Dealmaking activity in the Middle East and North Africa region increased this week, led by a slew of early-stage funding transactions by startups.
At least three Saudi startups, including auction platform Mazadak and Zetta Technologies, as well as Moroccan startups ORA Technologies and Tookez raised funding.
Besides, Omani customer data analysis company Promize was acquired by Saudi Arabia-based business development and research company T2 for an undisclosed amount.
Meanwhile, in what could enhance tech funding in Saudi Arabia, the UAE-based private equity firm Gulf Capital partnered with the Saudi Research Development and Innovation Authority to deploy over $100 million into Saudi tech companies over the next five years from its existing and future funds. It will focus on startups in fields such as health tech, fintech, renewable energy, sustainability, and future economies.
Mazadak
Saudi auction e-commerce marketplace Mazadak secured $10 million in funding, led by Revival Lab and a group of family offices to expand into new markets.
Founded in 2021 by Prince Sultan bin Abdullah bin Abdulaziz Al Saud, Mazadak simplifies the auction process through its marketplace. The Mazadak mobile application allows users to buy, sell or start an auction with different product categories including cars, watercraft, and watches, among others.
ORA Technologies
Moroccan superapp ORA Technologies raised $1.5 million in seed funding from local entrepreneurs as it plans to launch its e-wallet. The capital infusion comes four months after the startup raised $1 million in seed funding from local investors over three rounds.
Founded last year by Omar Alami, the ORA app offers multiple features, including peer-to-peer transactions, an e-commerce platform, on-demand services, chat functionality, social networking, and a digital wallet to be launched soon.
The additional funding will be used towards activating the e-wallet, which will allow users to transfer money instantly, due to a partnership with M2T, a subsidiary of Banque Centrale Populaire.
Seeru
The UAE-based traveltech platform Seeru raised a pre-seed funding round of an undisclosed amount, led by the US-based venture studio Nabtah Ventures, to enhance its product offerings and expand its geographical footprint.
Founded by Abd Elmohaimen Mansi and Abdullah Mancy, Seeru offers a one-stop solution for individual travelers, organizations, travel agencies, and meta-search companies to eliminate the travel planning hustle. It plans to utilize the funding to focus on product development and expand its global presence.
The company has launched three platforms so far—Seeru.com for direct traveler bookings, Seeru.travel for B2B flight bookings, and SeeruX, which offers developers easy API integration. It plans to launch a dedicated Umrah platform in the third quarter of the year and a unique travel marketplace for explorers in the last quarter.
dKilo
Egypt-based ad-tech platform dKilo raised $3.2 million in seed funding, in a mix of equity and debt, from Upturn Ventures to accelerate product expansion.
Founded in 2020 by Mohamed Mousa and Sherif Abdelaty, dKilo is a street-level digital advertising platform that connects audiences with dynamic ads displayed on moving vehicles. dKilo aims to use the additional capital to create a new channel for brands to engage with consumers through its online platform.
Mojo
Kuwait-based social commerce platform Mojo raised a seven-figure seed round, led by existing pre-seed investors Joa Capital and Emkan Capital, to expand into Saudi Arabia and enhance its product and operations. New investors that participated in the round include Plus VC, Atyab Al Marshoud, Wahed Invest, and some angel investors.
Founded in 2022 by Abdulaziz Al-Bahar and Nadia Al-Hamad, Mojo is a social platform that allows beauty enthusiasts to discover, share, and purchase high-quality beauty, skincare, and wellness products, earn rewards, and share their reviews and recommendations. The additional investment will be used towards enhancing its tech stack, hiring new talent, and expanding within the region.
Rakeez Capital
Saudi business-to-business fintech startup Rakeez Capital closed a $2 million seed round, led by Core Vision Investments, to scale its operations.
Launched last year by Saeed Al-Ahmari, Rakeez Capital specializes in debt and investment instruments and provides financing options for companies and real estate developers through Sukuk issuance. The startup aims to utilize additional capital to advance its AI technologies to expand its customer base.
Zetta Technologies
Saudi Arabia-based device-as-a-service (DaaS) provider Zetta Technologies raised $1.5 million in pre-seed funding led by Core Vision, to accelerate business growth.
Founded in 2023 by Faisal Al Abdulsalam, Tabreez Mohiuddin, Waleed Altheeb and Saeeduddin Shah, Zetta Technologies offers tech services as a subscription with a flexible payment plan to organizations, allowing them to make the most out of their devices. The startup aims to utilize the funding to expand its product offerings and strengthen its market position in the DaaS market.
Tookez
Moroccan fintech startup Tookez raised $1.5 million in seed funding led by Azur Innovation Fund as it plans to grow geographically.
Founded in 2020 by Hicham Amadi, Wiam Elmejjad, and Siham Elmejjad, Tookez consolidates loyalty points from different brands into a single wallet, facilitating seamless transactions across a vast network of shops and brands.
The startup aims to expedite its growth across Morocco, within the continent, and across the MENA region. It plans to continue advancing its technical capabilities, with a particular focus on blockchain technology.
T2-Promize
Saudi Arabia-based business development and research company T2 acquired Omani customer data analysis company Promize for an undisclosed amount. The acquisition will allow T2 to leverage Promize’s tech solutions to serve a new segment of customers and enhance the user experience.
T2, founded in 2014 by Abdullah M. Al-Dosari, offers tech and software solutions to help businesses achieve their business goals. It offers digital marketing strategies through shared risk digital marketing alliances.
Promize, founded in 2022 by Saif Al-Issaie and Saheeb Badr, helps product owners raise engagement, retention, and conversion rates through a no-code hyper-personalized messaging platform.