The UAE-based startups led the funding activity in the Middle East and North Africa region this week with fintech platform Wafeq and healthtech firm BioSapien pocketing the biggest cheques.
Saudi edtech startup AlGooru raised pre-Series A funding. It was followed by a slew of seed-stage fundraises by Moroccan B2B marketplace Z, Saudi Arabian services platform Abikhdmn, and Web 3.0 social network DeChat .
Wafeq
The UAE-based fintech Wafeq, an accounting platform targeting small and medium enterprises in the Middle East, raised $7.5 million in a Series A funding round to scale its business.
While the round was led by 9900 Capital, it saw participation from Gary Turner, formerly CEO of Xero’s operations in EMEA, besides existing investors Raed Ventures and Wamda Capital.
Founded in 2019 by Nadim Alameddine, Wafeq enables SMEs to conduct their e-invoicing, taxation, and employee payroll online. Over 2 million invoices worth $400 million are issued on Wafeq every month, according to the company. It aims to use the funding to scale its Saudi operations and expand in the UAE. Wafeq had raised $3 million in a seed round last year.
BioSapien
The UAE-based healthtech BioSapien raised $5.5 million in a pre-Series A capital raise to fund clinical trials in the UAE. The funding round for the patented drug delivery platform treating cancer was led by VC firm Global Ventures, with participation from Dara Holdings.
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.
AlGooru
Saudi Arabia-based edtech platform AlGooru raised $4 million in a combination of debt and equity financing. The pre-Series A round was led by Constructor Capital and joined by Hub71, angel investors, and family offices.
Founded in 2021 by Khalid Abou Kassem and Omer Awad, AlGooru connects students with on-demand private tutors.
It aims to use the funding towards expanding its operations in Saudi Arabia with a focus on offline tutoring, advancing its AI-driven technologies and entering new verticals through strategic partnerships set to be announced in 2025.
The latest round of funding comes two years after AlGooru raised $1.8 million in seed funding led by RAZ Group, RZM Investment, 100 Ventures, RAY Investment, and Oqal Angel Investors.
Z
Moroccan B2B marketplace Z closed a $1.5 million seed funding round, led by Morocco-based VC investors MNF Ventures, Witamax, Cash Plus Ventures, and Kalys Ventures.
Founded in 2022 by Meriem Benabad, Samer Choumar and Youssef Ait-Haddouch, Z’s platform allows traditional retailers and brands to directly access consumers. The funding will help with Z’s technology development, product catalogue expansion, and preparation for its next growth phase.
Abikhdmh
Abikhdmn, a Saudi Arabia-based services platform that allows consumers and companies to access government services, including document issuing, secured $800,000 in seed funding from a group of undisclosed investors.
Abikhdmh was founded in 2022 by Abdulmohsen Al-Mufadli and Mohammed Al-Mufadli. It aims to use the funding towards enhancing its app’s ability to deliver e-transaction services and expand into newer areas such as flight bookings, business services, and recruitment solutions.
BuyAnyAutoPart
The UAE-based B2B autotech company BuyAnyAutoPart raised $750,000 in pre-seed funding from Galadari Brothers, 6G Capital, and other investors to expand its operations.
Founded in 2020 by Zarir Saifuddin, BuyAnyAutoPart is an automotive-tech startup for trading used car parts. It will use the funds to execute contracts with some of the UAE's multi-brand workshops and thereafter towards expanding its services to small and medium-sized garages across the country.
DeChat
Web 3.0 social network DeChat raised $1 million in a funding round led by Mindspace Solutions to accelerate growth across Europe, the Middle East, and Africa (EMEA).
The Dubai-headquartered startup leverages Web3 technology to create a disruptive communication network designed to empower users and improve their interactions within the digital ecosystem. The latest round of funding will facilitate the enhancement of its technology infrastructure and help expand its user base.
