MENA Startups Raise Millions; Careem Acquires Stake in Swapp
The Middle East and North Africa (MENA) region's startup ecosystem is thriving, with early-stage companies leading funding activity this week. Several startups secured capital, while a strategic acquisition was also announced.
Saudi Arabia-based digital signature platform Sadq kicked off the funding spree, raising $1.5 million in a pre-Series A extension round. Meanwhile, UAE-based agritech platform Aydi secured seed funding, with the exact amount undisclosed. Another UAE-based startup, Climaty AI, a climate and marketing technology company, raised $2 million in early-stage funding.
Communication safety startup YAL AI also attracted investors, raising $12 million from undisclosed backers. In the fintech space, UAE-based Upfront raised an eight-digit pre-seed funding round, a mix of equity and debt. Elsewhere, Saudi Arabia-headquartered DOO, an AI-powered customer experience platform, raised $1.7 million in a funding round. Additionally, UAE-based real-world asset tokenization marketplace Tokinvest secured $3.2 million in pre-seed funding.
Corporate groups financing these startups include venture capital firms such as Arzan Venture Capital from Kuwait, Vision Ventures and D-Investments from Jordan, and international investors like Indian venture debt firm Stride Ventures. These investors have backed startups in countries including Saudi Arabia, the UAE, Jordan, Kuwait, Egypt, Morocco, and Tunisia.
In a strategic move, Dubai-based super app Careem acquired a minority stake in UAE-based car rental and subscription platform Swapp. This acquisition further solidifies Careem's position in the region's mobility landscape. Overall, the funding activity and strategic moves indicate a vibrant and dynamic startup ecosystem in the MENA region.
