Two UAE-based startups led funding activity in the Middle East in the week gone by even as two new venture capital funds that will invest in regional startups are taking shape.
Business-to-business logistics marketplace player Hashmove raised a pre-Series A round this week while fintech platform InvestSky secured pre-seed capital.
Meanwhile, Silicon Valley-based tech investor Plug and Play is in talks with Saudi Arabia’s Public Investment Fund-backed Jada Fund of Funds to launch a $100-million vehicle to invest in Saudi startups, Bloomberg reported.
Besides, Qatar saw the setting up of its first independent venture capital company, Rasmal Ventures, which plans to raise $100 million. The new fund will deploy capital in up to 25 tech startups in Qatar and rest of the Middle East and North Africa (MENA) region across pre-Series A to Series B stages.
Meanwhile, a report by Dubai Digital Economy released earlier this week highlighted that Dubai tech startups raised $2 billion and completed six mega-rounds valued at over $300 million in 2022.
Hashmove
The logistics marketplace raised a pre-Series A round led by Bahrain’s Bunat Ventures to facilitate expansion and relocation of its headquarters to Saudi Arabia. It didn’t disclose the amount.
Founded in 2017 by Noman Mohammad, Rayan Al Bakri and Sarfaraz Alam, HashMove connects shippers, carriers, ports, and service providers on a single integrated platform, facilitating end-to-end movement and tracking of cargo. The company supports sea freight, air freight, trucking, warehousing and value-added logistics services.
Hashmove has raised funds after four and a half years. In December 2018, it had snagged $2 million in a seed round.
InvestSky
InvestSky, the Gulf Cooperation Council’s first and the only social investing platform, raised $3.4 million in pre-seed funding led by Saudi Arabian venture capital firm Emkan Capital.
The other Saudi investors that came on board included S3 Ventures, Al-Romazian Family Office and Mishal Al-Mishari, the deputy CEO of Saudi food delivery app Jahez.
The startup said it will use the capital for expansion across the Gulf region and enhance the platform’s features.
The UAE-based startup offers a platform to trade over 5,000 US stocks and exchange-traded funds. Set up in 2021 by Nitish Mittal and Turki Alshaikh, the platform allows users to buy fractional stocks starting from $1 on a commission-free basis and provides a social community for users to collaborate.
