Dealmaking activity in the Middle East and North Africa region this week was led by Saudi Arabian e-grocery delivery platform Nana acquiring a software solutions provider to enhance the shopping experience for users.
Meanwhile, Saudi rent-now-pay-later startup Ejari led fundraising activity, raising a double-digit seed round to scale its business. Other startups that secured early-stage venture capital funding include Kuwaiti fintech startup Krti, Saudi logistics startup Yamm, the UAE-based fintech startup OCTA and dropshipping service platform 4Partners, and Oman-based BNPL platform QPay.
Nana-Rasseed
Saudi Arabia’s Nana acquired local software solutions provider Rasseed for an undisclosed value to scale its digitization efforts for grocery shoppers.
Founded in 2016 by Abdulmajeed Alsukhan and Sami Alhelwah, Nana is a digital grocery shopping platform. Rasseed, founded in 2016, provides software solutions to simplify the purchase of branded and local gift cards.
Nana aims to leverage the combined capabilities and technical expertise of both companies by adding a ‘digital cards’ category to its app, enabling users to receive and recharge cards within seconds.
In February 2023, Nana raised $133 million in a Series C funding round led by Kingdom Holding and Uni Ventures, along with other investors.
Ejari
Saudi startup Ejari raised $14.65 million in a seed round in a mix of debt and equity, led by Partners for Growth (PFG) and other investors. Other investors included BECO Capital, Rua Ventures, Alinma Bank (Alinma Pay), Vision Ventures, and Saudi Arabian property listing platform Aqar platform.
The round comes a year after it secured $1 million in pre-seed investment led by Sanabil 500 MENA and Hambro Perks' Oryx Fund for growth and product expansion.
Founded in 2022 by Yazeed Al-Shamsi, Fahad Albedah, Mohammed Alkhelewy, and Khalid Almunif, Ejari offers rent-now-pay-later (RNPL) solutions for residential rentals. Saudi rentals are typically paid annually or semi-annually. It pays property owners a full year’s upfront rent, enabling tenants to pay monthly.
The company aims to use the funding to accelerate the growth of its RNPL service and offer other proptech solutions. It also aims to utilize the funding to strengthen its market share within the residential RNPL space, enhance its product and service offerings, and solidify its position as a key player in the Saudi rental market's growing RNPL segment.
OCTA
The UAE-based OCTA raised $2.25 million in a pre-seed round co-led by Quona Capital and Sadu Capital. Other investors that participated in the round include Sukna Ventures, Plus VC, 500 Global, and angel investors such as Pawel Iwanow, Chief Payment Officer at Fresha, and Dom Monhardt, Director of Product Design at Tap Payments.
Founded in early 2024 by Jon Santillan, Nupur Mitta, and Andrey Korchak, the OCTA platform automates the process of collecting payments for SMEs. This helps improve cash flow management and reduces the challenges related to account receivables. OCTA recently expanded into the Saudi market.
4Partners
4Partners, a Dubai-based dropshipping service platform, secured $3.6 million in a funding round from undisclosed investors to expand operations.
Founded in 2017 in Russia, 4Partners offers inventory and logistics-related solutions to e-commerce entrepreneurs and helps businesses launch and scale online stores. It handles inventory, shipping, and order fulfillment through its network of warehouses in MENA, Europe, Asia, and the USA.
The company relocated its headquarters to Dubai in 2023 and plans to use the funding to support its regional growth plans.
Krti
Krti, a Kuwait startup that offers online payment solutions, secured $1.5 million in pre-seed funding from Saudi Arabia’s Core Vision Investment, to accelerate its launch in the two countries.
Founded in 2022 by Abdulrahman Al Hammadi, Naser Boresli, and Abdullah AlBaker, Krti provides payment solutions to online merchants and shoppers to strengthen the e-commerce sector.
QPay
Oman’s QPay closed a seed round of an undisclosed value, led by Cyfr Capital, to accelerate growth.
Founded in 2022 by Khalid Al-Mahrooqi and Ali Al-Lawati, QPay offers BNPL services in Oman, allowing consumers to purchase products and services through monthly installments.
The funding is part of Future Fund Oman's strategic mandate to foster growth in the country’s fintech sector.
Yamm
Saudi Arabian logistics startup Yamm closed its pre-seed funding round led by Flat6Labs. It didn’t disclose the amount it raised. The round also saw participation from Judah Ventures along with angel investors.
Founded in 2023 by Sultan Al-Subhi, Mohammed Al-Shalati, and Hamadah Al-Khaldi, Yamm helps to simplify the post-purchase experience for both consumers and merchants, offering a service to manage returns, refunds, and logistics.
Yamm aims to use the funding to expand its merchant base across Saudi Arabia, launch new product features, and enhance the platform’s value for retailers.
