Dealmaking activity in the Middle East and North Africa region remained muted this week amid Ramadan. The handful of startups that raised funding included Bahrain-based financial marketplace Daleel and Omani adtech player Mubashir.
In March, MENA startups raised $254 million across 54 deals, 186% higher than February’s $88.7 million but only a tad higher than the $251 million in the corresponding month last year, according to data compiled by Wamda.
The funding deals were led by software-as-aservice (SaaS) providers, accounting for $130.6 million across nine deals, outpacing fintech, which saw $40 million worth of deals over 12 transactions.
Daleel
Bahrain-based financial marketplace Daleel raised an undisclosed amount in a round led by venture builder Hambro Perks Spring Studios and seed and early-stage venture capital firm Flat6Labs to accelerate expansion.
Hambro Perks Spring Studios is backed by Al Waha Fund of Funds, and the global investment firm Hambro Perks.
Founded in 2022 by Dania Alshowaikh, PK Shrivastava, and Ridaa Shah, Daleel is a financial marketplace that allows customers to search, compare and find the right financial products for themselves. It also helps banks and financial institutions access insights to acquire customers more effectively through its business-to-business application.
It aims to utilize the funding to back its expansion initiatives in Saudi Arabia and the UAE.
Mubashir
Oman-based adtech Mubashir has secured an undisclosed amount from Muscat-based investment firm ITHCA Group to further its expansion initiatives.
Founded in 2015 by Ali Al Raisi, Khalid Al Khalifa, Khalid Alawad, and Raif Al Harthy, Mubashir is a digital out-of-home (DOOH) advertising network that caters to clients within Oman and across the Gulf region.
Mubashir aims to use the funding for expansion into other markets and technological advancements.