MENA Digest: BioSapien, Ebana, five others nab funding cheques
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MENA Digest: BioSapien, Ebana, five others nab funding cheques

By Dilasha Seth

  • 31 Jan 2025
MENA Digest: BioSapien, Ebana, five others nab funding cheques

Funding activity in the Middle East and North Africa region this week was led by early-stage deals, with startups from the UAE, Saudi Arabia, and Egypt securing cheques from regional venture capital firms and angel investors.  

Saudi fintech platform Ebana, the UAE-based healthtech firm BioSapien, Saudi edtech startup UpLevel and Egyptian logistics platform Fincart were among those that secured funding. 

Meanwhile, Egyptian loyalty and rewards solutions provider Dsquares picked up a controlling stake in Egyptian B2B SaaS loyalty platform Prepit. 

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Ebana 

Saudi Arabian fintech player Ebana secured $2.66 million in a pre-Series A funding round, led by Esnad Legal Consulting and Business Governance to scale its business.  

Founded in 2020 by Ali Alshareef, Ebana offers integrated digital services and technical infrastructure to support corporate governance affairs.  

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The startup aims to utilize the investment towards enhancing its investor relations tools and rolling out a broader suite of fintech. This includes enhancing its digital governance solutions and offering employee stock ownership programs to public and private companies. 

BioSapien 

UAE-based healthtech BioSapien, which raised $5.5 million in pre-Series A capital in December to fund clinical trials in the UAE, has expanded its funding round to $7 million as it pocketed cheques from new investor Golden Gate Ventures. This was Singapore-based VC Golden Gate Ventures’ first deployment from its dedicated MENA Fund. 

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Founded in 2018 by Khatija Ali, BioSapien offers a flagship product, MediChip, which is a drug delivery, 3D-printed, slow-release delivery platform attachable to any tissue with minimal systemic side effects.  

It aims to use the funding towards clinical trials in the UAE, with patient enrolments in Abu Dhabi set to begin by the second quarter of 2025. Besides, it will use the capital to enhance product development, manufacturing, and onboarding new talent. 

Fincart 

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Egyptian logistics startup Fincart raised a pre-seed funding round of an undisclosed amount, led by Plus VC, to accelerate growth. Other investors that participated in the round include Plug and Play, Orbit Startups, and Jedar Capital. 

Founded in 2023 by Mostafa Elmasry and Nihal Ali, Fincart offers online retailers access to a marketplace of delivery providers and an overview of their operations. The startup plans to deploy the latest funding towards enhancing its platform, growing its courier network, and supporting the e-commerce market in Africa and the Middle East. 

Maalexi 

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The UAE-based agri-fintech startup Maalexi, which closed a pre-Series A round in January last year and secured $1 million in debt funding from India-based venture debt firm Stride Ventures, has raised more debt to scale its operations. This time, Maalexi has secured a $3 million debt finance facility from Citi as it plans to expand its sourcing operations. 

Founded in 2021 by Azam Pasha and Rohit Majhi in the UAE, Maalexi offers risk management tools that facilitate small food and agri-businesses to directly access cross-border trade.  

It aims to deploy the funds towards enhancing its platform and driving customer acquisition in the UAE and Saudi Arabia.  

Maalexi had raised $3 million in pre-Series A funding in January, led by Dubai-based venture capital firm Global Ventures. Other existing investors including Amsterdam-based Rockstart and Delhi-based Ankurit Capital had also committed additional capital in the funding round. 

Silkhaus 

Dubai-headquartered proptech startup Silkhaus has closed a seven-figure funding round co-led by existing investor Nuwa Capital. Oraseya Capital, Impulse International, Yuj Ventures, and Nordstar also pitched in.  

Founded in 2021 by Aahan Bhojani and Ashmin Varma, Silkhaus is a marketplace for short-term rentals. Currently operating in the UAE, Silkhaus offers property owners end-to-end property management services. 

The additional funding is aimed at propelling Silkhaus’ expansion in Saudi Arabia.  

Silkhaus had raised $7.75 million in seed funding in 2022 from Nuwa Capital, Venturesouq, Nordstar, Global Founders Capital, Yuj Ventures, and Whiteboard Capital to expand across South Asia, Southeast Asia, and the MENA region. 

UpLevel 

Saudi Arabia-based edtech UpLevel raised an undisclosed amount in pre-seed funding from angel investors.  

Founded in 2024 by Idris Alshayea and Hamad AlLuhaidan, UpLevel helps companies improve employee performance by connecting them with a network of experienced professional coaches. 

Nabeeh  

Saudi Arabian e-services platform Nabeeh has raised an undisclosed amount from Ibtikar Fund to grow its business. 

Founded in Palestine in 2021 by Saber Samara and Fawaz Samara, Nabeeh is an online platform that allows users to book housekeeping, cleaning services, maintenance, repairs, and renovation services.  

With the latest funding round, the startup aims to double its user base, expand its B2B client portfolio, and introduce new features to its platform. 

Dsquares-Prepit 

Egypt-based loyalty and rewards solutions provider Dsquares acquired a majority stake in the Egyptian B2B SaaS loyalty platform Prepit for an undisclosed amount, to create operation synergies.  

Founded in 2012 by Ayman Essawy, Marwan Kenawy, and Momtaz Moussa, Dsquares is a B2B loyalty solutions provider that specializes in creating tailored loyalty solutions for industries including banking, telecom, FMCGs, and retail. 

Prepit, founded in 2022 by Karim Hussein and Tarek Afia, is a B2B SaaS platform dedicated to streamlining F&B operations through AI-driven technology. 

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