Last Week in Funding (12-18 February)

Last week in funding is our weekly roundup of raises by startups in MENA and the GCC.

By Inc.Arabia Staff
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Last week, startups raised $6.55 million in disclosed funding, led by Dubai-based gaming startup Exverse, which secured $3 million in a funding round.

See our full roundup of investments and investor news below.

Exverse Raises $3 Million Investment to Enhance Web3 Gaming 

Exverse, a gaming startup headquartered in Dubai, secured $3 million in a private funding round to enhance the experience of Web3 gaming.

UAE Fintech Startup Kema Secures $2 Million in Pre-Seed Funding

Speedinvest and the Dubai Foundation District Fund (DFDF) worked together to raise $2 million in pre-seed funding for the UAE-based fintech Kema.

Morocco's Logidoo Closes $1.55 Million Investment Round

Morocco-based and pan-Africa logistics startup Logidoo wrapped up $1.55 million, led by Moroccan Maroc Numeric Fund II, Tunisia's 216 Capital, Ethiopian Gullit VC, Nigerian Founders Factory Africa, Egyptian-Japanease Sunny Side Venture Partners, and Moroccan Kalys Ventures.

Saudi Arabian PhysioHome Closes Undisclosed Seed Round

PhysioHome, a health services company, wrapped up its seed round with the participation of angel investors.

Also worth noting:

Dubai Future District Fund Dedicates $54.47 Million to Climate Tech 

The Dubai Future District Fund (DFDF) committed 20% of its Dh1 billion ($272.264 million) fund, totaling $54.47 million, to support climate technology and innovation projects.

Jordan's ISSF Invests in MSA Novo to Boost Local Startups

Jordan's Innovative Startups and SMEs Fund (ISSF) invested $5 million in MSA Novo, a MENA-focused fund operated by MSA Capital, a global investment firm, to back Jordanian startups and bolster the national economy.

PIF's TASARU Mobility Invests in Project 3 Mobility's Series-A Round

TASARU Mobility Investments, a subsidiary of the Saudi Public Investment Fund (PIF), invested in the Series A funding round of Croatian autonomous urban mobility firm Project 3 Mobility.

UAE Launches $200 Million Global Tech R&D Platform

The Advanced Technology Research Council (ATRC) of the UAE launched a global technology advanced research and development (R&D) platform, backed by an initial funding of $200 million, to address the technology disparities experienced by nations worldwide.

UNDP Introduces Green Growth and Jobs Accelerator Project

The United Nations Development Programme (UNDP) introduced the Green Growth and Jobs Accelerator Project (GGJAP). This innovative program aims to empower small and medium-sized enterprises (SMEs) to drive green growth, aligning with the Sustainable Development Goals (SDGs).

Women-led VC Globivest Achieves First Fund Close

Lebanon-based venture capital (VC) firm Globivest announced the close of its first fund for an undisclosed sum.

Sowt Media Acquires Rising Giants Network

Jordan-HQ Arabic podcast network Sowt Media, Inc., completed its acquisition of UAE-based competitor Dubai's Rising Giants Network (RGN).

End-to-End Payment Provider Tafweela Launches in Egypt

Tafweela, an end-to-end payment ecosystem targeted at corporate fleets, has launched its operations in Egypt.

UAE’s Healthtech TruDoc Acquires Wellthy Therapeutics

UAE-based healthtech TruDoc Healthcare announced its acquisition of the Indian chronic disease management platform, Wellthy Therapeutics, for an undisclosed sum.

TII Launches Falcon Foundation to Drive Open-Source AI Innovation

The UAE-based Technology Innovation Institute (TII), the applied research pillar of Abu Dhabi’s Advanced Technology Research Council (ATRC), unveiled the Falcon Foundation, a non-profit initiative aimed at propelling the development of open-source generative AI models and fostering sustainable ecosystems around such projects to expedite technological progress.

Hope Ventures Invests in Bahraini Startups Through Beban Platform

Hope Ventures, the investment arm of Hope Fund, announced its investment in two Bahrain-based startups, Right Calories, and Motolines, facilitated by Beban, the region's private-public investment platform featured on an entrepreneurship-themed reality TV show.

Alibaba Expands Gulf Presence Through Local Partnerships

Alibaba Group Holding, the Chinese e-commerce giant, is gearing up to bolster its presence in the Gulf region through strategic collaborations with local enterprises in Saudi Arabia and the UAE.

Entlaq Partners with Ninjacart to Boost Agri-Startups in Egypt

Entlaq, a Cairo-based entrepreneurship think tank, partnered with Ninjacart, India's agri startup renowned for its utilization of technology to streamline the agricultural ecosystem.

Nvidia Surpasses Alphabet in Market Cap Race

Nvidia, Wall Street’s favorite artificial intelligence darling, has once again showcased its dominance, reaching an astounding market capitalization of $1.83 trillion on Wednesday. This achievement nudged it past Alphabet, whose market cap stood at $1.82 trillion.

HUB71 Teams Up with Stride Ventures to Boost Abu Dhabi's Startups

The global tech ecosystem in Abu Dhabi Hub71 joined forces with the venture debt fund Stride Ventures in a strategic partnership aimed at fortifying entrepreneurship and fostering innovation within the capital's startup community.

Valentine’s Day Sees 75% Surge in Flowers and Gifts Across UAE, MENA

Valentine's Day celebrations in the UAE and MENA region witnessed a remarkable surge in flower and gift orders, marking a 75% increase in demand compared to previous years.

FinTech to Boost UAE's GDP per Capita to $915.6 by 2030: UnaFinancial

Financial technology (fintech) is poised to become a significant contributor to the well-being of citizens in the GCC region by 2030, with analysts from UnaFinancial projecting substantial gains.

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