GCC Startup Ecosystem News | June 2021

Mumzworld, Kitopi, Softbank, Shorooq Investments, Bedaya Fund, Dtec Ventures, Dtec Ventures portfolio, eMushrif, Tabby, Trella, Floward, MEVP, Flat6Labs, Eyewa, startup news, GCC ecosystem news, MENA startups, Dubai startups, Dtec, Coworking, Startup investor, tech investor, dubai tech investor

This report is also available in a downloadable PDF version via this link: GCC Startup Ecosystem News Roundup – 2021 June


Mumzworld gets acquired by KSA’s Tamer Group: Mumzworld, the UAE-based mother, baby & child (MBC) E-commerce platform has signed a Sales and Purchase Agreement with Saudi Arabia’s Tamer Group (regional healthcare distributor) for a majority stake in the company. Considered as one of the region’s pioneer in E-commerce, Mumzworld has raised over $50M in total financing.


Startup Sector / Industry Location Amount & Round Investors
Tabby Finance UAE $50M, undisclosed round Partners for Growth (U.S.)
Trella Logistics Egypt $42M undisclosed round led by Maersk Growth and Raed Ventures, from Algebra Ventures, Vision Ventures, Next Billion Ventures, et al
Floward Consumer services Kuwait $27.5M, Series B led STV, from Impact46
OpenSooq Consumer services Jordan $24M, undisclosed round led by Saudi Jordanian Investment Fund (SJIF), from FJ Labs, and iMENA Group.
Eyewa Consumer services UAE $21M Series B led by Kingsway and Nuwa Capital, from  French Partners, Endeavor Catalyst, Derayah, et al
Opontia Ecommerce UAE $20M, Seed Global Founders Capital, Presight Capital, Raed Ventures, Kingsway Capital and angels
Red Sea Farms Agriculture KSA $10M Pre-Series A led by Wa’ed, Future Investment Initiative Institute, KAUST and Global Ventures
PostPay Finance UAE $10M undisclosed round AfterPay, AP Ventures (Australia)
Rizek Consumer Services UAE $10M Series A Peak Investments, ADQ, and family offices
Ziina Finance UAE $7.5M undisclosed round led by Avenir Growth Capital and Class 5 Global
Trukkin Logistics UAE $7M Series A led by Emkan Capital, from Impact46 Seed Fund, et al
Almentor Education UAE $6.5M Series B led by Partech Partners
Stake Finance/Real Estate UAE $4M Seed led by Combined Growth Real Estate
Minly Media & Entertainment Egypt $3.6M Seed led by 4DX Ventures, B&Y Venture Partners, and Global Ventures and angels
Basma.com Health UK / UAE $3M Series A led by MEVP, from SOSF, IM Capital, iSME et al
Edunation Education Jordan $3M undisclosed round Rubix (U.S.)
Fatura FMCG Egypt $3M Pre-Series A led by Sawari Ventures and Arzan VC,
Valeo Health UAE $3M Seed Global Founders Capital, Global Ventures, Nuwa Capital, and FJ Labs
Pawame Energy UAE $2.5M undisclosed round Launch Africa
Zip24 Logistics UAE $1.2M undisclosed round led by Sturgeon Capital (UK)
Cashee Finance UAE $1M  Pre-Seed undisclosed
Boksha Fashion UAE $1M Seed Sandooq Al Watan and family offices
Adam wa mish mish Education Jordan $475K Seed led by Hadi Badi and angels
Dibsy Finance Qatar $300K Pre-seed led by  Salem Khalaf Al Mannai and local angel investors
DressCode Fashion Egypt $250K undisclosed round Egypt Ventures
iSchool Education Egypt $160 Seed EdVentures
Decapolis F&B Jordan $150K undisclosed round ISSF
Tajeer Retail commerce Bahrain $32K Seed Flat6Labs Bahrain and Tamkeen
Alma Health Health UAE Undisclosed Hambro Perks Oryx Fund
Bith TV Gaming / eSports Jordan Undisclosed Beyond Capital’s Angel Network (BCAN)
Knack Human Resources UAE Undisclosed Flat6Labs Bahrain
Mama ME Media / entertainment UAE Undisclosed amount, Seed Flat6Labs Bahrain
NearMotion IoT KSA Undisclosed Wa’ed Ventures
Palmear Agriculture Jordan Undisclosed Beyond Capital’s Angel Network (BCAN)
Tweeq Finance KSA Undisclosed amount, Seed led by STV and Raed Ventures
Wafii Finance Jordan Undisclosed Beyond Capital’s Angel Network (BCAN)


  • UAE-based VC firm, Middle East Venture Partners (MEVP), announced its partial exit in Fresha, a beauty and wellness software platform, with a secondary sale in the company’s $100M Series C round.
  • Flat6Labs, announced the launch of a new $20M Seed Fund in Jordan, achieving its first close of $7.4M from International Finance Corporation (IFC), ISSF, Beyond Capital, Bank Al-Etihad, and GMS Ventures & Investments. The fund will be used to invest in Jordanian startups via its accelerator program
  • Shorooq Partners opens an office in Cairo, Egypt with Tamer Azer joining as partner for Egypt. The VC also has presence in KSA and Bahrain.
    opens an office in Cairo, Egypt with Tamer Azer joining as partner for Egypt. The VC also has presence in KSA and Bahrain.
  • South-Korea backed fund of funds, Korean Venture Investment Company (KVIC), has committed to invest in Shorooq Partners’ Bedaya Fund, the amount of which was not disclosed


  • IoT-enabled Transport startup eMushrif, has acquired Tareeqi, a Cairo-based EdTech startup as part of eMushrif’s expansion plans into the North African market, and to attract more talent towards its mission of integrating IoT into people’s everyday lives
  • SoftBank is reportedly in talks with Kitopi to lead a $400 million investment in the Dubai-headquartered cloud kitchen startup, investing via Vision Fund 2, with a proposal submitted to lead the mega-round. Both parties declined to comment on the news.
  • SoftBank’s Vision Fund 2 has agreed to invest in a Saudi messaging company, making it Vision Fund’s first investment in the Middle East. Details about the company were not disclosed.
  • STC Pay and KSA local firm became the first companies in Saudi to receive a digital banking license. STC Pay will be converted into a digital bank, STC Bank, with a capital of $670M. While the second firm led by Artar (Abdul Rahman Saad Al-Rashed and Sons Company) will create a digital bank called Saudi Digital Bank with $400 million of capital.
  • HH Sheikh Mohammed launches multiple projects to encourage startups and entrepreneurs including initiatives such as the “Skill-up Academy”, a business leadership platform and “Scale-up Platform” to support startups’ growth, as well as accelerators for family business to help them access new markets.


  • The GrowthX Accelerator, a partnership between Microsoft and Abu Dhabi Investment Office (ADIO), opens for applications for B2B startups across the UAE. The program aims to bridge the gap between corporates with challenges and startups with solutions. 15 startups will be selected for the program.
  • Flat6Labs Jordan opens for applications for its first 4-month cycle. Participating tech startups will receive cash seed investment of up to JOD 50,000 each, access to office space, world-class mentorship, and Flat6Labs’ regional network, as well as potential follow-on funding up to JOD 120,000.
  • DIFC FinTech Hive’s AccelerateHer program to double its size to support 40 female participants via two cohorts. The program’s hybrid structure of both virtual and in-person elements opens it to global participants from financial institutions.





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