Last Week in Funding (11-17 December)

Last week, startups across the MENA and the GCC regions raised $66.7 million. Leading the funding was Andalusia Labs, which achieved unicorn valuation after it raised $48 million in Series A funding, bringing the company's total value to upward of $1 billion. 

See our full roundup of investments below. 

Climatetech Startup HyveGeo Closes Undisclosed Pre-seed Round

HyveGeo concluded a pre-seed funding round, led by SystemaNova.vc, an early-stage VC fund focused on climatetech. HyveGeo will receive support from the Majira UAE CSR Fund to combat climate change using microalgae. HyveGeo plans to establish the largest microalgae-based biorefinery business across desert regions, starting with the GCC.

KSA's Naeem Closes Pre-seed Investment Round

Saudi-based startup Naeem, which develops digital solutions for the personal care sector, raised an undisclosed pre-seed investment round led by Lunment and a group of angel investors. The platform offers points of sale (POS), reservations, and financial and operational management. This is the second investment round that Naeem has raised this year. 

Midori Closes $200,000 Pre-seed Round

UAE-based climatetech Midori Network, nurtured within the ecosystem of TECOM GroupPJSC's business incubator in5 Tech, secured $200,000 in funding from Kirill Veselov, an angel investor and former investment director of venture capital firm Mint Capital. Midori aims to develop 1,000 mobile recycling modules within seven years.

Nearpay Raises $14 Million in Series A Round

Saudi fintech startup Nearpay closed a $14 million Series A funding round, led by Sanabil Investments, a wholly owned company of the Public Investment Fund (PIF), with contributions from stc's Corporate Investment Fund (CIF), Vision Ventures, HALA Ventures, and Arzan Ventures.

The funding will support the company's global expansion plans.

UAE’s Fundbot Closes $1.5 Million Seed Round

UAE-based fintech Fundbot closed a $1.5 million seed round led by Hambro Perks Oryx Fund, with support from Aditum Investment Management Limited, Flat6Labs, Middle East Venture Partners (MEVP), and PlusVC. Fundbot, which helps entrepreneurs with cash flow issues, intends to expand in the MENA region, first in the UAE and Saudi Arabia, then onto Oman, Bahrain, and Egypt.

Saudi Arabia’s Pd7 raises $1 million

Saudi-based sports startup Pala De 7 (Pd7) raised SAR 3,750,000 ($1 million) from Grintafy, AlTahan, and Shaghaf Investments. The venture is poised to introduce an innovative platform exclusively tailored for padel enthusiasts across the Middle East, starting in the KSA. The investment will go toward expanding Pd7's presence across Saudi Arabia.

UAE’s Terra Raises $2 Million Seed Funding 

UAE-based EV startup Terra closed a seed funding round from angel investors. The funding will go toward improving the startup's physical and technological capabilities ahead of its scheduled Series A funding round in the first half of next year. 

Andalusia Labs Secures $48 Million in Series A Funding

Andalusia Labs, formerly known as RiskHarbor, achieved unicorn valuation this week after raising $48 million in a Series A funding round. The round was led by Silicon Valley VC firm Lightspeed Venture Partners, with participation from Mubadala Capital, Pantera Capital, Framework Ventures, Bain Capital Ventures, and Digital Currency Group, among other investors. Andalusia Labs, which offers tech solutions to security challenges in the blockchain industry, will use the funds to accelerate product development, build institutional partnerships, and expand its global footprint. 

Also worth noting: 

E& Acquires 50.03% Stake in Careem

e& acquired a 50.03% stake in Careem Technologies in a $400 million deal. 

Investcorp Unveils $750 Million Climate Technology Investment Platform

Bahrain's global investment management firm Investcorp launched a $750 million climate solutions investment platform. 

Dubai Unveils New Investment Fund

The Dubai Investment Fund is a new state-backed wealth fund that will house billions of dollars worth of assets. The fund will channel government funds domestically and internationally, with a focus on stocks, bonds, and securities.