Egyptian startup secures funding to fuel expansion into Saudi Arabia after period of stagnation
CAIRO: Egyptian startups are starting to gain momentum, with several ventures securing funding to step up expansion efforts in the kingdom.
After a period of lull in startup funding, Egyptian founders are returning to the region's venture capital space with a series of investment deals and expansion strategies already in place.
Egyptian fintech startup Wafarha has secured a seven-figure seed round from Value Maker Studio to expand its footprint.
Founded in 2012 by Tarek Magdy, the platform offers deep discounts ranging from 50% to 90% every day.
The new capital will enable Wafarha to strengthen its technology, recruit talent and expand into Saudi Arabia and other markets.
Furthermore, in 2018, one of Egypt's largest financial institutions, Banking Technology and Electronic Payments Foley, acquired a 30 percent stake in the company.
The company boasts a network of over 1,000 merchants and over 3,000 stores, and claims to serve over 5 million customers with no registration fees.
Over the past 12 years, Waffarha claims to have emerged as a top-rated lifestyle website and mobile app.
Egyptian HRtech startup Bluworks secures $1 million in pre-seed funding
Bluworks, an Egypt-based HR and Software-as-a-Service solutions provider, has raised $1 million in pre-seed funding led by Khawarizmi Ventures with participation from Camel Ventures, Acasia Ventures, and angel investors.
Founded in 2022 by Farah Osman, Hussein Wahdan, and Noor Ahmadein, Bluworks aims to optimize costs for businesses through data-driven decision-making.
Founded in 2022 by Farah Osman, Hussein Wahdan, and Noor Ahmadein, Bluworks aims to optimize costs for businesses through data-driven decision-making. (Included)
“There are so many HR softwares on the market, but none are built to manage blue-collar workers,” Wadan says.
“This type of workforce management process is highly manual, so mistakes are often made and lead to fines and salary deductions without employee oversight, resulting in employee turnover and ultimately “This has led to high turnover rates,” he added.
“Currently, companies spend approximately seven to 10 days closing payroll accounts, but with Bluworks, they can reduce this time to one day while leveraging data and insights about their employees.” he said.
The company aims to use the funding to support its product development goals, expand its presence and grow its team.
Egypt-based fintech Bokra closes $4.6 million pre-seed funding round
Egyptian fintech startup Bokra has secured $4.6 million in pre-seed funding led by DisrupTech Ventures and SS Capital.
Founded in 2023 by Ayman El-Sawy, Bokra offers a variety of investment solutions to retail and small business investors.
The funding will support the launch of the Bokra app, expansion of its investment products and expansion of its operations across the Middle East and North Africa region.
“We are dedicated to accelerating financial inclusion and raising investment awareness across MENA,” El Sawy said.
“In a region where financial needs and aspirations are constantly changing, Bokra is the preferred investment for both individuals and small businesses looking to diversify their fractional ownership portfolio in a simple, traceable and informed way. It is ready to become a platform,” he added.
Egyptian fintech startup Bokra has secured $4.6 million in pre-seed funding led by DisrupTech Ventures and SS Capital. (Included)
Egyptian startups win big in Saudi-Egypt program
Ten Egyptian startups have received awards from the VMS Bridge program, which aims to strengthen ties between the Egyptian and Saudi entrepreneurial ecosystems.
The winners, including Amanleek, Farhy, Sprints, Career180 and Jamaykaa, will explore investment opportunities during a four-day visit to Saudi Arabia.
Other winners, Notchnco and Neqabty, received free corporate licenses in Saudi Arabia, while AgriCash, ReNile and ICareer gained access to Arweqah's training programs.
Jordan-based health tech startup Arab Therapy secures $1 million in seed funding
Arab Therapy, a Jordan-based mental health platform, has raised $1 million in seed funding led by Flat6Labs and Vision Health Pioneers, with participation from international angel investors.
Founded in 2021 by Tareq Dalbah, Omar Koudsi, and Hekmat Al-Hasi, Arab Therapy connects users with qualified mental health professionals.
The investment will help the company expand its market and launch a business-to-business sales business.
TVM Capital Healthcare invests $17 million in Neurocare Group AG
UAE-based TVM Capital Healthcare has invested $17 million in Neurocare Group AG, a Munich-based health tech company specializing in personalized mental health care.
The investment will support Neurocare's expansion plans in the U.S. and Saudi Arabia, fund the development of new hardware and software innovations, and enhance its clinical solutions.
UAE-based logistics startup Shorages secures $1 million for expansion
UAE-based logistics startup Shorages has raised $1 million in a pre-Series A funding round led by Joa Capital's S3 Ventures Fund.
Founded in 2019 by Rayan Osseiran, the company provides fulfillment solutions for e-commerce platforms in the UAE and Saudi Arabia.
The company aims to use the funding to expand its warehousing operations across the Gulf region.
UAE e-commerce startup WEE secures $12 million in funding
UAE-based e-commerce startup WEE has closed a $12 million pre-Series A funding round, backed by SIG Investment.
Founded in 2021 by Anastasia Kim, Oleg Dashkevich, and Sergei Kolikov, WEE is an online marketplace offering delivery services in under 15 minutes.
The investment will be used to lead WEE's logistics capabilities, accelerate growth and expand its team.
Turkish fintech app Midas completes $45 million funding round to fuel MENA expansion
Turkish fintech app Midas has closed a $45 million funding round with global investment platform Portage, backed by International Finance Corporation, Spark Capital, and Earlybird Digital East Fund.
Founded by Egem Eraslan, the company allows Turkiye users to invest in Turkish and US stocks.
Founded by Egem Eraslan, Midas allows Turkiye users to invest in Turkish and US stocks. (Included)
The startup targets the individual investor market in Turkiye and claims to have over 2 million users. The company claims to offer significantly lower trading fees and commissions for Turkish customers who wish to invest in US and Turkish stocks.
According to a report from TechCrunch, Midas has plans to expand beyond Turkiye and aims to target countries in the MENA region.
Midas also plans to use the new funding to roll out three new products in crypto trading, mutual funds, and savings accounts.
UAE's Malexi signs agreement with Etihad Credit Insurance
Maalexi, a UAE-based risk management platform focused on small and medium-sized agribusinesses, has signed a strategic credit insurance agreement with Etihad Credit Insurance, the UAE's federal export credit company.
The partnership will enable Maalexi to take advantage of ECI's wide range of trade credit solutions and services, strengthening the competitiveness of local SMEs in the domestic and international food and agricultural trade sectors.
The partnership aims to support Malexi's goals of reducing market entry barriers and increasing the participation of SMEs in cross-border trade of agricultural products, contributing to food security in the UAE.
