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Last Week in Funding (26 February- March 3)

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 $8.62 million in disclosed funding, led by US-based Egyptian fintech MoneyHash, which secured $4.5 million in a seed funding round.

See our full roundup of investments and investor news below.

MoneyHash Secures $4.5 Million in Seed Funding

US-based Egyptian fintech MoneyHash announced the closure of a $4.5 million seed funding round through co-leadership from investment firms COTU Ventures and Sukna Ventures, alongside contributions from RZM Investment, Dubai Future District Fund, VentureFriends, and a consortium of strategic investors and operators.

Hayi Secures Undisclosed Seed Round Funding

UAE-based social networking app Hayi concluded an undisclosed seed funding round from Plus VC, a venture capital firm specializing in early-stage and tech-enabled startups in the MENA region.

The capital raised will fuel the expansion of operations, intensify marketing efforts, and extend Hayi's presence not only within the UAE but also across new markets.

Cloud Shelf Raises $3.77 Million in Pre-series A

Saudi-based dark stores startup Cloud Shelf closed SAR 14.15 million ($3.77 million) in a pre-series A investment round.

Cloud Shelf will use the funds to enhance its growth by acquiring a larger customer segment by doubling its expansion into new market sectors, in addition to expanding geographically in the kingdom’s main cities.

Saudi-Based Glamera Secures $350,000 Investment

Saudi Arabia-based SaaS platform Glamera raised $350,000 in an investment round facilitated through Beban, the region's entrepreneurship-themed reality television show and private-public investment platform.

For Glamera, the investment will support its plans to fuel expansion and innovation.

CAI Concierge AI Wraps Up New Investment Round

UAE-based AI startup CAI Concierge AI concluded an investment round led by Enlightened Minds and VC SILA for an undisclosed sum to foster its presence in the UAE market.

Talabatcom Closes Seed Investment Round

Information technology firm Talabatcom revealed that it has wrapped up a seed investment round for an undisclosed sum.

Also worth noting:

Acasia Ventures Invests in Kenya’s tappi

Egypt-based venture capital firm (VC) Acasia Ventures announced its participation in a pre-seed funding round for Kenya's e-commerce startup, tappi. 

Egypt Launches First Government AI Chatbot KMT

The Central Agency for Organization and Administration (CAOA) unveiled the debut of KMT, the country's first government AI chatbot. The launch took place in the New Administrative Capital.

Hubpay Unveils Digital Global Currency Account for UAE

The financial technology firm and the first independently licensed company in the UAE to offer digital payments, Hubpay, is gearing up to launch its digital global currency account.

Deus X Capital Set to Acquire HAYVN

Deus X Capital, a crypto investment firm backed by family offices, has inked a deal to acquire HAYVN, an institutional digital asset firm, for an undisclosed sum.

QDB Introduces Startup Qatar Investment Program

Qatar Development Bank (QDB) unveiled the Startup Qatar Investment Program, aimed at attracting tech startups to establish or expand their presence in Qatar through funding support.

PayTabs Egypt, Souhoola to Broaden Payment Solutions

The fintech firm PayTabs Egypt announced a partnership with the Egyptian Buy Now, Pay Later (BNPL) platform Souhoola to introduce a new BNPL payment option for merchants using PayTabs Egypt's services.

Tabby Unveils Tabby+ Subscription Service

Tabby, the shopping and financial services app in the MENA region, introduced Tabby+, a monthly subscription service now available in the UAE.

Qatar Unveils New Venture Capital Program

The Qatar Investment Authority (QIA) introduced Qatar's first Venture Capital Fund of Funds.

CoreVision Acquires VeFund to Empower Startups

Saudi Arabia-based investment firm CoreVision acquired Mena-focused investment management platform VeFund.

IHC Names GCC's First AI-Powered Board Member

Abu Dhabi's International Holding Company (IHC) appointed the Gulf Cooperation Council's (GCC) first artificial intelligence (AI)-powered observer to its board of directors.

COTU Ventures Launches $54 Million Fund to Back Startups

UAE-based early-stage VC fund COTU Ventures announced the launch of its first fund, securing $54 million to back startups across the Middle East from pre-seed to seed stages.

Dubai Launches SheTrades Hub to Empower Women Entrepreneurs

A new SheTrades Hub has been unveiled in Dubai in a bid to empower women entrepreneurs across the Middle East and North Africa (MENA) region.

Elon Musk Files Lawsuit Against OpenAI and Sam Altman

Tech mogul Elon Musk has taken legal action against OpenAI and its CEO, Sam Altman, accusing them of violating their contractual obligations and straying from the startup's original goal of developing artificial intelligence (AI) for the betterment of humanity.

Organon, Flat6Labs Launch 2nd Women's Health Accelerator

Organon, a global advocate for women's health, teamed up with Flat6Labs, a venture capital firm in the MENA region, to launch the second edition of their Women's Health Accelerator Program. 

Aramco Finalizes Acquisition of Esmax

Saudi Aramco, a global leader in energy and chemicals, concluded the acquisition of Esmax Distribución SpA Esmax, a diversified downstream fuels and lubricants retailer in Chile.

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