- Startup Researcher - Middle East
- Posts
- Startup Researcher - Middle East: Week 50, 2024
Startup Researcher - Middle East: Week 50, 2024
December 9th - December 15th
Hello there,
Welcome to another edition of ๐ Startup Researcher - Middle East, your essential digest delivering the latest news and premium insights on startups and venture capital across the region ๐
If you haven't subscribed yet, now's the perfect time. Don't miss the opportunity to supercharge your understanding and stay ahead in this dynamic world.
Ready? Letโs get right into it.
๐ฐ Important News
Hub71 partnered with Google to launch the Google for Startups program, offering cloud credits, mentorship, and access to funding opportunities.
The Ministry of Industry and Commerce in Bahrain started implementing the first phase of electronic payment services for new commercial entities.
The UAE Central Bank granted final approval to AE Coin, the nationโs first regulated stablecoin pegged to the US dollar and fully backed by UAE reserves.
Egyptโs fintech unicorn MNT-Halan is expanding into the UAE market with its super app to drive financial inclusion for underbanked communities.
Dubai-based proptech startup Stake entered Saudi Arabia through a partnership with Al Rajhi Seventh to expand accessible real estate investments.
๐ธ Top Funding Rounds
UAE-based fintech Quantix secured $500 million in asset-backed securitization financing from Citi to support its consumer lending platform.
Wafeq raised $7.5 million in a Series A round led by 9900 Capital with Raed Ventures and Wamda Capital to expand its SME-focused accounting platform.
UAE-based healthtech BioSapien raised $5.5 million in pre-Series A funding led by Global Ventures to support clinical trials of its drug delivery platform.
Saudi-based edtech AlGooru secured $4 million in pre-Series A funding led by Constructor Capital to expand operations and enter new verticals by 2025.
Qatar-based e-commerce platform Hudhudshop raised a six-figure pre-seed round to expand its distribution of Turkish products across the Gulf.
๐ฐ๏ธ Notable Exits
๐ฆ About Investors
100Unicorns launched a $200 million Fund 2 to support early-stage MENA startups in sectors like fintech, AI, and healthtech.
Beam Ventures announced a $150 million gaming fund and accelerator in Abu Dhabi to support Web3, AI, and immersive technologies.
Iliad Partners announced the first close its $50 million Tech Ventures Fund I to invest in early-stage B2B tech startups across MENA.
Hub71 launched an Angel Investor Support Package offering incentives and resources for investors to support early-stage startups.
Edfa Venture Capital partnered with Business LOBBY to launch an academy for teaching entrepreneurship to children.
๐ Startup of the Week
Introducing our Startup of the Week ๐
Wafeq
Wafeq, a UAE-based fintech company offering an accounting platform for SMEs in the Middle East, has raised $7.5 million in a Series A funding round. Led by 9900 Capital, the round also saw participation from Gary Turner (former CEO of Xero EMEA), and existing investors Raed Ventures and Wamda Capital. Founded in 2019 by Nadim Alameddine, Wafeq simplifies accounting tasks like e-invoicing, taxation, and payroll, with over 2 million invoices worth $400 million issued monthly. The platform is especially popular in Saudi Arabia, where 90% of its business is concentrated. The funding will support Wafeq's expansion in Saudi Arabia and the UAE, product development, and compliance enhancements to meet evolving taxation regulations. With Saudi Arabia's Vision 2030 fostering a growing SME sector, Wafeq is well-positioned to support businesses with localized, compliant solutions.
๐ผ Investor of the Week
Introducing our Investor of the Week ๐
100Unicorns
100Unicorns, a prominent Indian venture capital firm and accelerator, has launched its $200 million Fund 2 to support early-stage startups in the MENA region, focusing on sectors such as fintech, AI, healthtech, and renewable energy. This move underscores growing global investor confidence in the region's startup ecosystem, which has seen rapid growth fueled by government initiatives and a tech-savvy population. The fund will provide capital, mentorship, and access to global networks to help MENA startups scale from local disruptors to international players. 100Unicorns, co-founded by Dr. Apoorva Ranjan Sharma, has previously supported over 200 startups, building a portfolio valued at $3.2 billion. The firmโs expansion into MENA aligns with the regionโs increasing prominence as a global hub for innovation and entrepreneurship.
๐ค Opportunity Radar
Apply to the UNICEF Venture Fund's AI and Blockchain for Data and Trust program by December 23rd, 2024, and secure up to $100,000 in equity-free funding for your innovative startup. If you're developing cutting-edge technologies addressing misinformation, data integrity, or digital trust for children, this is your opportunity. UNICEF is specifically seeking early-stage, for-profit technology startups registered in UNICEF program countries with working prototypes in AI, machine learning, or blockchain. Women-led and young founders are especially encouraged to apply, with a focus on creating Open Source solutions that can radically improve children's digital experiences and safety.
Thank you for joining us this week! We trust you found value in our latest edition. ๐
Your feedback is invaluable to us, so please don't hesitate to share your thoughts by replying to this email. We're committed to continuously improving and delivering content tailored to your interests and needs ๐ฉ
If you're interested in staying updated on the latest trends, startups, and investments in other regions, don't miss out on:
๐ Startup Researcher - Africa: Delve into Africa's thriving ecosystem, uncovering cutting-edge trends, emerging startups, and investment opportunities.
๐๏ธ Startup Researcher - Asia Pacific: Discover the latest innovations and startups in the Asia Pacific region, covering key markets, investment movements, and emerging tech hubs.
๐ Startup Researcher - Europe: Stay updated on Europe's innovation scene, featuring insights into groundbreaking startups, investment trends, and entrepreneurial developments.
๐๏ธ Startup Researcher - Latin America: Keep track of Latin America's fast-growing startups, investment trends, and disruptive technologies driving economic growth.
๐๏ธ Startup Researcher - NAI: Stay ahead with coverage of the North American startup ecosystem, focusing on cutting-edge ventures, investment insights, and tech advancements.
Additionally, stay connected with us on LinkedIn for more insights and updates ๐
Looking forward to staying connected and bringing you more exciting content next time!