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Last Week in Funding (4-10 December)

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 $46.75 million in disclosed funding, with the Saudi Arabia-based Shariah-compliant debt crowdfunding platform Lendo leading the charge. 

See our full roundup of investments below.

Lendo Bags $28 Million in Series B Funding Round

Sanabil Investments, a fully-owned subsidiary of the Public Investment Fund (PIF), has spearheaded a SAR 105 million ($28 million) Series B funding round for Lendo, a Shariah-compliant debt crowdfunding platform based in Saudi Arabia.

The injected capital will serve the dual purpose of bolstering Lendo's growing customer base in Saudi Arabia and facilitating the introduction of creative financing options.

UAE’s Yabi Closes $8 Million Seed Round

Financial literacy startup Yabi by Souqalmal, backed by Dubai-based investment bank Shuaa Capital, wrapped up a $8 million seed round.

The money raised will be put toward expanding into local markets and developing new products.

Omniful Raises $5.85 Million Seed Round

Omniful, a cloud-based supply chain and e-commerce enablement platform focused on hyperlocal and omnichannel commerce has raised $5.85 million for its seed round.

The company will deploy the capital to strengthen its position in existing markets, and launch sales and marketing activities in new countries in the region, as well as to double down on its technology development.

Egypt’s Mtor Raises $2.8 Million Pre-seed Funding

Egyptian online auto parts marketplace Mtor has raised $2.8 million in pre-seed investment led by Egypt-focused venture capital firm Algebra Ventures.

Blink Secures $2.1 Million in Seed Funding Round

Saudi Arabia-based software-as-a-service (SaaS) startup Blink has concluded a $2.1 million seed funding round from 500 Global and Global Founders Capital, as well as existing investors, including Orbit Startup/SOSV.

This funding is poised to propel Blink's growth in Saudi Arabia.

Saudi Fintech Qannas Concludes Undisclosed Pre-Seed Round

Saudi fintech Qannas has wrapped up an undisclosed pre-seed investment round led by Core Vision, with additional participation from angel investors.

Also worth noting: 

Palestinian Startup Oqoodi Wins First Place at Tech the Justice Gap 

‘Tech the Justice Gap’ Forum concluded its activities in Tunis, with final winners announced including Oqoodi, the first winner from Palestine, which secured a EUR 20,000 ($21,740) prize.

PayTabs Egypt Partners With mnGm for Online Gold Purchases

PayTabs Egypt has entered into a strategic partnership with mnGm, an Egypt-based digital distributor for Gold Net Trading (GNT) and a subsidiary of Evolve Investment.

Hub71 announces climatech focused program for startups

Hub71 launches its Hub71+ ClimateTech program, a specialist ecosystem to support startups worldwide that are advancing the development and deployment of sustainable decarbonization technologies for a greener future.

Mubadala Invests $292 Million in Battery Storage Developer Zenobē

Abu Dhabi sovereign wealth fund, Mubadala Investment Company, has invested $292.1 million in UK-based EV fleet and battery storage developer Zenobē.

PepsiCo, SABIC, and Partners Unveil Mega Green Accelerator

PepsiCo and SABIC, in collaboration with AstroLabs and other strategic partners, have launched the Mega Green Accelerator.

Saudi Startup Sol Sells 35% Stake to Jahez Group

Jahez Group announced the purchase of a 35% stake in Riyadh-headquartered startup Sol, without revealing the value of the deal.

UAE’s EasyLease Acquires 60% Stake in Fully Charged

Abu Dhabi-based EasyLease, a player in the mobility solutions sector and a subsidiary of International Holding Company, has acquired a 60% stake in Fully Charged, an electric charger manufacturer and installer.

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