Cairo: Startups in Egypt have begun to gain momentum with several enterprises securing funding to boost expansion efforts in the Kingdom.
After a period of stagnation in startup funding, Egyptian founders have bounced back into the regional venture capital sector with a flurry of investment deals and expansion strategies already in place.
Egyptian fintech startup Wafarha has secured a seven-figure seed round from Value Makers Studio to expand its footprint.
Founded by Tarek Magdy in 2012, the platform offers significant discounts, with daily deals ranging from 50 percent to 90 percent off.
The new capital will enable Wafaraha to enhance its technology, recruit talent and expand into Saudi Arabia and additional markets.
Additionally, in 2018, Fori for Banking Technology and Electronic Payments, one of Egypt’s largest financial institutions, acquired a 30 percent stake in the company.
The company boasts of a network of over 1,000 merchants and over 3,000 stores that serve over 5 million customers without any membership fees.
Over the last 12 years, Wafaraha claims to have emerged as a top-tier lifestyle website and mobile app.
Egyptian HR tech startup Blueworks secures $1 million in pre-seed funding
Blueworks, an Egypt-based HR and software-as-a-service solutions provider, has raised $1 million in pre-seed funding led by Khwarizmi Ventures and joined by Camel Ventures, Acacia Ventures, and angel investors.
Founded in 2022 by Farah Osman, Hussain Vahdan, and Noor Ahmadin, Blueworks aims to optimize costs for businesses through data-driven decision making.
“Despite there being so much HR software on the market, none of them are designed to manage blue-collar workers,” Vahdan said.
He said, “Since the process of managing this type of workforce is very manual, errors often occur, due to which employees are fined and salaries are deducted without any monitoring, causing them to leave the job. “And ultimately contributes to a higher turnover rate.”
He added, “Currently, companies can spend around 7-10 days closing their payroll accounts, but with Blueworks, this time can be reduced to one day – all thanks to data and insights on their workforce. “Can be done while taking advantage.”
The company aims to use the funding to support its product development goals, expand its presence, and grow its team.
Egypt-based fintech Bokra closes $4.6m pre-seed funding round
Emerging Egyptian fintech startup Bokra has secured $4.6 million in pre-seed funding led by DisruptTech Ventures and SS Capital.
Founded in 2023 by Ayman Al-Sawi, Bokra provides diversified investment solutions for retail and SME investors.
The fund will support the launch of the Bokra app, expansion of its investment products and scaling up operations in the Middle East and North Africa region.
“We are dedicated to accelerating financial inclusion and increasing investment awareness in MENA,” El-Sawy said.
“In a region where financial needs and aspirations are ever-changing, Bokra is poised to become the investment platform of choice for both individuals and small and medium-sized enterprises looking to invest in their fractional ownership portfolio in a simple, trackable and informed manner.” Want to diversify.” He added.
Egyptian startup wins big in Saudi-Egypt program
Ten Egyptian startups have received awards from the VMS Bridge program, which aims to enhance connections between the entrepreneurial ecosystem of Egypt and Saudi Arabia.
The winners include Amanleek, Farhi, Sprints, Career180 and Jamaica, who will explore investment opportunities during a 4-day visit to the Kingdom.
The other winners, Notchnco and Neqabty, received free company licenses in Saudi Arabia, and AgriCash, ReNile, and ICareer gained access to Arweqah’s training programs.
Jordan-based healthtech startup Arab Therapy secures $1 million seed funding
Arab Therapy, a Jordan-based mental health platform, has raised $1 million in seed funding led by Flat6Labs and Vision Health Pioneers, with participation from international angel investors.
Founded in 2021 by Tarek Dalbah, Omar Koudsi, and Hekmat Al-Hassi, Arab Therapy connects users with licensed mental health professionals.
The investment will facilitate the company’s market expansion and start business-to-business sales operations.
TVM Capital Healthcare invests $17 million in Neurocare Group AG
UAE-based TVM Capital Healthcare has invested $17 million in Munich-headquartered healthtech Neurocare Group AG, which specializes in personalized mental health care.
This investment will support Neurocare’s expansion plans in the US and Saudi Arabia and finance the development of new hardware and software innovations enhancing their clinical solutions.
UAE-based logistics startup Shoreges secures $1 million for expansion
UAE-based logistics startup Shoreedge has raised $1 million in a Pre-Series A funding round led by Zoa Capital’s S3 Ventures Fund.
Founded in 2019 by Ryan Ossiran, the company provides fulfillment solutions for e-commerce platforms in the UAE and Saudi Arabia.
The company aims to use the funding to help expand its warehouse operations in the Bay Area.
UAE e-commerce startup WEE receives $12 million funding
UAE-based e-commerce startup WEE has closed a $12 million Pre-Series A funding round led by SIG Investments.
Founded in 2021 by Anastasia Kim, Oleg Dashkevich and Sergei Kolikov, WEE is an online marketplace that offers delivery services in less than 15 minutes.
The investment will be used to advance WEE’s logistics capabilities, accelerate growth and expand its team.
Turkish fintech app Midas closes $45m funding round to boost MENA expansion
Turkish fintech app Midas has closed a $45 million funding round led by Portage, a global investment platform backed by International Finance Corporation, Spark Capital and Earlybird Digital East Fund.
Founded by Agem Eraslan, the company allows users in Turkiye to invest in Turkish and US equities.
The startup targets the Turkish retail investor market and claims to have more than 2 million users. The company claims to charge significantly lower transaction and commission fees to Turkish clients who want to invest in US or Turkish stocks.
According to a report by TechCrunch, Midas plans to expand beyond Turkey and aims to target countries in the MENA region.
Midas also plans to use the new funding to introduce three new products in cryptocurrency trading, mutual funds and savings accounts.
UAE’s Malexi signs agreement with Etihad Credit Insurance
MaAlexi, a UAE-based risk management platform focused on SME agri-businesses, has entered into a strategic credit insurance agreement with Etihad Credit Insurance, the UAE’s federal export credit company.
This collaboration will enable MaAlexi to utilize ECI’s comprehensive trade credit solutions and services, enhancing the competitiveness of regional SMEs in the food and agribusiness sectors both locally and internationally.
The partnership aims to reduce market entry barriers, support Malexi’s goal of increasing SME participation in cross-border trade of agricultural produce, and contribute to food security in the UAE.