Last Week in Funding (27 Nov - 3 Dec)

Last week, startups across MENA and the GCC raised a little over $70 million, with GCC-based companies securing the most funding. 

See our full roundup of investments below. 

Tunisia’s Cynoia Secures $933K Funding Round 

Tunis-based business communications platform Cynoia raised $933,000 in a funding round led by 216 Capital, with contributions from United Gulf Financial Services and Bpifrance. The round will drive Cynoia's expansion into Europe and Africa. 

MENA-based Immensa Raises $20 Million in Series B Funding 

MENA-based additive manufacturing and digital inventory management platform Immensa raised $20 million in Series B funding in a round led by MENA-focused VC Global Ventures, with participation from Endeavor Catalyst Fund, EDGO, Energy Capital Group, Shorooq Partners, and Green Coast Investments. The funding round will go toward expanding Immensa's footprint in the Middle East, North America, and potentially Southeast Asia. 

Omani Foodtech KitchenomiKs Raises $1.8 Million Pre-Series A

Omani cloud kitchen KitchenomiKs raised $1.8 million in pre-Series A funding from undisclosed investors. The funding round will allow the startup to expand into the Saudi market. 

Flow48 Wraps Up $25 Million Pre-Series A Funding Round

The UAE-based revenue-based financing (RBF) fintech Flow48 raised $25 million in a pre-seed equity and debt funding round. The round included contributions from Speedinvest, Daphni, 212 VC, Blockchain Founders Fund, Unpopular Ventures, Endeavor Catalyst, TLG, and angel investor Scott Sandell from NEA. The funding will help Flow48 expand into South Africa. 

KSA's Retailo Secures $15 Million in Equity Funding

Saudi-based B2B digital distribution company Retailo raised $15 million in equity funding in a round that included investment from Bahrain's Yusuf Bin Kanoo Group, Dubai-based Majd Digital, Aujun Group Holdings, Shorooq Partners, Abercross Holdings, and Graphene Ventures, among others. The funding will go toward expanding Retailo's footprint in Saudi Arabia.  

MENA Gaming Startup Farcana Secures Strategic Investment from Animoca Brands

UAE-based third-person shooter team arena game Farnaca secured an undisclosed strategic investment from Animoca Brands. The investment will advance Farcana's Web3 game development, with Bitcoin integration.  

UAE’s Yabi Closes $8 Million Seed Round

The UAE's financial literacy startup Yabi by Souqalmal raised $8 million in a seed round led by Al Wafra Al Thanya (Wafra II) and Shuaa Capital. The funding round will go toward product development and expanding Yabi's footprint in the region.