Albert Einstein once said, “Compound interest is the eighth wonder of the world. He, who understands it, earns it, and he, who doesn’t, pays it.” In business, a negative cash conversion cycle is the ninth world wonder, enabling companies to grow without the need for external capital. I have previously explored unit economics in the ... Read more ›
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Jordan’s Innovative Startups and SMEs Fund (ISSF) has invested $2 million in Endeavor Catalyst’s third fund. Endeavor Catalyst had announced closing of the fund with $134 million last week. Today they’ve announced that ISSF is one of their LPs. ISSF is a $98 million fund that was (first announced in 2017) and created in 2018 ... Read more ›
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Riyadh-based restaurant management platform Foodics has expanded to Egypt with an on-the-ground presence in Cairo, it announced in a statement to MENAbytes today. The expansion comes a little over a year after Foodics raised $4 million in an investment round. Its total raise to date stands at $8 million. The Saudi startup is currently raising ... Read more ›
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Kuwait-based Faith Capital has announced that it is investing $8 million in laundry services marketplace JustClean. It is a startup that was acquired by Faith Capital in 2017 so this is not an external investment round. It’s more of a parent company injecting capital into its subsidiary. Faith Capital had announced the exact same amount ... Read more ›
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Cairo-based Elves has raised $2 million from one of Egypt’s leading VCs Sawari Ventures and its existing investors, it told MENAbytes today. A part of the investment was raised in February earlier this year and another in July. Sawari invested in both the transactions. The new investment takes Elves’ total raise to date to $5 ... Read more ›
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Endeavor Catalyst, the investment vehicle of global non-profit organization Endeavor that supports high-impact entrepreneurs around the world, has closed its third fund, Endeavor Catalyst III, with $134 million, it’s Managing Director Allen Taylor announced on Wednesday. The investment vehicle co-invests in equity financing rounds of startups founded and led by entrepreneurs that are part of ... Read more ›
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Lahore-based PostEx that calls itself a fintech and logistics hybrid has a six-figure (USD) pre-seed investment, it told MENAbytes earlier this month, without disclosing the exact size of investment. The investment came from Farhan Abbas Sheikh, an angel investor – and is the first external money raised by the startup. Founded earlier this year by ... Read more ›
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Seattle-based investment platform Aghaz Investments has raised $400,000 in a pre-seed round, it told MENAbytes today. The money came from angel investors in the United States. Founded earlier this year by Khurram Agha, Aghaz Investments’ yet-to-launch platform will enable Muslim customers first in the United States (and then potentially some other markets) to save money ... Read more ›
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Riyadh-headquartered global edtech Noon Academy has expanded to Pakistan with the launch of its social learning platform. The launch was announced by Noon Academy’s co-founder Aziz Alsaeed in a MENAbytes Live session on Wednesday. This comes less than a month after Noon Academy’s launch in India. The platform that has raised over $21 million to ... Read more ›
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Saudi-based angel groups Riyadh Angels and Najd Angels have announced their merger. The newly created combined network will use Riyadh Angel Investors (RAI) as its name. Both the groups were founded last year – Riyadh Angels was launched in the first quarter and Najd Angels in the last. The merger has resulted in the members ... Read more ›
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Cairo-based logistics startup RoadRunner has raised six-figure seed investment, it told MENAbytes today without disclosing the exact size of investment. It said that the investment came from a strategic individual investor who doesn’t want to be named at this point. Founded in 2019 by Khaled Taha and Ahmed Radi, both of whom were previously working ... Read more ›
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Cairo-based healthtech Rology has raised $860,000 in a Pre-Series A round led by HIMangel, it announced in a statement to MENAbytes today. The round was also joined by Dubai Angel Investors (DAI), The Asia Africa Investment & Consulting (AAIC) from Japan, and Saudi’s Athaal Group. Founded in 2017 by Amr Abodraiaa, Moaaz Hossam, Bassam Khallaf, ... Read more ›
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Ulugbek Yuldashev founded Awok in 2013 as a UAE based ecommerce platform for electronics and gadgets. Awok was one of the first ecommerce players in the country to have its own in-house logistics team for last-mile-delivery. But two years after trying to compete with Souq and other smaller players in the United Arab Emirates, he ... Read more ›
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Dubai-based buy now pay later platform Spotii has launched on Microsoft AppSource, an app store and marketplace for businesses using different Microsoft products and solutions. Spotii’s platform enables fashion, beauty, and lifestyle retailers to offer flexible payment options to their customers, enabling them to pay in four equal installments for purchases. The startup had launched ... Read more ›
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Cairo-based esports team Anubis Gaming has raised $100,000 in fresh funds, it told MENAbytes last week. The investment takes total funding raised so far by Anubis to $450,000. The latest money came from a regional ecommerce group. Founded in 2015 by Youssef Mohsen, Anubis is an esports team that participates in competitive video game tournaments ... Read more ›
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Dammam-based home services startup Munjz that had raised $1 million in a Pre-Series A round earlier this year has launched an online marketplace ‘Munjz Souq’ for home appliances. The marketplace is available within the mobile app of Munjz and allows its users to order home appliances including air conditioners, washing machines, and even electrical and ... Read more ›
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Riyadh-based fintech Hakbah has launched its financial savings platform after receiving approval from the Saudi Arabian Monetary Authority(SAMA), it told MENAbytes today. Founded in late-2018 by Naif AbuSaida, Hakbah is an alternative platform with its first product being a savings groups mobile app. The mobile app allows people to initiate, manage, join, and pay for ... Read more ›
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Dubai-based ecommerce platform Awok has shut down just a little over a year after raising $30 million in one of the largest investment rounds for an ecommerce startup in the region. The development was first hinted in a Reddit thread started by a Dubai resident on Saturday and earlier this morning by Omar Kassim in ... Read more ›
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Amman-based Innovative Startups & SMEs Fund (more commonly known as ISSF) has announced its investment in Abu Dhabi-based Shorooq Partners’ $40 million Bedaya Fund that has been investing in early-stage tech startups across the region since 2019. It is Shorooq’s second fund and has already raised money from Bahrain’s Waha, Abu Dhabi Investment Office, and ... Read more ›
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Talabat has officially launched in Egypt today replacing Otlob, the oldest food delivery brand of the region. Delivery Hero had announced the decision to rebrand Otlob as Talabat in August. The move is part of Delivery Hero’s consolidation efforts in the Middle East & North Africa. Talabat has previously also absorbed the operations of Carriage. ... Read more ›
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27.11.2024 18:49
Last update: 18:41 EDT.
News rating updated: 01:41.
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