MENA Startup Ecosystem News | February 2022

MENA Startup ecosystem news, Anghami, Trukker, SANDBOX, Dtec Ventures, Dtec Sandbox, Cofe App

This report is also available in a downloadable PDF version via this link: MENA Startup Ecosystem News – 2022 February


Anghami officially lists on US NASDAQ: UAE-headquartered, music streaming platform Anghami has completed its business combination with Vistas Media Acquisition Company and has listed its shares on the NASDAQ under the tickers  “ANGH” and “ANGHW”. Founded in 2012 in Lebanon by Eddy Maroun and Elie Habib, Anghami has grown to become the Middle East’s largest music streaming platform. The listing marks the first time that a regional tech startup has listed on the NASDAQ. After it began trading on the NASDAQ on 4 February 2022, Anghami saw its shares skyrocket 80 per cent raising its market capitalisation to over $500 million, before settling to $250 million.



TruKKer Transportation KSA $96M, Series B (Equity & Debt) Led by ADQ and STV, from Mubadala, Shorooq Partners, Riyad Taqnia Fund
Nana Consumer Services KSA $50M, undisclosed Led by FIM Partners and STV
Retailo Retail KSA $36M, Series A Led by Graphene Ventures (US), from 500 Global, Agility, Aujan, Tech Invest Com, and Mentor’s Fund
Brimore Ecommerce Egypt $25M, Series A Led by IFC and Endure Capital, from Fawry, Flourish, Endeavor Catalyst Fund, et al
Hubpay Finance UAE $20M, Series A Led by Signal Peaking (US), from Olive Tree Capital, BECO Capital, Aditum, et al
Thndr Finance Egypt $20M, Series A Led by Tiger Global, BECO Capital, and Prosus Ventures
Qlub Finance UAE $17M, Seed Led by Cherry Ventures and Point Nine, from STV, Raed Ventures, Heartcore, Shorooq Partners et al
Pyypal Finance UAE $11M, Series A Undisclosed
Baly Transportation Iraq $10.5M, Seed Kingsway Capital, MSA Capital, Global  Founders Capital, Vostok Ventures, Majid Al Futtaim, et al
Mozn Enterprise SaaS KSA $10M, Series A Led by Raed Ventures, from  Shorooq Partners, VentureSouq, Sukna Ventures
Wasla Ecommerce Egypt $9M, Undisclosed Contact Financial Holding
Yalla Fel Sekka Logistics Egypt $7M, Series A Led by Disrupt AD
Pluto Finance UAE $6M, Seed Led by GFC, from  Adapt VC, Soma Capital, Graph Ventures, and OldSlip group
Nawy Real Estate Egypt $5M, Seed Led by Sawiris Family Office
Milezmore Logistics Egypt $5M, Undisclosed Brimore
Udrive Transportation UAE $5M, Undisclosed Cultiv8 and Oman Holding International.
BARQ Enterprise SaaS KSA $4M, Seed Led by OTF Jasoor Ventures and Hambro Perks Oryx Fund
Freterium Transportation Morocco $4M, Seed Led by Partech, Y Combinator, Flexport, CDG Invest, Swiss Founders Fund, Outlierz Ventures
Micropolis Robotics Robotics UAE $4M, Seed Mindrock Capital (US)
RedBox Logistics KSA $3M, Seed Led by Vision Ventures, from RAF Investments
Qashio Finance UAE $2.5M, Pre-Seed Led by MSA Novo, from  Rally Cap Ventures, Palm Drive Capital, Plug and Play Ventures
Deal Real Estate KSA $2.24M, Pre-Series A  Al-Sulaiman Real Estate Company, Wa’lan Trading Company et al
YallaMarket Consumer Services UAE $2.2M, Bridge Doha Tech Angels, Flyer One Ventures, and AngelsDeck
Grintafy Sports KSA $2.1M, Bridge Wa’ed (Aramco), Alrashed Group (ARG Limited), Areen Investments
Taffi Fashion KSA $2M, Seed Led by Impact46 and Al-Rashed Group (ARG), et al
EdfaPay Finance KSA $1.6M, Pre-Seed Nuwa capital, InspireUs VC, Wallan Investment Group
Nabta Health Health UAE $1.5M, Seed Led by Basim Anwer of Regionality Group of Companies
Tamawal Finance KSA $1.1M, Pre-Seed Led by MRK, from 500 Falcons, angels
OneOrder Logistics Egypt $1M, Undisclosed A15
ASKWHO Media & Entertainment UAE $1M, Seed Angels
Datacultr Finance UAE $1M, Seed Led by Sturgeon Capital (UK), form  Seedstars International LLC, NP Consulting LLC, et al
Sokna Consumer Services Egypt $1M, Seed Mentors Fund, SBX Capital, ACE & Company, and Kabnoury Ventures
Takalam Health UAE $1M, Pre-Seed Led by Emirates Angels Network, from Nowaisi Investments, Plug N Play
Zywa Finance UAE $1M, Pre-Seed Led by Y Combinator
PLAYBOOK Education Bahrain $700K, Pre-Seed 500 Global, Sanabil Investments, Faith Capital, Women Spark, angels
Avidea Insurance Tunisia $696K, Pre-Series A Led by Capsa Capital Partners
Lumofy Education Bahrain $500K, Undisclosed Hope Ventures
Champion Kader Human Resources Jordan $400K, Seed Led by ISSF and Village Capital
 WafR Retail Morocco $372K, Undisclosed Undisclosed
SAmAS Gamify Human Resources Egypt $150K, Pre-Seed Led by SoftEQ venture studio (US)
UDENZ Health UAE $150K (Debt) Global Ventures, angels
Mrayti Beauty Jordan $120K, undisclosed Innovative Startups and SMEs Fund (ISSF)
Elmenus F&B Egypt Undisclosed Careem
FreshSource Agriculture Egypt Undisclosed 4DX, Wamda
Kaso F&B UAE Undisclosed Y Combinator
Nawa Scientific Health Egypt Undisclosed The Cairo Angels Syndicate Fund
NymCard Finance UAE Undisclosed Mashreq Bank
ORO Automotive KSA Undisclosed, Pre-Seed Nama Ventures
PostPay Finance UAE Undisclosed Commercial Bank of Dubai via Venture Debt
SiFi Finance KSA Undisclosed, Pre-Seed Led by Khwarizmi Ventures
Zand Finance UAE Undisclosed Franklin Templeton, Aditya Birla Group, Al Hail Holding, Al Sayyah & Sons Investments et al


