Funding activity in the Gulf region during the last week of August was marked by three major deals including UAE and Saudi Arabian startups.
Riyadh-based cloud solution provider Rewaa raised Series A funding, while Dubai-based social networking platform Lyvely received seed funding. Besides, a UAE-based fintech platform Maly raised a pre-seed funding round.
Meanwhile, e& capital, the investment arm of global technology conglomerate e&, formerly known as Etisalat Group, participated in a $25 million Series A round of Ikigai Labs, a US-based AI startup along with PremjiInvest and Foundation Capital.
Some other deals in August include acquisition of Machinestalk, one of the largest IoT players in Saudi Arabia, by Saudi telecom giant stc, and fund raising by startups like fintech platform Wadaie, Golden Scent, a fragrance e-commerce platform and Yaschools, an edtech startup.
Lyvely
Social networking and content monetisation platform Lyvely, launched last month, secured seed funding of an undisclosed amount from Cypher Capital, a UAE-based venture capital firm that invests in web3 entities.
Lyvely intends to use the funding towards developing a cryptocurrency token to enhance user experience. The cryptocurrency token will be integrated on the platform and provide earning potential to users.
Cypher Capital is a one-year-old early-stage crypto investment firm, deploying capital in startups in blockchain, crypto and other digital assets. Its portfolio includes about 25 companies spread across regions including North America, Asia, MENA, and India.
Its latest investment, Lyvely was founded by Farah Zafar and Dave Catudal, enabling freelance content creators to monetise their work. It also offers users a fintech feature where it provides physical cards without the need for a bank, as they are linked to their Lyvely earnings and digital wallet.
Creators across the globe can monetise their content or services by accepting tips, offering monthly memberships, hosting online events, selling consulting packages, and coaching video calls. As part of the transaction, Cypher Capital’s co-founder Bijan Alizadeh and chairman Bill Qian will join Lyvely's advisory board.
Rewaa
Saudi Arabia-based cloud solutions provider Rewaa raised $27 million in a Series A funding round, led by Aramco’s venture capital arm Wa’ed Ventures and STC’s Corporate Investment Fund (CIF) to expand operations and its business reach.
Founded in 2018 by Mohammed Alqasir and Abdullah Aljadhai, Rewaa is an omnichannel inventory management system that connects online and physical store inventory and enables companies to manage inventory, sales, and payments, helping firms reduce cost of operations.
Other investors in the round include Silicon Valley’s Graphene Ventures, Sadu Capital, Vision Ventures, Khwarizmi Ventures, RZM Investment, Derayah VC and Abdulrahman Sulaiman Al Rajhi & Sons Investment Company.
Earlier, Rewaa raised $800,000 seed round in 2020 led by Abdulaziz Alyabis, with participation from the Saudi Venture Capital Company (SVC) and other investors.
Maly
Dubai-based fintech platform Maly raised $1.6 million in a pre-seed funding round from a group of leading regional angel investors to facilitate geographical expansion within the Gulf Cooperation Council and product enhancement using AI tools.
Established in 2022 by Mo Ibrahim and launched earlier this year, Maly offers smart saving tools, debt management, spending guidance, and investment plans to its users to help them achieve financial goals while building long-term stability. The startup has formed strategic partnerships with other major brands, including VISA, NymCard and DAPI.