This report is also available in a downloadable PDF version via this link: GCC Startup Ecosystem News Roundup – 2021 June
HEADLINE
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.
INVESTMENTS
| 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) |
VC NEWS
- 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
STARTUPS
- 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.
ACCELERATORS / INCUBATORS
- 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.
EVENTS UPCOMING
- 07July | Deadline to apply: Microsoft for Startups GrowthX Accelerator program
ARTICLES WORTH READING
Magnitt
- A Hungry Front Runner for 2021: 3 trends to forecast the year ahead for F&B ventures
- A prelude to H2?: How the VC ecosystem in MENAPT changed in May 2021
Wamda
- Is Mena the next big market for micromobility?
- Navigating a post-pandemic edtech market
- Why Mumzworld is a unique story for the Arab region
Arabian Business
Menabytes