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Last Week in Funding (6-12 Nov)

Startups raised more than $162 mn across MENA and the GCC.

By Inc.Arabia Staff
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Your week in raises is a our weekly roundup of raises by startups in MENA and the GCC.

Last week, startups across MENA and the GCC raised more than $162 mn. Egypt's fintech unicorn MNT-Halan’s $130 mn securitized bond issuance accounted for almost 80% of this week’s total disclosed raises.

VCs were also active this week, with Toronto- and Silicon Valley-based Raiven Capital announcing a new fund to be based in Dubai's International Financial District, Riyadh Valley Company investing in Flat6Labs seed fund, and Abu Dhabi's Khalifa Fund announcing new products to support entrepreneurs. 

See our full roundup of investments below.

MNT-Halan Raises $130 Mn Securization Bond Issuances

Egyptian fintech MNT-Halan, which became the country’s first fintech unicorn earlier this year, added $130 mn to its funding through a securitization deal last week, bringing its total capital raised this year to $400 mn. Funds were raised from Chimera Abu Dhabi, which has invested more than $200 mn in equity in exchange for over 20% of the company. Unnamed international investors will raise an additional $60 mn of primary capital.

TMRW Foundation Makes Undisclosed Investment in SuperGears Games

The UAE-based TMRW Foundation made an undisclosed investment in racing games studio SuperGears Games. The news came with the announcement that TMRW Foundation’s CEO and founder, Cevat Yerli, will serve on the executive board of SuperGears.

Saudi Proptech Ajras Wraps Up $28 Mn Investment Round

Saudi proptech Ajras closed a $28 mn seed funding round, which includes ownership shares and debt financing, with the participation of Madarak International. The funding round will help the Riyadh-based proptech streamline leases of commercial real estate.

Morocco’s CloudFret Wraps Up $2.1 Mn Funding Round

Morocco-based CloudFret raised $2.1 mn in a funding round led by AfriMobility and Azur Innovation Fund. The funds will accelerate the startup’s expansion to Marseille and optimize its AI-driven solutions. CloudFret, which helps optimize cargo truck capacity by bridging the gap between shippers and carriers, intends to double its workforce by the end of 2024.

Saudi Arabia’s COGNNA Closes $2.25 Mn Seed Round

Saudi Arabia-based cyber-threat detection and response platform closed a seed investment round of over $2.25 mn. The round was led by IMPACT46, with participation from Vision Ventures and Faith Capital, among other investors.

Also worth noting: 

- Riyadh Valley Company invested in Flat6Labs Startup Seed Fund (SSF).

- Toronto- and Silicon Valley-based Raiven Capital launched a $125 mn new fund at Dubai International Financial Center (DIFC). The fund will prioritize entrepreneurs working in AI, IoT, and distributed ledger technology, with a focus on digital platforms developing value chain solutions in energy, food, health, and finance, among other sectors.

- Abu Dhabi’s Khalifa Fund for Enterprise Development launched seven new funding products to support the country’s entrepreneurial ecosystem.

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