Arab News, Mon, Mar 18, 2024 | Ramadan 8, 1445
Startup Wrap – Regional venture capital activity flourishes in first week of Ramadan
Saudi Arabia:
Startups across the Middle East and North Africa experienced a surge in funding,
bucking the trend of the typically slower business pace during the holy month.
Contrary to expectations, the region’s venture
landscape saw an impressive array of deals, indicating robust activity and
investor confidence across various sectors in the first week of Ramadan.
The Kingdom’s government investment vehicle Saudi
Venture Capital Co. announced a $30 million investment in Olive Rock Partners
Fund I.
The investment aligns with SVC’s strategy to
develop and sustain financing for startups and small and medium-sized
enterprises in strategic sectors.
Focused on mid-market buyouts that are
demographically driven, geographically advantaged, and technologically enabled,
Olive Rock Partners Fund I is a regional private equity fund aiming to boost the
ecosystem.
The agreement was signed by Nabeel Koshak, CEO and
board member of SVC, and Muhannad Qubbaj, founding partner of Olive Rock
Partners, in the presence of key officials from both organizations.
“The investment in Olive Rock Partners Fund I is
part of SVC’s Investment in Funds Program, which is a continuation of the
company’s series of investments and an implementation of its strategy related to
developing and sustaining financing for startups and SMEs, especially in
strategic sectors,” Koshak said.
Qubbaj expressed gratitude for SVC’s trust and
highlighted the partnership’s potential to fuel growth in the SME space and
enhance the direct investment landscape in Saudi Arabia.
Established in 2018 as a subsidiary of the SME
Bank, part of the National Development Fund, SVC is committed to stimulating and
sustaining financing for startups and SMEs from pre-seed to pre-initial public
offering stages through investments in funds and direct investments in startups
and SMEs.
Mitgo Group acquires UAE’s Embedded
Mitgo Group, a Germany-based marketing technology
provider, has expanded its portfolio by acquiring UAE-based Embedded, a finance
platform.
Established in 2022 by Alexander Bachmann, Mitgo
Group aims to enhance its service offerings in the affiliate market with this
acquisition.
Embedded, founded in 2023 by Oleg Chanchikov,
specializes in integrating financial services within other businesses, aligning
well with Mitgo’s strategic direction.
The acquisition enables Mitgo Group to diversify
its solutions, providing clients with innovative financial services embedded
directly into their platforms.
This move is expected to strengthen Mitgo’s
position in the market, offering more comprehensive services to its customers in
the affiliate marketing sector.
UAE’s traveltech Seeru raises pre-seed round
UAE-based traveltech startup Seeru has
successfully raised a pre-seed funding round led by US-based venture studio
Nabtah Ventures.
Co-founders Abd Elmohaimen Mansi and Abdullah
Mancy launched Seeru to streamline the travel planning process for various
stakeholders, including individual travelers and agencies.
The platform aims to eliminate the complexities
associated with organizing trips, offering a comprehensive solution to enhance
the travel experience.
With the injection of fresh capital, Seeru is
poised to accelerate its product development efforts and broaden its reach in
the global market.
Kuwait’s Mojo raises seven-figure seed round
Kuwait-based social commerce platform Mojo has
secured a seven-figure seed investment led by Joa Capital and Emkan Capital,
with additional support from Plus VC, Atyab Al Marshoud, Wahed Invest, and other
angel investors.
Founded in 2022 by Abdulaziz Al-Bahar and Nadia
Al-Hamad, Mojo provides a platform where users can explore, review, and
recommend beauty, skincare, and wellness products.
The funding will be instrumental in enhancing
Mojo’s technology stack, attracting top-tier talent, and expanding its market
presence, particularly in Saudi Arabia.
Saudi-based Grintafy receives investment from
Chiliz
Saudi Arabia-based sportstech Grintafy has
received an investment from Chiliz, bolstering its position as a leading
football talent discovery platform.
Founded in 2019 by Majdi Allulu, Grintafy connects
aspiring footballers with professional opportunities, leveraging technology to
scout and showcase talent across the Middle East and Europe.
The partnership with Chiliz will enable Grintafy
to accelerate its adoption of web3 technologies and expand its reach in the
international sports arena.
Chiliz, known for its expertise in blockchain and
sports engagement, will provide Grintafy with the technological infrastructure
and ecosystem support to enhance its offerings and drive growth.
Grintafy’s collaboration with Chiliz marks a
significant step forward in its mission to revolutionize football talent
discovery.
By integrating cutting-edge technology and
expanding its global footprint, Grintafy is poised to unlock new opportunities
for players and clubs alike, contributing to the development of the sport on a
global scale.
Egypt’s 30Med secures pre-seed round
Egypt-based business to business healthtech 30Med
has raised pre-seed funding from anonymous angel investors, marking a key
milestone in its mission to connect pharmaceutical companies with medical
professionals.
Founded in 2023 by Ayman Ragab, 30Med offers an
innovative platform that facilitates the exchange of knowledge and information
about new medicines through interactive videos and events.
The investment will enable 30Med to enhance its
platform, expanding its reach within the medical community and further bridging
the gap between pharmaceutical firms and healthcare providers.
Morocco’s ORA Technologies secures $1.5m in a seed
round
ORA Technologies, based in Morocco, has secured
$1.5 million in seed funding to drive the growth of its superapp.
Founded in 2023 by Omar Alami, ORA integrates
various features, including peer-to-peer transactions, e-commerce, and social
networking, into a single platform.
ORA also secured a partnership with M2T, a
subsidiary of Banque Centrale Populaire, which paves the way for the imminent
launch of ORA’s digital wallet.
The funding will accelerate ORA’s expansion plans,
enhancing its suite of services and expanding its user base.