06 Oct 2024
RIYADH: Startups across the Middle East and North Africa have recently secured new funding to drive expansion, innovate services, and enter new markets, highlighting ongoing investor interest in diverse sectors including event-tech, e-commerce, and adtech.
Al Menu, a Saudi Arabia-based software-as-a-service provider for the food and beverage industry, has raised $10.12 million in a funding round led by Al Majdiah Investment alongside other investors.
Founded in 2022 by Mamdoh Ali, Al Menu offers cloud-based solutions designed to enhance the operations of restaurants and cafes in Saudi Arabia.
Ali, the CEO, stated that aims to reduce operational management costs and increase workforce efficiency for thousands of restaurants and cafes in the Kingdom.
Nasser Al-Majid, CEO of Al Majdiah Investment, added that their investment in Al Menu reflects their commitment to strengthening the role of the F&B sector in achieving Vision 2030’s hospitality goals.
The new funding is aimed at accelerating the company’s expansion efforts in the restaurant service sector.
Mila Celebrations raises $227k in pre-seed funding
Mila Celebrations, an event planning platform based in Saudi Arabia, has raised $227,000 in a pre-seed funding round from angel investors.
Founded in early 2024 by Muhammad Ghourbal, the startup provides a comprehensive solution for organizing events and celebrations.
The investment will be used to support Mila’s expansion into the wider Gulf Cooperation Council region.
This investment comes as Saudi Arabia’s events sector is expected to see a significant boom.
According to a recent report by Mordor Intelligence, the industry is expected to grow from $2.38 billion in 2024 to $3.45 billion in 2029.
Quantum completes $7m pre-series A round led by HearstLab
Quantum, a Saudi Arabia-based advertising tech firm, has secured funding in its $7 million pre-series A round, with HearstLab, the investment arm of Hearst Corporation, participating in the round.
Founded in 2020 by Omar Malaikah and Sara Bin Ladin, Quantum offers advertisers a platform to select publishers, purchase ad space directly, and access detailed data analytics to measure campaign impact.
“As Saudi Arabia pushes forward with Vision 2030, we are proud to be at the forefront of media and data innovation. HearstLab’s backing shows the great potential that Saudi Arabia has as a hub for cutting-edge technologies in all sectors,” said Malaikah.
This investment marks HearstLab’s first foray into the Middle Eastern market.
Podeo secures $5.4m in series A for international growth
UAE-based podcast distribution platform Podeo has closed a $5.4 million series A funding round led by Oraseya Capital, with contributions from Ibtikar Fund, Cedar Mundi Ventures, Samarium, iSME, and Razor Capital.
Podeo, founded in 2020 by Stefano Fallaha, Anthony Essaye, and Mario Hayek, enables content creators to monetize their podcasts through an end-to-end platform.
The fresh capital will be used to expand Podeo’s reach across emerging markets, including Latin America, Eastern Europe, and Southeast Asia.
“We are committed to empowering creators to become the next generation of global audio stars, providing them with cutting-edge tools to captivate diverse audiences around the world,” said Fallaha, the CEO.
“This series A funding will allow us to amplify our mission and scale our ecosystem at lightning speed across emerging global markets, making storytelling limitless and giving diverse voices the power to be heard by billions worldwide,” he added.
Agility Global invests in Global Ventures’ third fund
Singapore-based Agility Global has committed an undisclosed amount to Global Ventures’ third fund, launched earlier this year.
Global Ventures, founded in 2018 by Noor Sweid in Dubai, focuses on early-stage investments across the Middle East and Africa in sectors such as supply chain technology, energy technology, and agri-tech.
“We are passionate champions and advocates for businesses led by the region’s new generation of entrepreneurs and innovators,” said Agility Global Chairman Tarek Sultan.
“The Middle East and Africa are brimming with innovation and entrepreneurial energy. Through our venture capital arm, Agility Ventures, and our investment in Global Ventures’ new MEA fund, we are encouraging the region’s startups and entrepreneurs to commercialize and scale great ideas and innovations,” he added.
Agility Global, a multi-business operator and long-term investor, aims to support innovative startups within these key areas through this fund.
“With our focus on supply chain technology, we are incredibly grateful for the support of Agility Global, a long-standing leader in the supply chain sector regionally and globally. We are thrilled to have a true partner in Agility Global as we continue to back mission-driven founders addressing critical challenges across the Middle East and Africa,” Sweid said.
Earlier in July, Jordan’s investment fund, the Innovative Startups and SMEs Fund, also invested $5 million in Global Ventures’ Fund III.
Kuwait’s Bazzar Gate raises $1m to boost e-commerce platform
Kuwait-based e-commerce startup Bazzar Gate has secured $1 million in funding from undisclosed investors.
Founded by Mohammad Al-Mutawa in 2020, Bazzar Gate offers a one-stop-shop drop-shipping e-commerce solution, including delivery and payment systems.
The funding will primarily be used to scale its newly launched platform, Partners, which helps users set up dropshipping e-commerce businesses by addressing challenges such as high startup costs and logistical complexities.
“Receiving this investment validates the vision we have for Partners and its potential to redefine e-commerce entrepreneurship. We’re committed to providing a platform where anyone can become an e-commerce business owner in minutes, without the traditional barriers of high costs, logistics, or time investment,” Al-Mutawa added.
Oman sovereign wealth fund commits $150m to ewpartners
Oman Investment Authority, the nation’s sovereign wealth fund, has committed $150 million to international investment firm ewpartners’ Technology Innovation Fund II.
The $1 billion private equity fund focuses on expansion-stage technology and techenabled investments within GCC countries.
The partnership also entails the establishment of a local fund with OIA’s Future Fund Oman, which aims to support the country’s National Vision 2040.
Through this initiative, ewpartners intends to leverage products, technologies, and capabilities from established industry players, particularly from China, to foster the growth of successful companies in Oman.
The investment firm will direct investments toward sectors critical to Oman’s economic development, including advanced manufacturing, information and communications technology, renewable energy, logistics, tourism, and agriculture.
These investments align with Oman’s broader economic mandate to diversify its economy and enhance its regional competitiveness.
Valu partners with ShipBlu and PayTabs Egypt
Egyptian financial technology company Valu has entered a new partnership with logistics provider ShipBlu and digital payments firm PayTabs Egypt.
The collaboration aims to streamline online payment processes for e-commerce transactions delivered within Egypt.
Valu credit users will now have the option to pay for online orders delivered by ShipBlu, benefiting from secure payments facilitated by PayTabs Egypt.
The initiative seeks to encourage a shift toward a cashless society, providing consumers with various digital payment options, including credit and debit cards, QR codes, and eWallets, as part of a payment-on-delivery model.