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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Karachi-based fintech Qist Bazaar has raised $3.2 million in a Series A round led by Pakistan-focused VC Indus Valley Capital, and joined by Asian investor Gobi Partners. The firm previously raised money from Bank Alfalah, a leading Pakistani commercial bank. Founded in 2021 by Arif Lakhani, Qist Bazaar is a buy now pay later (BNPL) ... Read more ›
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Dubai-based HR SaaS startup Cercli has raised $4 million in a seed round led by US-based Afore Capital, it announced in a statement today, adding that it is the first investment by the Silicon Valley firm in the region. The round was also joined by Amir Farha’s COTU Ventures, Y Combinator, Rebel Fund, and a ... Read more ›
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Dubai-based fintech Ziina has raised $22 million in a Series A round led by US-based Altos Ventures, it announced in a statement today. The round was also joined by Avenir Growth, Activant Capital, Y Combinator, FJ Labs, MEVP, and Jabbar Internet Group. The round takes total capital raised to date by Ziina to over $30 ... Read more ›
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Riyadh-headquartered buy now pay later platform Tabby has acquired the Saudi mobile wallet Tweeq, it announced in a statement today. The financial details of the transaction were not disclosed. It is the first acquisition by Dubai-born fintech that was valued at $1.5 billion in its last financing round in 2023. The move would allow the ... Read more ›
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Riyadh-headquartered online cars marketplace Syarah has raised $60 million in a Series C round led by Saudi investment firm Artal Capital. The round was also joined by Elm, Impact46, Tawuniya, and Derayah Ventures. Elm and Impact46 previously co-led the $20 million Series B round of Syarah in 2021. The latest round also includes $20 million ... Read more ›
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Delivery Hero is preparing to list its Middle East & North Africa business, Talabat, on the Dubai Financial Market in Q4 2024, it announced today. The IPO would involve a secondary sale of shares by Delivery Hero, while the company plans to retain a majority stake in the local entity. It would be the first ... Read more ›
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Cairo-headquartered Maxab and Nairobi-headquartered Wasoko have completed their merger, eight months after announcing the deal, the two companies announced in a joint statement today. The merged entity will form the largest network of B2B informal retailers with more than 450,000 merchants, the statement noted. The co-founders of Maxab and Wasoko, Belal El-Megharbel and Daniel Yu, ... Read more ›
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Barq, a Saudi fintech, founded and led by former CEO of Stc Pay Ahmed Alenazi, has onboarded over 1 million users in just three weeks after its public launch, the startup announced on Tuesday. The fintech received an e-wallet license from the Saudi Central Bank (SAMA) in January this year. Founded last year, Barq offers ... Read more ›
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Noon, the leading ecommerce firm of the region, has become profitable after years of losses. The company recorded a profit of about $324 million in 2023, according to the details shared by the Public Investment Fund. The company recorded losses of $865 million in 2022, $614 million in 2021, and $445 million in 2020, totaling ... Read more ›
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01.04.2025 21:46
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