Money

Last Week In Funding (30 Oct - 5 Nov)

Startups raised $255 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.

This week's highlights:

- Startups across MENA and the GCC raised $255, with Aramco's Wa'ed Ventures and Saudi-based Raed Ventures leading two of the biggest rounds (edtech Noon Academy and cybersecurity spiderSilk) and PayPal Ventures and Mubadala Investment Capital leading BNPL Tabby's landmark round. 

- BNPL Tabby became the GCC's first fintech unicorn with a valuation of $1.5 bn ahead of its IPO in the Kingdom.   

- Saudi Arabia's Venture Maker Studio (VMS) made two six-figure investments in Egyptian edtech OBM Education and Awfar, respectively. 

A full roundup of investments below.

Tabby Raises $200 Mn in Series D Funding

Saudi-based buy now, pay later (BNPL) platform Tabby achieved unicorn status with its latest Series D $200 mn raise, putting its valuation at $1.5 bn. The round was led by PayPal Ventures and Abu Dhabi powerhouse Mubadala Investment Capital. 

Saudi-based Edtech Noon Academy Raises $41 Mn Series B Funding

Saudi-based edtech Noon Academy raised $41 mn Series B funding in a round co-led by Wa’ed Ventures and Raed Ventures. The funding will help the peer-to-peer social learning app which caters to students in MENA and Pakistan (MENAP) expand to global markets. 

Ora Technologies Secures 1 Mn Pre-Seed Funding

Morocco-based fintech startup ORA Technologies secured $1 mn pre-seed funding from local private investors over the past eight months. The app, which is developing a digital wallet, currently offers P2P transactions, e-commerce capabilities, on-demand services, chat functionality and social networking.

Dubai-Based SpiderSilk Raises $9 Mn in Round Led by Wa’ed Ventures

Dubai-based spiderSilk raised $9 mn in a funding round led by Aramco’s VC Wa’ed Ventures. The round will fund the expansion of the AI-powered cybersecurity startup’s products into Saudi Arabia. 

Egyptian Healthtech Almouneer Raises $3.6 Mn in Seed Round Fund

Egyptian healthtech Almouneer raised $3.6 mn seed fund led by Dubai-based Global Ventures. The funds will be used to scale Almouneer’s platform for diabetes and obesity treatment. 

Tunisian Fintech My Easy Transfer Raises $423k from 216 Capital

Tunisian fintech My Easy Transfer raised $423k from 216 Capital. My Easy Transfer facilitates the easy transfer of remittances from Tunisians living abroad to their families at home. The funding will go toward improving and expanding the platform’s presence and features in Tunisia, as well as expanding to other markets in Morocco, Mali and Senegal. 

Edtech OBM Education Wraps Up Six-Figure Funding Round Led by VMS

Egyptian edtech OBM Education closed a six-figure funding round led by Riyadh-based Value Maker Studio (VMS). The startup, which provides pre-university students with career advice and university and training program guidance, will use the funding to expand into Saudi Arabia. 

Morocco’s Fintech Startup PayLik Raises Funds from UM6P Ventures

Morocco-based fintech PayLik raised an undisclosed amount from Mohamed VI Polytechnic University’s investment arm UM6P Ventures. PayLik, which helps companies streamline salary advance payments, will use the funding to expand into tech-based financial services, including loan alternatives, budget management coaching, salary savings and bill payments, among other things. 

Dubai-Based NOW Money Closes Investment Round

Dubai-based fintech NOW Money closed an undisclosed round led by Dubai-based entrepreneurs Mark Nutter and Nicolas Andine. NOW Money provides financial inclusion services to low-income migrants workers in the GCC, including low-cost remittance transfers, financial literacy services, and mobile banking accounts. The funding round came with the news of Nutter’s appointment as chairman and Andine’s appointment as CEO of NOW Money. 

Saudi-Based Proptech Nuzul Closes Pre-Seed Investment Led by Flat6Labs

Saudi Arabian proptech aggregator Nuzul closed an undisclosed pre-seed investment in a round led by Flat6Labs. 

Egypt’s E-Commerce Awfar Raises Undisclosed Fund From KSA’s VMS

Egypt-based sofware-as-a-service (SaaS) e-commerce startup Awfar raised an undisclosed fund from Saudi Arabia’s Value Maker Studio (VMS). The funding will help Awfar expand into the Saudi market. 

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