Dubai-based digital gift card marketplace YOUGotaGift has been acquired by Giftee, a Japanese digital gifting platform. The deal, which was announced earlier this month, closed on Friday with Giftee acquiring a 91% stake for $28.1 million, valuing the company at $30.9 million. The remaining 9% stake is held by YouGotaGift’s CEO and founder Husain Makiya, ... Read more ›
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Jada, the Saudi fund of funds, by Public Investment Fund, has invested in the second fund of Seedra Ventures, a local fund manager that invests in startups across the Middle East & North Africa. The fund completed its first close in the second quarter earlier this year. The size of the commitment by Jada was ... Read more ›
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Saudi Arabia’s leading beauty ecommerce platform Nice One has announced its intention to list on the Saudi Exchange’s Main Market (Tadawul). The company plans to offer 34.65 million shares, representing 30% of its share capital through a combination of existing and new shares. The offering consists of 29.15 million (25.24%) existing shares and 5.5 million ... Read more ›
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Talabat, the leading food and grocery delivery platform in the region, launched its IPO earlier this month on the Dubai Financial Market and announced its price range of AED 1.5 to 1.6 per share on Tuesday. The company will offer 3.49 billion shares, representing 15 percent of its total share capital, which implies a valuation ... Read more ›
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Dubai-based spend management platform Pemo has secured $7 million in pre-Series A funding, co-led by Shorooq Partners and Augmentum Fintech. The round follows its $12 million seed round in April 2022, which was backed by Cherry Ventures, Shorooq, FinTech Collective, and others. The startup, which offers corporate virtual and physical cards with automated expense management ... Read more ›
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Riyadh-based fintech infrastructure provider Lean Technologies has secured $67.5 million in Series B funding led by General Catalyst, bringing its total funding to over $100 million. It is the first investment by General Catalyst in a Saudi startup. The round also included participation from Bain Capital Ventures, Duquesne Family Office, and Arbor Ventures. Founded in ... Read more ›
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Elphinstone, a Y Combinator-backed fintech that allows Pakistani retail investors to invest in US stocks and ETFs has acquired Trikl, a local investment platform and digital asset management company, the two announced in a statement to MENAbytes today. While financial details weren’t disclosed, the deal values Trikl at a seven-digit USD figure. Founded in 2020 ... Read more ›
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African B2B ecommerce platforms Wasoko and Maxab are valued at $526 million following their merger completion in August 2024, according to VNV Global’s latest financial report. VNV Global, an investor in Wasoko, holds a 2.4% stake in the combined entity, valuing its position at $12.6 million based on a revenue multiple of 2.6 derived from ... Read more ›
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Saudi agtech startup Nabt has raised $1.5 million in a seed round led by Merak Capital, it announced on Monday. The round was also joined by a few angel investors. Founded in 2022 by Abdullah Alotaibi, Nabt operates a three-sided marketplace connecting farmers, businesses, and delivery partners. The platform enables farmers to sell fresh produce ... Read more ›
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Pakistani workspace platform Colabs has secured $2 million in pre-Series A funding led by Shorooq Partners, with participation from Saudi-based Waad Investment, it announced in a statement today. The investment brings Colabs’ total funding to over $5 million. Colabs, which operates flexible workspaces across Pakistan, plans to use the funds to expand into Saudi Arabia. ... Read more ›
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Best Kept Shared, a Dubai-based fashion startup, that runs UAE’s leading peer-to-peer designer rental marketplace, has acquired peer-to-peer fashion resale marketplace Bazaara, the two firms announced in a statement today. The financial details of the deal were not disclosed. Bazaara, founded in 2021 by Alyssa Mariano, previously raised $230,000 in a pre-seed round led by ... Read more ›
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Riyadh-headquartered fintech Mala has raised $7 million in a pre-seed round led by VentureSouq, it announced in a statement on Saturday. The round was also joined by Beco Capital, M Capital, Access Bridge Ventures, Palm Ventures, Shorooq Partners, Waad Investment, and D Global Ventures. Mala was founded earlier this year by Musaab Hakami, one of ... Read more ›
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Update 2 – Oct 18 – 5 AM GMT: A previous version of this article reported that Swvl had shut down consumer business based on their removal from its website. Swvl CEO denied it. We regret the error and have updated the article to reflect this. _____________________________ Dubai-based mobility startup Swvl has removed consumer services, ... Read more ›
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UAE telecom giant e& has announced a $1 billion partnership with Amazon Web Services (AWS) to accelerate cloud adoption and digital transformation across the Middle East and North Africa (MENA) region. The six-year agreement aims to deliver core cloud services, including storage, computing, networking, cybersecurity, and artificial intelligence (AI) capabilities. The partnership combines AWS’s cloud ... Read more ›
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Saudi Venture Capital (SVC), a Saudi government-backed fund of funds, is investing $15 million investment in Saqr Fund II, the second fund by Dammam-based early-stage investor Vision Ventures, the two firms announced in a statement on Tuesday. The fund, targeting a size of $90 million, invests in early-stage startups from pre-seed to pre-series B stages ... Read more ›
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Maxab, the Cairo-based B2B ecommerce platform, has announced the departure of co-founder and Chief Operating Officer Mohamed Ben Halim today. The move comes less than two months after Maxab’s merger with Nairobi-headquartered B2B ecommerce company Wasoko. “As a co-founder, Mo has been a driving force behind MaxAB’s growth and success since its inception,” a statement ... Read more ›
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Egyptian micromobility startup Rabbit Mobility has secured $1.3 million in funding to fuel its growth and expansion plans across Egypt and other North African markets. The investment round was led by 500 Global and Untapped Global, with participation from a group of strategic angel investors. Founded in 2020 by Kamal ElSoueni, Mohamed Mansoury, and Bassem ... Read more ›
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Dubai’s Ajeej Capital, a regional asset manager with over $1 billion in AUM, and Nuwa Capital, a VC firm that invests in startups across the region, have partnered to create Amplify Growth Partnership, a debt capital firm focused on supporting tech companies, they announced today. The firm announced its first $100 million fund, dedicated to ... Read more ›
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Jeddah-headquartered mobility company Shift has raised about $83 million from Saudi investment firm Merak Capital, it announced in a statement today. This is the third growth (or private equity) investment by Merak Capital which previously invested $40 million in data company Master Works in 2022 and $30 million in HR software startup Jisr in late ... Read more ›
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Adam Neumann, the controversial co-founder of WeWork, has expanded his latest real estate startup, Flow to Saudi, with the launch of its co-living community in Riyadh. The move marks a significant expansion for the startup, which has already established properties in Florida. Saudi is the first international market for the firm. Flow Narjis, the company’s ... Read more ›
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Business Insider
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Wired
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10% 6 |
The Verge
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7% 0 |
Tech Wire Asia
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6% 5 |
Gizmodo
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6% 0 |
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27.11.2024 01:51
Last update: 01:40 EDT.
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