Last Week in Funding (18-24 December)

Last week, startups raised $377 million in disclosed funding, with Saudi fintech Tamara's $340 million Series C raise making it the fourth MENA-based startup this year to achieve unicorn status. 

See our full roundup of investments below.

Tamara Raises $340 Million in Series C Funding

Saudi fintech Tamara, a Buy-Now-Pay-Later (BNPL) platform serving customers in Saudi Arabia and the wider GCC region, raised $340 million in a financing round that values the fintech at $1 billion, giving the company unicorn status.

With this transaction, Tamara has raised a total of $500 million in equity funding, including secondaries, and over $400 million in debt financing since Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Al Babtain started the company in late 2020.

Trends by LuckyDodo Raises $1 Million Investment

Dubai-based Trends, an analytics platform backed by the digital powerhouse LuckyDodo, secured $1 million in funding from investors at the DIFC Innovation Hub.

The investment will fuel the expansion of Trends, enabling it to scale its operations, enhance its technological infrastructure, and broaden its data analytics capabilities. 

Chefaa Secures $5.25 Million

The patient-centric Egyptian pharmacy platform Chefaa has secured $5.25 million in funding from new and existing investors.

The funding will support Chefaa’s efforts to scale all models designed to digitize the supply chain and empower industry stakeholders.

Saudi Arabia's Trell Closes $1.2 Million Pre-seed Round

KSA-based Trell, a provider of financial solutions to the logistics sector, closed an investment round worth SAR 5.4 million ($1.2 million).

The financing will help Trell develop operations on its platform.

Saudi Velents Closes Undisclosed Seed Round

Saudi Arabia-based HRtech and AI recruiter Velents has wrapped up an undisclosed seed investment round led by A15.

Saudi Hakbah Closes Series A Investment Round

Hakbah, the Saudi-based fintech savings platform, concluded a Series A investment round worth SAR 19 million ($5.07 million) led by Venture Souq.

The company will use the funding to develop its savings engine and new savings products, with a strong focus on machine learning technology.

Saudi Fintech Spare Closes $3 Million Funding Round

Saudi Arabia-based fintech startup Spare secured $3 million in a funding round led by Vision Ventures, with participation from Wa'ed Ventures, Seedra Ventures, and global investment firm 500 Global, among other angel investors.

The money will go toward expanding operations and marketing in KSA and team size.

iSchool Closes $4.5 Million Funding Round

Egypt-based edtech platform iSchool secured $4.5 million in a funding round led by Irish VC VentureWave Capital, followed by OneStop Capital UK, Website Investment Network, and Oraseya Capital, the venture capital arm of Dubai Integrated Economic Zones Authority.

The money will power iSchool's rapid growth into six more MENA countries, provide technological scalability for the "Online Coding Platform," and finance the rollout of its gamified online classroom app service across Sub-Saharan Africa.

Scalers Closes Investment Round Worth $1.87 Million

Saudi-based Scalers, an online competency-based learning and placement company, closed an investment round worth SAR 7 million ($1.87 million) led by Sadu Capital and Access Bridge Ventures.

The money will help Scalers develop its products and employment services and accelerate plans for market expansion.

KSA’s Soum Closes $18 Million Series A Round

Saudi Arabia-based re-commerce marketplace Soum wrapped up a $18 million Series A funding in a round led by Jahez, with participation from Isometry Capital along with existing investors Khwarizmi Ventures, Alrajhi Partners, and Outliers Venture Capital.

The funding will help Soum expand its scope beyond the primary sector of used electronics, where it leads the market in Saudi Arabia, and speed up its regional expansion.

UAE’s Zeroe Nets $2.2 Million from Seed Round

UAE-based cleantech Zeroe concluded a seed round worth $2.2 million led by Indonesian investor Owen Rahadiyan.

The fresh capital infusion will fuel the company's next stage of growth.

Also worth noting:

Tabby Secures $700 Million Debt Facility in Pre-IPO

Buy Now Pay Later Platform (BNPL) Tabby secured a $700 million debt facility facilitated by J.P. Morgan ahead of its planned initial public officering (IPO). The Saudi-based fintech also extended its Series D round, which closed in November and made Tabby a unicorn, to $250 million.

The funds will allow Tabby to meet the needs of its existing 10 million consumers and fuel its expansion plans.

Nio Secures $2.2bn Investment From Abu Dhabi Fund

Chinese EV startup and Tesla rival Nio secured a $2.2 billion investment from Abu Dhabi-backed CYVN Holdings in a boost for the Chinese electric vehicle maker, as Middle East groups and Beijing join forces in the cleantech transition.

Tunisian 216 Capital Leads Pre-seed Round of London-based Imaginario

London-based Imaginario AI has closed €900,000 ($992,385) led by Tunisian 216 Capital.

Jada Fund of Funds Invests in Iliad Partners Tech Ventures Fund I 

Jada Fund of Funds announced an undisclosed investment in Iliad Partners venture capital initiative, Iliad Partners Tech Ventures Fund I.

And some M&A news:

Egypt's MaxAB Merges With Kenya’s Wasoko

MaxAB, an Egyptian B2B e-commerce startup, and Wasoko, a Kenya-based e-commerce player, signed preliminary merger terms to combine their operations.

Dutch Jedo Acquires Saudi Arabian Jump-in App

Amsterdam-based Jedo announced its acquisition of the Saudi Arabian Jump-in application, which will enable it to expand its travel planning services to the Saudi market.