Top 10 most funded mobility-tech startups in MENA region

Top 10 most funded mobility-tech startups in MENA region
Top 10 most funded mobility-tech startups in MENA region

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Jeddah - Yasmine El Tohamy - CAIRO: The shared mobility technology landscape, which includes ride-sharing, car-renting and taxi-ordering models, has been on the rise in the Middle East and North African region ever since global players such as Uber and Lyft rode a wave of success in the business.

After producing several unicorns, the shared mobility market in the region is set to expand with a compound annual growth rate of 18.4 percent from 2022 to 2030 as the annual market is predicted to witness a 16.9 percent increase, according to Grand View Research Inc.

Arab News has compiled a list of the 10 most funded mobility-tech startups from the MENA region.

1. Careem

Total funding: $771.7 million

Founders: Mudassir Sheikha and Magnus Olsson

Investors: Alpha Partners, Arzan Venture Capital, BECO Capital, Bild Alternative Investment, Coatue Management and 22 others

Headquarters: UAE

Recognized to be the Middle East’s first unicorn startup, Careem has transformed the ride-hailing sector in the region, attracting global competition and acquisitions to the industry.

The company first started as a car-booking app. It later entered the food delivery space and now operates as a super app.

Founded in 2012, Careem is the second most funded startup in the region. It obtained unicorn status in 2018 and was later acquired by global ride-hailing giant Uber for $3.1 billion in 2020.

2. Swvl

Total funding: $264 million

Founders: Mostafa Kandil, Mahmoud Nouh and Ahmed Sabbah

Investors: BECO Capital, Endeavor Catalyst, MSA Capital, Oman Technology Fund, Arzan Venture Capital, Sawari Ventures, VNV Global, Queen’s Gambit Growth Capital and others

Headquarters: Founded in Egypt, based in the UAE

Founded in 2017, Swvl is a tech-enabled mass transit solutions provider offering intercity, intracity, business-to-business and business-to-government transportation services.

The company is another unicorn founded in the MENA region, also listed on the Nasdaq.

Currently operating in 20 countries across four continents, Swvl went public after it completed a merger with special purpose acquisition company Queens Gambit Growth Capital and was valued at $1.5 billion in March 2022.

3. Yassir

Total funding: $43 million

Founders: Noureddine Tayebi and El-Mahdi Yettou

Investors: Y Combinator, P1 Ventures, French Partners, ACE & Co., Venture Souq, WndrCo, DN Capital, Kismet Capital, Spike ventures, Quiet Capital, Endeavor Catalyst, FJ Labs, Venture Souq, Nellore Capital, Moving Capital and other investors

Headquarters: Algeria

Established in 2017, Yassir offers on-demand services such as ride-hailing and last-mile delivery in 25 cities across Algeria, Canada, France, Morocco and Tunisia, with over 3 million users.

The startup started as a ride-sharing platform and later became a super app adding last-mile delivery and financial services for its users.

The company raised $30 million in series A funding in June 2021 in a bid to expand into Western Africa and Europe in 2022.

4. ekar

Total funding: $34 million

Founder: Vilhelm Hedberg

Investors: Polymath Venture and other investors

Headquarters: UAE

Founded in 2016, ekar offers on-demand access to a network of car-share, subscription leasing vehicles and other mobility options, including peer-to-peer rentals.

Operating across seven cities with a fleet of 2,300 vehicles and 250,000 users in Saudi Arabia and the UAE, the company is one of the region’s first fully contactless car-sharing apps.

The company raised $17.5 million in series B funding in 2019, announced its launch in Thailand in 2022 and plans to expand into Malaysia, Turkey and Egypt later in the year.

5. Udrive

Total funding: $17.3 million

Founders: Nicholas Watson and Hasib Khan

Investors: Cultiv8 and Oman Holding International

Headquarters: UAE

Another car rental app Udrive provides a pay-per-minute rental service for UAE residents and tourists, clocking in over 2 million trips.

Founded in 2016, the company allows users to pick up a car from any location available and is then returned to any parking location in the same city.

In its latest funding round, Udrive raised $5 million to support its plans to expand in the Middle East and enhance its technology.

6. Fenix

Total funding: $5 million

Founders: Jaideep Dhanoa and IQ Sayed

Investors: Emkan Capital and Panthera Capital Ventures

Headquarters: UAE

Established in November 2020, Fenix provides a different kind of mobility using electric scooters on a subscription-based service.

Founded by two ex-Careem executives, the company has one of the largest electric vehicle fleets in the region as it operates in four cities.

In 2021, the company raised a $5 million seed funding to support its goals to become the first national micro-mobility operator in the Gulf Cooperation Council.

7. Telgani

Total funding: $4.2 million

Founder: Abdulkader Almkinzy

Investors: 500 Startups, Saudi Venture Capital Co., Impact46 and others

Headquarters: Saudi Arabia

A car rental platform, Telgani allows users to rent a car through its mobile app that is then delivered to their doorstep.

Founded in 2018, the company also enables users to pick the car and the location they want to travel to and provides them with nearby options.

In November 2021, Telgani secured a $2.5 million pre-series A funding led by Saudi venture capital firm, Impact46.

8. Ousta

Total funding: $3.1 million

Founder: Nader El-Batrawi

Investors: Angel investors

Headquarters: Egypt

Founded in 2016, Ousta is Egypt’s first local ride-sharing application that was established to compete with ride-hailing companies Uber and Careem.

The company did not disclose any of its operations to the media since its fundraising of $1.5 million in 2016.

9. KOI Ride

Total funding: $3 million

Founder: Kayla Kroot

Investors: CEG Invest and Taurus Wealth

Headquarters: UAE

KOI Ride is a B2B ride-hailing service startup that offers end-to-end ground transport services and connects online booking portals with licensed transportation providers.

Established in 2015, the company offers services in , London, New York, Las Vegas, Cancun, Istanbul, Bodrum, Antalya, Izmir and Dalaman.

In June 2022, KOI Ride raised $3 million in an investment round to support its expansion into 24 cities across Europe, the Americas and the Middle East.

10. Urent

Total funding: $1.5 million

Founder: Omar Al-Ashi

Investors: Sheikh Saeed bin Ahmed Al-Maktoum

Headquarters: UAE

Urent, another player in the car rental space, is a UAE-based platform aiming to revolutionize the car rental industry in the region.

The company offers a peer-to-peer vehicle sharing platform, creating a whole community based on trust.

It is dubbed to be the Airbnb for cars.

In June 2019, Urent raised seed funding and, in 2020, raised an undisclosed pre-series A funding.

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