Last Week In Funding (13-18 November)
Last week, startups raised $18.16 million, with the UAE's last-mile delivery startup Wize leading the charge.
Your week in raises is our weekly roundup of raises by startups in MENA and the GCC.
Last week, startups across MENA and the GCC raised more than $18.16 million, with UAE’s last-mile delivery startup Wize leading a $16 million pre-seed round. Apart from Wize, last week saw three Saudi fintechs raise funds, in addition to a number of additional undisclosed rounds in edtech and fintech from Morocco, Egypt and the UAE.
See our full roundup of investments below.
Egypt-based Edtech Akhdar Wraps Up Six-Figure Round
Egypt’s book summary app-turned-edtech platform Akhdar received a six-figure US dollar investment from Saudi Arabia’s Value Maker Studio (VMS), as part of the venture studio’s Bridge Program. The funding will help the edtech expand its footprint in the Kingdom.
Saudi Arabian Fintech LYNK Closes Undisclosed Investment Round
Saudi Arabia’s Shariah-compliant fintech LYNK closed an undisclosed investment round from Al Fozan Holding and Ramla Holding Group. The funding round will go toward launching more Shariah-compliant fintech products and fostering the company’s expansion into financial services.
Saudi Arabia-Based Khafy Secures $800,000 in Pre-Seed Round
Saudi-based mystery shopping service Khafy closed a $800,000 pre-seed investment round, with the participation of unnamed investors.
Saudi Fintech Tamara Secures Additional Debt Financing
Saudi-based fintech Tamara secured additional debt financing to raise the total value of its warehouse facility to $400 million after securing additional debt financing of up to $250 million. The facility is an incremental up to $200 million of senior debt arranged by Goldman Sachs, and up to $50 million mezzanine tranche led by Shorooq Partners. The funding will support Tamara’s flagship BNPL product and go toward the development of new products and services.
Mafhoom Technologies Closes $1.36 Million Pre-Seed Round
The UAE-based fintech startup Mafhoom Technologies closed a $1.36 million pre-seed investment round led by Wafra II Investment along with other angel investors. The funding will go toward developing the platform's AI-driven behavioral and predictive analysis capabilities, as well as support its expansion into Saudi Arabia.
The UAE’s Last-Mile Delivery Startup Wize Raises $16 Million Pre-Seed Funding
The UAE’s last-mile delivery startup Wize raised $16 million in a pre-seed funding round co-led by MENA-focused angel investors. The funding will help Wize expand in the UAE, build new partnerships, and develop new products.
Morocco's Chari Obtains Funding From UM6P Ventures
Moroccan fintech Chari secured undisclosed funding from Casablanca-based VC UM6P Ventures, the investment arm of Mohamed VI Polytechnic University. The funding will help the company develop its B2B e-commerce and embedded finance offerings. The announcement came with news of a partnership between UM6P and Chari to create a fintech academy to foster financial inclusion in Morocco.