MENA fundings announced this week: 10-16 November
Priya Wadhwa
What's the Deal
Published:

MENA fundings announced this week: 10-16 November

This week, We saw 5 funding rounds announced in the MENA region.

Out of the 5 fundings announced this week, we saw one pre-seed and two seed as well as two series A. Big ticket wins included Trukker and Tabby, a new 'buy now pay later' startup founded by Hosam Arab, ex-CEO of Namshi who exited the company after full acquisition by Emaar.

Others include a Pre-series by Invygo that received investment from 500 Startups, Nala's seed funding from STV, and Yodawy's Series A by Algebra Ventures and CVentures. Discover more details about the startups below:

Invygo

Founded in 2018 by Eslam Hussein

HQ: Dubai, UAE

Latest funding amount: $275,000

Funding stage: Pre-Seed

Total funding to date: $275,000

Investors: 500 Startups

The app-based car subscription startup, Invygo uses blockchain to help customers rent cars. Offering ease and flexibility sans long-term commitment of owning, the startup offers a monthly subscription pack whereby customers can pick up the car and upgrade or switch cars whenever they want through their mobile application.

Invygo is a graduate from the 500Startups Misk accelerator programme and is incubated by in5.

The global car rent and share market is approximately worth $373 billion, of which $7.3 billion correlates to the MENA region.

Tabby

Founded in 2019 by Hosam Arab

HQ: Dubai, UAE

Latest funding amount: $2 million

Funding stage: Seed

Total funding to date: $2 million

Investors: Global Founders Capital, Wamda Capital and Arbor Ventures

Founded by ex-CEO of Namshi, which was recently bought out by Emaar, Hosam has now founded Tabby — a buy now pay later fintech startup. He plans to initially launch this in the online fashion market.

Through Tabby's offering, customers could choose its deferred single payment or multiple installment option, as an alternative to cash-on-delivery. Currently, customers in the UAE often have to pay an extra charge if they wish to buy items and pay for them at the time of delivery.

Nala

Founded in 2018 by Othman Abahussein

HQ: Riyadh, Saudi Arabia

Latest funding amount: $1 million

Funding stage: Seed

Total funding to date: $1 million

Lead Investors: AlAraby Investment

Hailing from Saudi Arabia, recently launched digital health service startup announced its Seed funding round this week. Using artificial intelligence the startup is said to enable "instant medical diagnosis in Arabic" with the aim to reduce healthcare costs without compromising on quality.

Trukker

Founded in 2016 by Gaurav Biswas and Pradeep Mallavarapu

HQ: Abu Dhabi, UAE

Latest funding amount: $23 million

Funding stage: Series A

Total funding to date: $30.4 million

Lead Investors: STV

Recording the fourth largest Series A, the truck-on-demand startup Trukker raised its latest round from Saudi Technology Ventures (STV), with the participation of International Finance Corporation (IFC), Endeavor Catalyst Fund, and Middle East Venture Partners (MEVP), along with returning investors Riyad TAQNIA Fund, Oman Technology Fund, Iliad Partners, and Shorooq Ventures.

Yodawy

Founded in 2018 by Karim Khashaba, Sherief El-Feky and Yasser AbdelGawad

HQ: Cairo, Egypt

Latest funding amount: $1 million

Funding stage: Series A

Total funding to date: $1 million

Lead Investors: Algebra Ventures & CVentures

In a little over a year, Yodawy has become one of Egypt's largest online medication e-commerce platform. It also covers pharmacy benefits and manages claims online.

Customers can browse and order medications, as well as personal care products through Yodawy's mobile application. Orders are matched with pharmacies that make up the startup's network of 2500+ nation-wide partners. Moreover, patients can access co-payment insurance plans.

**Please note that all data has been sourced from Crunchbase. Total funding denotes disclosed numbers, and lead investors are mentioned for all rounds, not only for the most recent one.