CAIRO: The Middle East and North Africa’s 50 most-funded startups attracted a total of $3.2 billion in fundraising since their inception, with 18 companies from the UAE, 12 from Saudi Arabia and 11 from Egypt, according to Forbes.
UAE-based startups made most of the list, raising $964 million in total funding, followed by the Kingdom with $946.7 million and Egypt with $508.5 million.
Saudi-based startups made five of the top 10 most-funded startups, with financial technology firm Tabby in second, payment app Tamara in third, digital freight network TruKKer in fourth, e-commerce company Sary in seventh and grocery platform Nana in ninth.
Startups that qualified for the list had to be no more than seven years old, excluding companies like Saudi Arabia’s fintech Foodics, which raised a total of $198 million, and the UAE’s cloud kitchen Kitopi, which raised $804 million in total funding.
Forbes’s list indicated that fintech companies were the most funded, with 21 startups attracting $1.3 billion in total funding, followed by e-commerce, with 10 startups raising $576.7 million and four mobility startups raising $299.6 million.
Letswork has it all worked out
The UAE-based platform for shared spaces Letswork raised $2.1 million in a seed funding round to expand its operations to Saudi Arabia.
Established in 2019 by Omar Almheiri and Hamza Khan, the company provides a marketplace for users to directly rent out co-working spaces, including meeting rooms, private offices and creative studios.
It supports companies that operate in a hybrid or remote work model with its flagship offering, the Letswork Pass, a subscription service that gives access to a distributed network of workspaces.
As part of its expansion plans for the Kingdom, the company has received a strategic investment from one of the largest co-working space operators in the country, The Space, in addition to an investment from Saudi activist and media presenter Ahmed Al Shugairi.
“Saudi Arabia is the largest market in the Middle East, and Riyadh is one of the first markets where Dubai-based companies expand into; hence many of our corporate clients were requesting to use Letswork there,” Khan, CEO of Letswork, said in a statement.
The company currently operates in Dubai and Riyadh and has a presence in Portugal, Spain and Bahrain.
The funding round saw participation from 500 Global, DTEC Ventures and other angel investors.
Art of the matter
The UAE-based venture capital firm Morningstar Ventures has invested over $5 million in its first interactive and immersive digital art gallery called 37xDubai.
Located in Dubai’s Burj Daman Tower, the gallery will be at the heart of Dubai’s business and lifestyle center and will open its doors in the first quarter of next year.
In the UAE, 23 percent of the population owns at least one non-fungible token, making it one of the region’s best markets for digital art.
The art gallery aims to bridge the gap between art and technology by introducing a new concept of Web3-enabled education, digital and traditional artistry, entertainment and communication.
“The design and architecture of our gallery are highly sophisticated, filled with state-of-the-art equipment, interior, sound, and lighting infrastructure. We hand-picked and meticulously selected every element of the space to ensure that the 37xDubai gallery and its exhibitions could be presented in an unforgettable fashion to every one of our visitors,” Clemence Cazeau, CEO 37xDubai, said in a statement.
FASTFACTS
• UAE-based startups made most of the list, raising $964 million in total funding, followed by the Kingdom with $946.7 million and Egypt with $508.5 million.
• Saudi-based startups made five of the top 10 most-funded startups, with financial technology firm Tabby in second, payment app Tamara in third, digital freight network TruKKer in fourth, e-commerce company Sary in seventh and grocery platform Nana in ninth.
Qatar invests in cybersecurity
Qatar’s sovereign wealth fund Qatar Investment Authority led a $196.5 million series G funding round in Boston-based cybersecurity startup Snyk Ltd.
Founded in 2015, the company provides a solution to find and fix vulnerabilities and license violations in open-source dependencies and container images.
QIA manages assets valued at around $450 billion, and its latest investment in Synk has valued the startup at $7 billion, a decrease from its previous round that put it at $8.5 billion. The company will use its investment to drive product innovation and expand its team via strategic acquisitions to maintain its position as a leading developer security platform.
“We’re confident that Snyk’s proven approach positions the company for a successful future and is aligned with QIA’s track record of supporting innovative companies shaping the future of the global economy,” Mansoor Ebrahim Al-Mahmoud, CEO of QIA, said in a statement.
The funding round saw new investors like Evolution Equity Partners, G Squared, Irving Investors, Sands Capital and Tiger Global.
Making the right Moove
Nigeria-based mobility fintech startup Moove is raising $30 million through its first sukuk issuance to expand its operations to the UAE.
Founded in 2020, the company offers vehicle financing to mobility entrepreneurs worldwide.
The company plans to fuel its expansion into the MENA region by building a fleet of electric vehicles for ride-hailing.
“Our first sukuk issuance showcases our growth and sustainability as a global company. Equally important is that this furthers our mission to build the biggest EV ride-hailing fleet in the region, to drive forward mobility electrification and enable cities to reach their net-zero targets,” Ladi Delano, co-founder and co-CEO of Moove, said in a statement.
The company will use its fund to scale to 2,000 electric vehicles in the UAE over the next 12 months to create sustainable economic opportunities.
As part of its expansion to the UAE, it will also roll out its electric vehicle charging app Moove Charge specifically for ride-hailing drivers.