  • COFE App acquires UAE’s Sippy Beans & signs up partnership with ADIO: Leading online coffee marketplace COFE App acquires specialty coffee e-commerce platform Sippy Beans (Sippy Ltd) as the former continues to expand its presence in the region. They also partnered with ADIO as part of the latter’s AED2bn program for innovative companies. This will see COFE App relocate its HQ to Abu Dhabi, among other incentives.
  • Wego (UAE) set to acquire Cleartrip by H2 2022: UAE-based online travel marketplace Wego is set to acquire Cleartrip’s Middle East business in the second half of 2022 for an undisclosed amount. The acquisition will enable Wego to enhance its presence in the Mena region by tapping into Cleartrip’s digital infrastructure and resources, and deliver a wider range of services and products to consumers
  • Letswork (UAE) Acquires Krow in Portugal: PropTech and coworking spaces platform Letswork, acquires Portuguese counterpart Krow as part of its market expansion. As a part of the deal, Krow’s founders, Paulo Palha and Joana Balaguer, will join Letswork as Country Managers for Spain and Portugal respectively
  • SWVL raises additional $21.5M in PIPE funding: The amount was raised as part of mobility solutions provider SWVL’s proposed business combination with Queen’s Gambit. The aggregate amount of expected PIPE proceeds to $121.5 million and will be used to fuel the company’s growth strategy.
  • Egypt-based PropTech Milango acquires Circle: Cairo-based community management software provider Milango, backed by A15, has successfully acquired its local counterpart Circle, a 500 Startups-backed company, The acquisition grows Milango’s contracted user base to well over 100,000 residential units and the startup aims to leverage the acquisition to accelerate its growth in the community management category
  • Egypt ratifies its Fintech Act: The Fintech Act regulates robo-advisory, nano-finance, insurtech, and (tech-enabled) consumer finance, among other sectors. The law makes the Financial Regulatory Authority (FRA) the only entity in charge of licensing and regulating fintech companies. It also sets transparency and governance standards and protects consumer rights
  • Agritech Red Sea Farms (KSA) to expand to US: The move follows the investment into the company which included US investors AppHarvest and Bonaventure Capital in 2021. The University of Arizona College of Agriculture and Life Sciences’ Controlled Environment Agriculture Center (UA-CEAC) will evaluate the technology and its resource-saving potential to produce crops in resource-limited environments.


  • Egypt launches $50 million VC programme to support tech startups: In collaboration with the World Bank, the VC Program will finance new and existing investment funds that support entrepreneurship projects. It aims to encourage Egypt’s promising youth to enter the free labour market and implement modern, advanced projects that can compete on a global level
  • Khwarizmi Ventures closes current fund of $70 million: Saudi Arabia-based Khwarizmi Ventures has completed the second closing of its current fund with a value of $70 million to fuel early-stage startups across the MENAP region. The fund had its first close back in October 2021 at $63M
  • Saudi Aramco launches $1 billion Prosperity7 Ventures fund: The global VC fund will invest in early-stage enterprises in sectors including blockchain, financial and industrial technologies, healthcare, and education. The fund will support building long-lasting partnerships, providing quality mentorship, and access to a network of leading companies, venture capital firms, and market experts worldwide.


  • Dtec’s SANDBOX kicks off its first cohort: Dtec’s landmark startup program SANDBOX kicks off the month with its first cohort of 12 high potential startups and first two weeks of highly intensive curriculum consisting of workshops spanning the 6 foundational pillars of the program, 1:1 mentoring, leading up to their first ecosystem event presence at the STEP Conference
  • Dammam Valley (KSA) launches BioTech Startups Programme: The program is designed to stimulate the establishment of startups in biotechnology and foster communication with existing startups from around the world. It will provide qualified projects with grants amounting to $500,000 alongside training, mentorship and investment opportunities.
  • In5 launches investor space in DIC: The dedicated space will accommodate angel investors, VCs and institutional investors at in5 Tech center in Dubai Internet City. It aims to be a one-stop shop for investors entering the UAE market, giving them the chance to explore the local startup ecosystem, and also host events, workshops and coaching sessions to nurture the UAE’s future investment landscape.




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