Funding activity in the Middle East and North Africa region during the week was led by a slew of UAE and Saudi Arabia-based tech-backed startups.
While Saudi logistics player Wheekeep secured growth-stage funding, the UAE-based proptech startup Property Finder raised debt financing to provide an exit to its first institutional investor BECO Capital.
Other startups that raised funding include Dubai Future District Fund (DFDF)-backed data analytics startup Lune and cleantech company Airwater.
The week also saw a slew of fund launches by investment firms, indicative of higher funding availability in the coming months for startups in the region. Singapore-based VC firm Golden Gate Ventures launched a $100 million MENA fund, with $20 million commitments from Qatari investors, including Al Khor Holding, Al Attiya Group and Sheikh Jassim Bin Jabor Al Thani. The fund aims to back startups in sectors like fintech, healthtech, B2B AI, deeptech and edtech.
Also, Egypt-based venture capital firm Glint completed the first close of its second venture fund at $3 million, as it aims to back Egyptian entrepreneurs with investment opportunities in the early stages, with its ticket size ranging from $250,000 to $500,000. Led by Tarek Aboualam and Youssef Helmy Habib, Glint has backed several startups in Egypt from its previous fund, including Darwinz.ai, Iqraaly, Wasla, Kashier and Filkhedma.
Besides, Saudi Arabia-based HRtech Qsalary partnered with the Saudi investment company Itqan Capital to launch an $80 million investment fund.
WheeKeep
Saudi Arabian logistics startup WheeKeep secured $8 million in Series A funding, led by American investor Fintech Collective, to fuel expansion within the Saudi market and in the region. The round also saw participation from local and international investors.
Founded in 2020 by Sultan Alolayan, Amr Almarzouki, and Youssuf Fayez, WheeKeep offers mobile self-storage units tailored for both individuals and businesses. The self-storage units provide weather-resistant security and technology features. WheeKeep’s services include delivery and retrieval options, besides the provision of essential products and tools to customers throughout the storage or transportation process.
Lune
The UAE-based data analytics startup Lune raised $1.5 million in a seed round led by its existing investor DFDF, to accelerate regional expansion and product development.
The startup was also backed by Plus Venture Capital, Reach International, and Judah Ventures, besides other family offices and angel investors.
Founded in 2020 by Helal Tariq Lootah and Alexandre Soued, Lune allows banks, fintechs, and financial institutions to turn the transaction data of their customers into useful insights for them. It offers plug-and-play solutions through an API, allowing its clients to improve the user experience of their financial products. The latest round comes two years after Lune raised $850,000 in a pre-seed round led by DFDF, Flat6Labs, and an undisclosed group of angel investors.
Property Finder
Proptech portal Property Finder raised $90 million in debt financing from an American private equity firm Francisco Partners, to buy back the entire stake held by VC firm BECO Capital, the company’s first institutional investor.
Founded in 2007 by Michael Lahyani and Renan Bourdeau, the UAE-based Property Finder is a marketplace for buying and renting property, which allows filtered searching of available options.
Property Finder, which has expanded its operations across the region, including Qatar, Bahrain, and Egypt, is now focusing on expanding its market share in Saudi Arabia and Turkey.
Revent
The UAE-based electronics marketplace Revent secured $900,000 in a pre-seed round, led by Techstars and a group of angel investors to grow operations.
Founded in 2022 by Baldeep Singh and Dhananjay Choubey, Revent offers pre-owned devices on monthly subscriptions to small and medium enterprises across the UAE and Saudi Arabia. It aims to utilize the funds towards building a self-service platform for businesses, besides growing its client base in Saudi Arabia.
Airwater
The UAE-based air-to-water technology company Airwater Co. raised capital from Abu Dhabi-based venture capital firm Tau Capital to scale the business.
Founded in 2018 by Alex Guy, the cleantech company designs and manufactures air-to-water technology to create clean water from humidity in the air. It aims to utilize the funding to propel manufacturing, infrastructure, and distribution, with a focus on large commercial and industrial atmospheric water generation facilities.
Airwater’s client base includes Hilton Hotel Group, Accor Group, NEOM, and ADNOC.
