February 14, 2025
Startups in the MENA region attract strong investor interest, showing sustained entrepreneurial activity

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In August 2023, startups in the Middle East and North Africa (MENA) region raised over $76 million across 18 deals, highlighting the vitality of entrepreneurial activity in the region. This amount is significant considering that the wider Middle East, Africa and Pakistan region raised $139 million through 46 deals during the same period. According to research firm MAGNiTT, two out of three exits recorded by the region during August were from the MENA region, reflecting its growing role in the global startup ecosystem.

While the first half of 2023 was challenging for the MENA region, with a 41 per cent year-on-year decline in attracted capital across 193 deals, it outperformed the global average funding decline of 52 per cent. Although MENA deals declined by 49 percent, this was a steeper decline than the 25 percent drop in international deals.

Despite a 51 percent year-on-year decline in deal numbers, the fintech sector continues to dominate the MENA startup landscape. E-commerce and retail also showed strength, buoyed by significant investments in Saudi Arabian companies Nana and Flowward, which accounted for 80 percent of funding in the sector in the first half of the year. On the other hand, the transport and logistics sector faced challenges, with funding down by nearly 90 per cent and deal numbers halving compared to the first half of 2022.

The MENA startup ecosystem demonstrates resilience and potential, particularly in areas such as fintech and e-commerce. Two notable exits in August provide positive indicators for the sector’s investment landscape going forward.

Source:
– magnetity

PIF’s Jada commits to Elif Capital’s GCC fund

Small and medium enterprises (SMEs) in Saudi Arabia are about to get a boost as the Public Investment Fund (PIF)-owned Jeddah Fund of Funds Company has announced a significant commitment from Elif Capital focused on the Gulf Cooperation Council (GCC). Fund, Elif Fund I. The move is in line with JADA’s dedication to strategic, sustainable investments made through private equity and venture capital.

Bandar Alhomli, CEO of JADA, stressed the joint goal of supporting SMEs, which are integral to Saudi Arabia’s economic infrastructure, by providing them with vital capital, talent and technology. Alif Capital, an alternative investment manager based in Abu Dhabi Global Market, targets commitments of up to $250 million. The fund focuses on high quality mid-sized firms in the GCC, with a strategy that closely aligns with JADA’s goals of value creation and digital transformation.

Huda Al-Lawati, Founder and CEO of Elif Capital, expressed her gratitude for Jada’s significant investment, highlighting the enormous potential of SMEs in the Kingdom of Saudi Arabia. This partnership aims to play an influential role in realizing that opportunity.

Source:
– Public Investment Fund (PIF)
– Elif Capital

UAE fintech startup MALY raises $1.6M in pre-seed round

UAE fintech startup MALY has secured $1.6 million in pre-seed funding from a consortium of regional angel investors. Established in 2022, MALY positions itself as a platform focused on financial literacy, enabling users to manage their finances smartly through an intuitive app and bank-linked cards. Users can save, invest and make informed spending decisions all in one place.

Mo Ibrahim, co-founder and CEO of MALY, explained the company’s mission, which is to make improving financial well-being accessible to individuals in the MENA region. The new injection of capital will be used to support MALY’s ambitious expansion plans in other GCC markets and MENA countries.

Source:
– gardener

Reva raises $27M in Series A funding led by Wayad Ventures

Riva, the leading full-stack inventory management platform for the retail industry, has raised $27 million in Series A funding round. The round was led by Wayad Ventures, a Kingdom-based venture capital fund wholly owned by Aramco, with participation from STC’s Corporate Innovation Fund and other key investors.

Since its inception in 2018, Riva has processed over SR7 billion in transaction value, making it one of Saudi Arabia’s fastest growing Software-as-a-Service (SaaS) companies in the MENA region. The company specializes in omnichannel inventory management software, providing retailers with cloud-based integrated solutions that seamlessly synchronize online and physical store inventory.

Mohamed Alkasir, Co-Founder and CEO of Riva, highlighted the company’s aim to contribute to the digital transformation of the industry by creating globally competitive products that empower retailers to deliver unparalleled service with increased efficiency.

Wade Ventures’ investments are aimed at supporting the technological development of the retail market, meeting the needs of the typically fragmented retail industry.

Source:
– Wade Ventures
– Reva

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