The 50 most funded startups in the MENA region have attracted $3.2 billion since their inception
CAIRO: The 50 most funded startups in the Middle East and North Africa have raised a total of $3.2 billion since their inception, with 18 companies from the United Arab Emirates, 12 from Saudi Arabia and 11 from Egypt, according to Forbes. .
UAE-based startups topped the list with $964 million raised in total funding, followed by the Kingdom with $946.7 million and Egypt with $508.5 million.
Saudi-based startups made up five of the top 10 most funded startups, with financial technology firm Tabi in second, payments app Tamara in third, digital freight network TrueCar in fourth, e-commerce company Sary in seventh and grocery platform Nana in ninth. Huh.
Startups that qualified for the list had to be no more than seven years old, except for companies such as Saudi Arabia’s fintech Foodix, which raised a total of $198 million, and UAE’s cloud kitchen Kitopi, which raised $804 million in total funding. Mobilize.
The Forbes list indicated that fintech companies were the most funded, with 21 startups attracting $1.3 billion in total funding, followed by e-commerce, 10 startups with $576.7 million and four mobility startups with $299.6 million.
Letswork has it all done
UAE-based platform for shared spaces Letswork raised $2.1 million in seed funding round to expand its operations in Saudi Arabia.
Founded in 2019 by Omar Almaheri and Hamza Khan, the company provides a marketplace for users to directly rent co-working spaces including meeting rooms, private offices and creative studios.
It supports companies that operate in a hybrid or remote work model with its flagship offering, LetsWork Pass, a subscription service that provides access to a distributed network of workspaces.
The company has received a strategic investment from The Space, one of the country’s largest co-working space operators, as part of its expansion plans for the Kingdom, in addition to investment from Saudi activist and media presenter Ahmed Al Shugairi.
“Saudi Arabia is the largest market in the Middle East, and Riyadh is one of the first markets where Dubai-based companies expand; So many of our corporate customers out there were requesting to use Letswork,” Khan, CEO of Letswork, said in a statement.
The company currently operates out of Dubai and Riyadh and has a presence in Portugal, Spain and Bahrain.
The funding round saw participation from 500 Global, DTEC Ventures and other angel investors.
case art
UAE-based venture capital firm Morningstar Ventures has invested over $5 million in its first interactive and immersive digital art gallery called 37xDubai.
Located in Dubai’s Burj Daman Tower, the gallery will be at the heart of Dubai’s business and lifestyle hub and will open its doors in the first quarter of next year.
In the UAE, 23 percent of the population own at least one non-fungible token, making it one of the region’s best markets for digital art.
The art gallery aims to bridge the gap between art and technology by introducing a new concept of web3-enabled education, digital and traditional artistry, entertainment and communication.
“The design and architecture of our gallery is highly sophisticated, filled with state-of-the-art equipment, interiors, sound and lighting infrastructure. 37xDubai Gallery and its exhibitions can be presented in an unforgettable fashion to each of our visitors, this We hand-picked and carefully selected every element of the space to make sure it’s all the same.
Quickfact
• UAE-based startups made up the majority of the list, raising $964 million in total funding, followed by the Kingdom with $946.7 million and Egypt with $508.5 million.
• Saudi-based startups made it to five of the top 10 most funded startups, with financial technology firm Tabi ranked second, payments app Tamara ranked third, digital freight network TrueCare fourth, e-commerce company Sary seventh and Kirana Platform Nana in ninth place.
Qatar invests in cyber security
Qatar’s sovereign wealth fund Qatar Investment Authority led a $196.5 million Series G funding round in Boston-based cybersecurity startup Snyk Ltd.
Founded in 2015, the company provides a solution for finding and fixing vulnerabilities and license violations in open-source dependencies and container images.
QIA has roughly $450 billion worth of assets under management, and its latest investment in Sync values the startup at $7 billion, down from its previous round of $8.5 billion. The company will use its investment to drive product innovation and expand its team through strategic acquisitions to maintain its position as a leading developer security platform.
QIA CEO Mansour Ibrahim Al-Mahmood said in a statement: “We are confident that Sneak’s proven approach sets the company up for a successful future and that QIA is committed to supporting innovative companies that are shaping the future of the global economy. Track record attached.” ,
The funding round saw new investors such as Evolution Equity Partners, G Square, Irving Investors, Sands Capital and Tiger Global.
make the right move
Nigeria-based mobility fintech startup Move is raising $30 million through its first sukuk offering to expand its operations in the UAE.
Established in 2020, the company provides vehicle financing to mobility entrepreneurs across the globe.
The company plans to boost its expansion in the MENA region by building a fleet of electric vehicles for ride-hailing.
“Our first Sukuk issuance demonstrates our growth and sustainability as a global company. Equally important, it furthers our mission of building the largest EV ride-hailing fleet in the region, further mobility to drive electrification and enable cities to reach their net-zero goals,” Laddie Delano, co-founder and co-CEO of The Move, said in a statement.
The company will use its funds to scale up to 2,000 electric vehicles in the UAE over the next 12 months, creating sustainable economic opportunities.
As part of its expansion in the UAE, it will also be rolling out MoveCharge, its electric vehicle charging app exclusively for ride-hailing drivers.