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Cairo: The 50 most funded startups in the Middle East and North Africa have attracted a total of $3.2 billion in financing since their inception, with 18 coming from the UAE, 12 from Saudi Arabia and 11 from Saudi Arabia, according to Forbes. Egypt.
UAE startups topped the list with a total funding of $964 million, followed by the Kingdom of Saudi Arabia ($946.7 million) and Egypt ($508.5 million).
Saudi Arabian startups occupy 5 of the 10 most funded startups, with financial technology company Tabby ranking second, payment application Tamara ranking third, digital freight network TruKKer ranking fourth, and e-commerce company Sary Ranked seventh, grocery platform Nana ranked ninth.
Startups eligible for the list must be no more than seven years old, excluding Saudi Arabia’s fintech Foodics (which has raised a total of $198 million) and UAE-based cloud kitchen Kitopi (which has raised a total of $804 million). Waiting for the company.
The Forbes list shows that financial technology companies have raised the most, with 21 new startups raising a total of US$1.3 billion, followed by e-commerce companies, with 10 new startups raising US$576.7 million, and four mobile startups raising US$576.7 million. $299.6 million.
Letswork everything is solved
UAE-based shared space platform Letswork has raised $2.1 million in a seed round to expand into Saudi Arabia.
Founded in 2019 by Omar Almheiri and Hamza Khan, the company provides a marketplace for users to directly rent out coworking spaces, including conference rooms, private offices, and creative studios.
It supports companies operating in hybrid or remote working models through its flagship product, Letswork Pass, a subscription service that provides access to a distributed network of workspaces.
As part of its expansion plans in Saudi Arabia, the company has secured a strategy from The Space, one of the largest co-working space operators in the country, in addition to an investment from Saudi activist and media host Ahmed Al Shugairi invest.
“Saudi Arabia is the largest market in the Middle East, and Riyadh was one of the earliest markets for Dubai-based companies; therefore, many of our enterprise customers have requested to use Letswork there.” Khan, CEO of Letswork, said in a statement.
The company currently operates out of Dubai and Riyadh, as well as in Portugal, Spain and Bahrain.
The round attracted participation from Global 500, DTEC Ventures and other angel investors.
art of things
UAE-based venture capital firm Morningstar Ventures has invested over $5 million in its first interactive, immersive digital art gallery called 37xDubai.
Located in Dubai’s Damanta, the gallery will form the centerpiece of Dubai’s business and lifestyle hub and is set to open in the first quarter of next year.
In the UAE, 23% of the population owns at least one non-fungible token, making it one of the best digital art markets in the region.
The museum aims to bridge the gap between art and technology by introducing new concepts in Web3-based education, digital and traditional art, entertainment and communication.
“The design and architecture of our gallery are highly sophisticated, equipped with state-of-the-art equipment, interior, sound and lighting infrastructure. Every element of the space has been carefully chosen to ensure that 37xDubai Gallery and its exhibitions are presented in an unforgettable way To every one of our visitors,” 37xDubai CEO Clemence Cazeau said in a statement.
quicklyfact
• UAE startups topped the list, raising a total of $964 million, followed by the Kingdom of Saudi Arabia ($946.7 million) and Egypt ($508.5 million).
• Five of the 10 most funded startups are from Saudi Arabia, with fintech company Tabby ranked second, payment app Tamara ranked third, digital freight network TruKKer ranked fourth, e-commerce company Sary ranked seventh, and grocery platform Nana ranked ninth. .
Qatar invests in cyber security
Qatar’s sovereign wealth fund Qatar Investment Authority led a $196.5 million Series G round of financing for Boston-based cybersecurity startup Snyk Ltd.
Founded in 2015, the company provides solutions to find and fix vulnerabilities and licensing violations in open source dependencies and container images.
QIA manages about $450 billion worth of assets, and its latest investment in Synk values the startup at $7 billion, down from $8.5 billion in its previous investment round. The company will use its investment to drive product innovation and expand its team through strategic acquisitions to maintain its position as a leading developer security platform.
QIA CEO Mansoor Ebrahim Al-Mahmoud said in a statement: “We are confident that Snyk’s proven approach will position the company for a successful future. and is consistent with QIA’s track record of supporting innovative companies shaping the future of the global economy.”
The round attracted new investors including Evolution Equity Partners, G Squared, Irving Investors, Sands Capital and Tiger Global.
make the right move
Nigeria-based mobile fintech startup Moove has raised $30 million through its first Sukuk issuance to expand into the United Arab Emirates.
Founded in 2020, the company provides vehicle financing to mobility entrepreneurs around the world.
The company plans to drive its expansion into the Middle East and North Africa by building a fleet of electric vehicles for ride-hailing.
“Our maiden Sukuk issuance demonstrates our growth and sustainability as a global company. Just as importantly, it furthers our mission to electrify mobility by building the largest electric ride-hailing fleet in the region, and enable cities to achieve net-zero goals,” Moove co-founder and co-CEO Ladi Delano said in a statement.
The company will use its funds to scale up to 2,000 electric vehicles in the UAE over the next 12 months to create sustainable economic opportunities.
As part of its expansion into the UAE, the company will also launch Moove Charge, an electric vehicle charging app specifically targeted at ride-hailing drivers.
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