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Last Week in Funding (22-28 January)

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 $10.57 million in disclosed funding, led by Egypt- and US-based AI startup DXwand, which secured $4 million in a pre-seed round. 

See our full roundup of investments and investor news below.

DXwand Raises $4 Million Series A Funding

Egypt- and US-based AI startup DXwand closed a Series A funding round of $4 million, led by Shorooq Partners, Algebra Ventures, and existing investor Dubai Future District Fund.

Egyptian Beauty Startup Mira Secures $200,000 in Investments

Cairo-based direct-to-consumer (D2C) beauty and wellness startup Mira secured an investment worth $200,000 from Wingoo Investment and Technology.

Qatari FinTech KARTY Secures Over $2 Million in Seed Funding Round

Qatari fintech startup KARTY concluded a seed funding round worth over $2 million from local investors.

Crysp Farms Harvests $2.25 Million in Pre-Series A Round

Crysp Farms, the GCC’s operator of decentralized vertical farms, closed a $2.25 million pre-Series A round led by Gate Capital, with participation from regional investors from the UAE and Saudi Arabia.

Crealo Closes $1.42 Million Seed Round from 212 Founders

Morocco-based copyright management platform Crealo raised $492,925 million from Casablanca-based 212 Founders program, a flagship initiative of CDG Invest--the investment arm of the CDG Group.

Egyptian EdTech Edura Closes Pre-Seed Funding

Egyptian edtech startup Edura closed an undisclosed pre-seed funding round led by Smart Zone Startups Studio, with contributions from angel investors.

Hope Ventures Invests $500,000 in Omani Startup Innotech

Hope Ventures, the investment arm of Hope Fund and the producer of the BebanTV show, co-invested $500,000 in Omani startup Innotech during the third episode of Beban Season 3.

Moroccan Marvel Raises $201,194 in Funding from Augustulus Ventures

Morocco-based Software-as-a-Service (SaaS) bookings enterprise Wanaut wrapped up a $201,194 funding round from Augustulus Ventures.

Also worth noting:

Reddit Gears Up for IPO Launch in March

Social media giant Reddit, the platform known for niche discussions, is gearing up for its Initial Public Offering (IPO) in March 2024.

Flat6Labs Celebrates Graduation of 10 Startups in Riyadh

Flat6Labs Riyadh graduated 10 startups its second demo day, held on Monday, 22 January.

PayTabs Group and Fintech Galaxy Join Forces for Fintech Advancements

Saudi Arabian-based fintech platform PayTabs joined forces with Fintech Galaxy, an open banking and financial innovation entity, to elevate the region's fintech space.

Thndr Secures Research License for Enhanced Investment Recommendations

Egypt's digital investing platform Thndr Securities Brokerage has been granted a research license to provide its clients with expert investment recommendations through its newly minted sister brand, Rumble.

UAE to Establish AI and Advanced Technology Council

Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE and Ruler of Abu Dhabi, issued a law establishing the Artificial Intelligence (AI) and Advanced Technology Council (AIATC).

Amazon Unveils Alexa's Most Popular Features in the Middle East

Amazon announced that for the second year in a row, Middle Eastern consumers are among the most engaged Alexa’s users worldwide, with an average of 14 interactions per day.

Bybit Launches Next-Gen ByBUIDLERs Program

Bybit, the third-largest crypto exchange globally by volume, introduced the second generation of its ByBUIDLERs Program on 23 January, signaling a new era in the development of crypto influencers.

PIF Launches Electric 360 Partnership with Formula E, Extreme E

The Saudi Public Investment Fund (PIF) announced an Electric 360 partnership with three prominent motorsport series namely Formula E, Extreme E, and E1 powerboat racing.

Saudi Tech Giant Al-Moammar Information Pours $5 Million into OpenAI

Riyadh-based Al-Moammar Information Systems (MIS) sealed a $5 million investment deal with the artificial intelligence company OpenAI, Inc.

216 Capital Leads $500,000 Investment for Pan-African Fintech ProXalys

Tunisian venture capital firm 216 Capital has taken the lead in a funding round that injected $500,000 into ProXalys Inc.

Google Offers $4 Million to Palestinian Startups

Google is offering $4 million in financial assistance to early-stage startups and small businesses in Palestine.

UAE’s Cypher Capital Co-Leads $2.4 Million Investment in BitsCrunch

Cypher Capital,  a crypto investment firm headquartered in the United Arab Emirates (UAE), co-led a $2.4 million strategic investment round in bitsCrunch, a German data analytics firm specializing in multi-chain insights and forensics for NFTs and digital assets.

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