Funding activity in the Middle East region slowed in the last week of June with the period marked with holidays on account of Eid-al-Adha.
However, the UAE-based logistics marketplace startup Transportr closed its seed funding as it prepares to expand into Saudi Arabia. Besides, in what could facilitate engagement between startups in the Gulf region and Egypt, Riyadh-based startup accelerator VMS acquired a minority stake in an Egyptian accelerator.
Other key deals in June include an investment by Saudi Arabia’s Jada Fund of Funds in Bahrain-based Investcorp’s growth fund, and the acquisition of the UAE-based buy-now-pay-later startup Spotti by banking-as-a-service provider Nymcard.
Transportr
Abu Dhabi-based multimodal digital freight marketplace platform Transportr closed its eight-figure seed funding round led by Ittihad International Investment’s venture arm Ittihad Ventures Holding and Industrial Capital Group. It is also preparing to raise a Series A round to expedite its growth in the UAE and expand its operations into Saudi Arabia.
Founded in 2020, the logistics platform essentially connects shippers and carriers across multiple industries with end-to-end freight services.
VMS
In a bid to facilitate innovation and support startups in Saudi Arabia and Egypt, Riyadh-based startup accelerator VMS acquired a minority stake in its Egyptian counterpart, Cash Cow.
The partnership includes a joint platform for startups to exchange and showcase ideas and connect with potential investors.
VMS’s partner list includes Dawafast, Chart, Mobelia, and iSchool. Cash Cow’s portfolio includes CheckMe, GoFuel, Healthtag, ElGameya, CowPay, Waffarha, and IQ.