Last Week in Funding (25-31 December)

To close off a quarter that saw the birth of two new unicorns, the final week of December was sluggish for fundraising, with just Saudi Arabia's debt-based crowd-financing platform Ta3meed securing $15 million in a Series A round. 

Lots of activity commenced on the investor side, however, with a new Egypt-based accelerator/incubator set up to fund early-stage startups, Riyadh Valley Company investing in IMPACT 46 Fund III, and Singapore-based VC Golden Gate Ventures announcing plans to set up shop in Riyadh.

On the startup front, Egypt's education fintech platform Edupay announced plans to raise $2 million to fund its consumer finance license, while Dubai's Micropolis Holding filed for an initial public offering (IPO) with the US Securities and Exchange Commission (SEC) to raise up to $37 million. Also notable, cryptocurrency mining and blockchain company Phoenix Group PLC is gearing up to secure 25% of Dubai-based social network and content monetization platform, Lyvely. 

See our full roundup of investments and investor news below. 

Saudi Ta3meed Raises $15 Million in Series A Funding

Saudi Arabia's debt-based crowd-financing platform Ta3meed closed a $15 million Series A round led by Al-Rumaih Group. The Shariah-compliant crowd-financing platform, which specializes in financing purchase orders licensed by the Saudi Central Bank (SAMA), will use the funds to meet the demand for project financing and purchase orders. 

Also worth noting:

Egypt’s Edupay Seeks Consumer Finance License via $2 Million Round

Egyptian fintech platform Edupay aims to raise $2 million during the first quarter (Q1) of 2024 that will go toward securing a consumer financing license.

Egypt’s TradeHub Kicks off Its Operations

Egyptian startup TradeHub announced the launch of its platform, which aims to simplify exports, facilitate trade operations, and support local manufacturers in accessing local and international markets.

Dubai’s Micropolis Holding Initiates $37 Million US IPO Filing

Dubai-based Micropolis Holding, a developer of autonomous mobile robots and associated software, has filed for an initial public offering (IPO) with the US Securities and Exchange Commission (SEC). The company aims to raise up to $37 million through the IPO.

Cryptocurrency Miner Phoenix Group to Acquire 25% of Dubai's Lyvely

Phoenix Group PLC, a cryptocurrency mining and blockchain company, is gearing up to secure a 25% shareholding in the Dubai-based social networking and content monetization platform, Lyvely.

Aramco’s Prosperity7 Ventures Invests $14 Million in Chinese Cispoly

Prosperity7 Ventures, Saudi Aramco Ventures' $1 billion VC fund, has invested $14 million in a Series B round of Shenzhen Cispoly Bio-Tec, a Beijing-headquartered women's health company.

Egypt’s T-Vencubator Fund Launches to Back Technology Startups

A new tech startup incubator and venture capital firm targeting early-stage startups up to the Series A stage, T-Vencubator, announced the start of operations in Egypt.

Riyadh Valley Company Invests in IMPACT46 Fund III

Riyadh Valley Company, the investment arm of King Saud University, announced an undisclosed investment in IMPACT46 Fund III.

Golden Gate Ventures Opens Regional MENA Office

Golden Gate Ventures, a Singapore-based early-stage VC, has established its first MENA office in Riyadh, Saudi Arabia.