Saudi Arabian fintech startup EdfaPay led fundraising activity in the Middle East and North Africa region this week as it raised growth capital to expand its business geographically.
It was followed by Egypt-based furniture e-commerce platform Ariika, which raised an additional Series A funding. Other startups that concluded funding rounds include UAE-based blockchain-based maritime fintech platform Shipfinex, Egyptian insurtech broker Amenli and Egyptian supply chain management solution provider Qara, which raised early-stage capital.
Meanwhile, Saudi sovereign investor Public Investment Fund-owned Jada Fund of Funds made a limited partner investment in Saudi VC SEEDRA Ventures’ second outing, in line with its strategy to back early-stage companies across diverse sectors in Saudi Arabia and the MENA region.
Saudi Arabia-based fintech EdfaPay, which provides small and medium enterprises with a tap-to-pay solution using smartphones instead of traditional POS devices, secured a $5 million pre-Series A funding round, led by OmanTel Innovation Labs.
Other investors that participated in the round include Aljabr MENA and Waad Investment.
Established in 2022 by Ghormallah Alghamdi and Nedal Sabbah, EdfaPay is already backed by leading VCs, Nuwa Capital, and Sanabil 500.
While it has expanded its operations into several markets, including Tunisia and Morocco, it is aiming to strengthen its foothold in the Saudi market and expand its reach across the MENA region and Pakistan. EdfaPay had raised pre-seed worth $1.6 million in February 2022.
Ariika
Egypt-based furniture e-commerce platform Ariika raised $3 million in a Series A extension round, led by Beltone Venture Capital and Citadel International Holdings to expand its geographical footprint.
Founded in 2016 by Khaled Attallah and Shahir Arslan, Ariika is a home décor direct-to-consumer (D2C) e-commerce platform that partners with artisans from around the world to create and curate modern décor brands. It plans to utilise its funding to expand its operations to Saudi Arabia by January 2025.
It recently launched its services in Iraq. Last year, Ariika had closed a Series A equity funding round from Beltone Venture Capital for a 20% stake.
Qara
Qara, an Egypt-based supply chain management solution provider and customer engagement facilitator has closed a $2.6 million funding round from undisclosed investors.
Founded in 2021 by Hassan Abouzeed and Khaled Hassan, Qara offers a seamless digital ecosystem that enables producers to authenticate and trace their products down to the end consumers, connect with their markets, and make data-driven decisions.
Currently operating in Egypt, and Kenya, Qara aims to utilise the funding to expand into Saudi Arabia, supported by the National Technology Development Programme's (NTDP) Relocate Initiative.
Amenli
Egyptian insurtech broker Amenli raised $2.3 million in fresh funding, led by EBRD VC, the venture capital arm of the European Bank for Reconstruction and Development (EBRD), to facilitate geographical expansion.
The round also saw a follow-on investment from Y Combinator (YC). Founded in 2020 by Adham Nauman, Omar Ezz El Din and Shady El Tohfa, Amenli provides accessible insurance products tailored for individuals, families and SMEs. Amenli aims to use the funds to scale growth by evolving its technological capabilities and solutions, besides expanding into other markets.
Shipfinex
UAE-based maritime fintech platform Shipfinex, which offers a blockchain-backed platform to enable fractional ownership of marine vessels, secured $1.5 million in seed funding from an angel investor to scale business.
The funding was led by Gaurav Mehta, who is the chairman of Best Oasis and SPM Shipping DMCC. Founded in 2022 by Vikas Pandey and Suraz Troy, Shipfinex aims to democratise maritime finance by enabling access, trade and owning fractional shares of maritime assets through blockchain.
It aims to utilise the funds to facilitate growth and compliance with Dubai's Virtual Assets Regulatory Authority (VARA)’s regulatory advancements.