MENA fundings announced this week: 10-16 November
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:
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.
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.
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.
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.
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.