comfi and Iraq-based food delivery app Alsaree3. Additionally, Smpl Holdings established a venture capital fund.

MENA Digest: UAE startups lead weekly funding; investment activity slows in June

VCCircle

VCCircle · 1y ago

MENA Digest: UAE startups lead weekly funding; investment activity slows in June

During the week, three UAE-based startups secured venture capital funding, while overall investment activity in the MENA region slowed down in June. Revibe, a refurbished electronics marketplace startup, led the funding with a Series A round. Additionally, agri fintech startup Maalexi also secured funding.

MENA Digest: Pathfinder leads funding this week; Saudi’s OTO gets another VC onboard

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VCCircle · 1y ago

MENA Digest: Pathfinder leads funding this week; Saudi’s OTO gets another VC onboard

Pathfinder, a UAE retail technology solutions provider, secured funding from private equity firm Silver Rock Group. Meanwhile, Saudi logistics technology platform OTO raised its Series A funding. Other venture capital deals were also made in the MENA region this week.

MENA Digest: Egypt's Sprints, Bahrain's Ahlan raise funds, dealmaking slows down

VCCircle

VCCircle · 1y ago

MENA Digest: Egypt's Sprints, Bahrain's Ahlan raise funds, dealmaking slows down

During the week, dealmaking in the MENA region slowed down due to Ramadan. However, there were some notable fundraises, including Egyptian edtech startup Sprints and Bahrain-based loyalty program and delivery platform Ahlan App. Other important deals during the month included additional funding for Saudi foodtech player Barakah and Egyptian healthtech companies.

MENA Digest: Bahrain’s Daleel, Oman’s Mubashir raise funding

VCCircle

VCCircle · 1y ago

MENA Digest: Bahrain’s Daleel, Oman’s Mubashir raise funding

Bahrain's Daleel and Oman's Mubashir were among the few startups in the Middle East to raise funding during Ramadan. Daleel, a financial marketplace, raised an undisclosed amount led by venture builder Hambro Perks Spring Studios and Flat6Labs. Meanwhile, adtech firm Mubashir secured funding from ITHCA Group to support its expansion plans. In March, MENA startups raised $254m across 54 deals, with SaaS providers leading the funding with $130.6m, followed by fintech with $40m.

MENA Digest: Fintechs lead fundraising this week; VC investment falls in August

VCCircle

VCCircle · 10m ago

MENA Digest: Fintechs lead fundraising this week; VC investment falls in August

Fintech startups dominated venture capital fundraising in the MENA region this week, with Egyptian digital payments provider Paymob and UAE-based fintech FlapKap securing funding. However, VC investment in startups fell by 76% in August compared to July, with $83 million raised across 30 deals. Paymob raised $22 million in a Series B extension round, while FlapKap raised $34 million in pre-Series A funding. Other startups receiving funding included cloud kitchen IO Kitchens in Oman and proptech startup HissaTech in Saudi Arabia.

MENA DIGEST: Saudi Arabian tech startups lead funding activity this week

VCCircle

VCCircle · 7m ago

MENA DIGEST: Saudi Arabian tech startups lead funding activity this week

Saudi Arabian tech startups led the MENA funding activity this week. Calo, a foodtech startup, raised $25 million in a Series B round, aiming for a $50 million extension and a 2027 IPO. The round was led by Nuwa Capital with participation from STV and others. Edtech startup YNMO secured $5 million, led by Wa’ed Ventures, to expand its AI-based rehabilitation services for children with disabilities, enhancing partnerships across the Gulf region.

ETtech Deals Digest: Startups raise $62 million this week, down 34% on-year - The Economic Times

Economic Times

Economic Times · 28d ago

ETtech Deals Digest: Startups raise $62 million this week, down 34% on-year - The Economic Times

Startups raised $62.1 million in the week of July 5-11, a 34.3% decline from the previous year's $94.5 million and a 72% decrease from the prior week's $221.4 million. The week saw 16 deals, down from 30 last year. Key deals included Khetika raising $18 million, Arteria Technologies securing $11.7 million, and InPrime Finserv obtaining $6 million. The funding landscape shows a significant drop in both amount raised and number of transactions.

Srivatsan Rajan, longest-serving independent board member at Delhivery, steps down - The Economic Times

Economic Times

Economic Times · 7d ago

Srivatsan Rajan, longest-serving independent board member at Delhivery, steps down - The Economic Times

Srivatsan Rajan, the longest-serving independent board member of logistics company Delhivery, will step down on September 30. Rajan, who joined the board in July 2015, significantly contributed to the company's early development and expansion. As part of a board restructuring, Yashish Dahiya, CEO of PB Fintech, and Padmini Srinivasan from IIM Bangalore will join as independent directors. Delhivery’s April-June quarter saw a 68.5% YoY net profit increase, driven by operational efficiencies.

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