As summer cools off, so too has the startup scene in the Middle East and North Africa (MENA). The amount invested in startups in August 2024 reached $83 million across 30 rounds, a 76% month-on-month (MoM) decrease from July’s $355 million, and a 24% year-on-year (YoY) decline. No megadeals were recorded last month, as the…

UAE-based fintech FlapKap has raised $34 million in a pre-Series A funding round that included both debt and equity financing. The round is led by BECO Capital and saw significant new investment from Pact VC, with follow-on contributions from A15, Nclude, QED Investors, and debt financing from Channel Capital.  Founded in Egypt in 2022 by…

Saudi Arabia-based proptech HissaTech has raised $670,000 in a pre-Seed round, led by unnamed angel investors. Founded in 2024 by Ali Alshareef, HissaTech’s platform allows individuals to co-own properties, offering rental income and potential capital gains while lowering barriers to entry for smaller investors. HissaTech will utilise the new round to expand its customer base,…

MENA-based VC firm Flat6Labs held a demo day to wrap up the sixth cycle 6 of the Amman Seed Programme.  The demo day witnessed the pitching of seven startups coming from Jordan, Palestine, Iraq, and Lebanon operating in various industries, including fintech, regtech, automotive services, and design tech. The seven startups have received undisclosed funding…

Hub71, Abu Dhabi's global tech ecosystem, has welcomed 21 startups in Cohort 15, increasing the total number of ventures it supports to 243.  Cohort 15 startups, selected from over 1228 applications, have raised over $130 million in capital, with 80 percent of selected startups headquartered outside the UAE, reinforcing Hub71's ability to attract high-potential international…

Egypt-based fintech Paymob has raised a $22 million Series B extension round, bringing the company’s total Series B funding to $72 million. The funding was led by EBRD Venture Capital with participation from Endeavor Catalyst, along with existing investors, including PayPal Ventures, BII, FMO, A15, Nclude and Helios Digital Ventures. Founded in 2015 by Islam…

Egypt-based Athar Accelerator has celebrated the graduation of the fifth cohort of its Climate Action Accelerator Programme. The demo day, which was held in Minya, Upper Egypt, has witnessed 10 startups from Upper Egypt presenting their solutions, addressing vital sectors such as eco-friendly biopesticides, renewable energy, organic fertilisers and sustainable furniture. DFC, a startup that…

Entlaq, an Egypt-based company supporting entrepreneurs, has acquired a stake in the Egyptian foodtech Brotinni for an undisclosed value. Founded in 2020 by Dalia Abu Omar, Brotinni is a dark store that allows customers to buy their needs of meat and poultry online. The new investment will allow Brotinni to expand its operations within Egypt…

Oman-based cloud kitchen IO Kitchens has closed a $2.8 million Seed funding round, led by Tanmia Small-Cap Fund and supported by a group of family offices and regional investors. Founded in 2021 by Hisham Hasan, IO Kitchens offers a diverse range of delivery-only meals. It currently operates three cloud kitchens and a portfolio of over…

Saudi Arabia-based fintech Malaa has closed a Series A funding round at $17.3 million, led by SNB Capital, with participation from Derayah Financial, Khwarizmi Ventures, Impact46, and WKN. Founded in 2021 by Ali Aloraini and Faisal Alqarni, Malaa is a wealth management tool that empowers individuals and organisations for better financial decisions by offering data-driven…