Last Week in Funding (15-21 January)

Last week, startups raised $39 million in disclosed funding, led by the Emirati business travel platform, Tumodo, which secured $35 million in a pre-seed round. 

See our full roundup of investments and investor news below.

Tumodo Secures $35 Million in Pre-Seed Funding

Emirati business travel platform, Tumodo raised $35 million in a pre-seed investment round from angel investors.

The funding will fortify Tumodo's presence within the UAE, fuel the creation of new products, and allow it to explore partnership opportunities.

Egypt-based Fintech Zeal Secures $4 Million in Funding Round

Egypt-based fintech and customer loyalty app Zeal concluded a $4 million funding round, spearheaded by Raed Ventures and Cur8 Capital, alongside support from strategic angel investors.

Zeal aims to enhance in-store customer engagement and payment intelligence across the Europe, Middle East, and Africa (EMEA) region.

UAE's Silkhaus Secures Multi-Million Pre-Series A Financing

Dubai-based proptech startup, Silkhaus, closes an undisclosed pre-series A financing round from San Francisco's Partners for Growth (PFG).

This round is earmarked to fuel the company's expansion plans.

Also worth noting:

AI Expected to Impact Up to 40% of Jobs Worldwide: IMF

The International Monetary Fund (IMF) has sounded the alarm, cautioning that artificial intelligence (AI) is poised to affect up to 40% of jobs worldwide.

Global Leaders Convene at World Economic Forum 2024 in Davos 

As the world grapples with unprecedented challenges, the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, stands as a beacon for global leaders seeking collaborative solutions.

ADQ, ADNEC Acquire 40.5% stake in TMG's ICON 

The ADQ Holding Group and the UAE-based ADNEC Group have finalized agreements to jointly acquire a 40.5% stake in the Arab Company for Tourism and Hotels Investments (ICON), the hospitality arm of Talaat Moustafa Group Holding (TMG).

Ezdehar Management Seals $10 Million Deal for Minority Stake in Yodawy

Local private equity firm Ezdehar Management has closed a $10 million deal to acquire a minority stake in Egypt’s pharmacy benefits management platform Yodawy.

Vodafone, Microsoft Forge 10-Year Alliance for AI Services

Vodafone and Microsoft Corp have put pen on a 10-year strategic partnership aimed at harnessing their collective strengths to deliver scaled digital platforms to over 300 million businesses, public sector entities, and consumers spanning Europe and Africa.

Aramco Boosts Global Venture Capital Strategy with $4 Billion Infusion

Aramco, a Saudi leading player in the global energy and chemicals sector, has announced intentions to inject an additional $4 billion into its global venture capital wing, Aramco Ventures.

Abu Dhabi Commercial Bank Receives Green Light to Establish KSA Branch

The Saudi Cabinet approved Abu Dhabi Commercial Bank (ADCB) to establish a branch in the Kingdom.

Qsalary Launches Electronic Wallet

Saudi-based Qsalary, a platform for accelerating employee salary payments, has introduced an electronic wallet for employees.

African Development Bank Injects $10.5 Million into Seedstars Africa

The African Development Bank (AfDB) has committed $10.5 million in Seedstars Africa Ventures, a venture capital fund targeting high-potential companies in Sub-Saharan Africa.[1] The funds will go toward its first pan-African venture capital fund.

Seedstars Africa Ventures Raises $30 Million for Pan-African Fund

Seedstars Africa Ventures has secured a $30 million capital injection from EIB Global, an arm of the European Investment Bank (EIB).

Altman Eyes G42 to Secure Funds for AI Chip Factories

OpenAI Chief Executive Officer Sam Altman is actively seeking to raise billions of dollars from global investors for an expansive chip venture.

Saudi Wosul Clinches Top Honor as Best Innovative E-Payments Facility

Wosul has been awarded the “Best Innovative Facility” in the field of electronic payments and invoicing for small and medium-sized enterprises in the Kingdom of Saudi Arabia at the 11th Annual International Finance Awards 2023.

Telecom Egypt Receives First 5G License in Egypt

The National Telecommunications Regulatory Authority (NTRA) has awarded Telecom Egypt the first license to operate fifth-generation (5G) networks for mobile phones in the country.

Oman Investment Authority Launches $5.2 Billion Fund

 Oman Investment Authority (OIA) has launched the Future Fund Oman, a $5.2 billion (OMR 2 billion) initiative aimed at stimulating investments in the private sector and fostering growth in small and medium-sized enterprises (SMEs).

Bank Muscat Unveils $390 Million Investment Fund for GCC Banks

Bank Muscat, Oman's largest financial institution, has unveiled plans to establish a strategic investment portfolio (SIP), earmarking an allocation of up to $390 million for investments in the GCC banking sector.

Egypt’s Paymob Secures Fintech License in Oman

Egypt-based fintech Paymob has been granted a payment service provider (PSP) license from the Central Bank of Oman (CBO).