Thank you for reading the news about Biotech firm utilizes hemp to boost sustainability and now with the details
Jeddah - Yasmine El Tohamy - CAIRO: Saudi Arabia’s startup ecosystem continues to dominate the region after raising the most funds in the Middle East and North Africa during November.
According to Wamda’s Monthly report, the MENA region saw $764 million raised across 42 rounds in November – a 390 percent month-on-month increase and a 74 percent growth year-on-year.
Saudi Arabia topped the charts with $338 million secured across nine deals. The UAE came in second with $284 million across 22 deals and Egypt followed with $130.5 million over 5 deals.
Furthermore, the remaining capital was raised by startups based in Kuwait, Morocco, Oman, and Tunisia.
Funding activity experienced a notable resurgence across all stages, with mega rounds constituting a significant portion of the capital influx.
Noteworthy among these rounds were a $250 million debt round secured by Saudi Arabia-based Tamara, a substantial $200 million series D funding by the Kingdom’s Tabby, and a $130 million raised by Egypt’s MNT-halan through securitized bonds.
Collectively, these three rounds made up around 76 percent of the total funding raised during November.
In the recent funding landscape, the fintech sector emerged as the frontrunner in terms of funding volume, raising $485.9 million, primarily driven by the significant rounds raised by Tamara and Tabby.
Noteworthy among these rounds were a $250 million debt round secured by Saudi Arabia-based Tamara, a substantial $200 million series D funding by the Kingdom’s Tabby, and $130 million raised by Egypt’s MNT-halan through securitized bonds.
This sector also ranked second in terms of the number of deals, recording nine in total. Furthermore, a notable boost to the super app sector’s funding status was recorded with the industry raising $131 million during the month, thanks to MNT-Halan‘s round.
The education technology sector managed to secure $41.4 million in funding, largely due to a major transaction by Saudi Arabia-based Noon.
Additionally, several other sectors witnessed funding rounds reaching into the tens of millions.
Notable among these were Saudi-based Retailo’s $15 million, Saudi Ajras’ $28 million, UAE’s Flow48’s $25 million, and Emirati Immensa’s $20 million round.
Out of the 42 deals reported, 10 successfully attracted direct global investment, predominantly from US-based investors.
Within the region, UAE-based investors took the lead, participating in 21 deals, with Modus Capital standing out through its investment of $2.8 million across eight startups via its venture builder program. Saudi Arabian investors followed closely, engaging in 10 deals.
In terms of founder gender dynamics, male-founded startups dominated the funding scene, securing $753 million across 29 deals, accounting for 98.5 percent of the total funding.
In stark contrast, female founders received less than 2 percent of the overall capital, amounting to $9 million. Mixed-gender founding teams raised the remaining 0.2 percent.
The report indicated that nine startups did not disclose their exact funding amounts. A conservative estimate of $100,000 was assigned to each of these ventures.
These were NOWmoney, Awfar, and Lynk, as well as Lath, Chari, Wayup Sport, and Winshot, Akhdar, and Farcana.
Supply chain and ecommerce enabler Omniful raises $5.85m to boost regional operations
Supply chain and ecommerce enabler startup Omniful, co-headquartered in Saudi Arabia and the UAE, has raised $5.85 million in a seed funding round.
Led by VentureSouq, the round saw participation from 500 Global, DASH Ventures, Jahez Group, as well as SEEDRA Ventures, Bunat Ventures, Hala Ventures, and RZM Investments, along with family offices including Al Rasheed, Siraj Holding, Al Bawardi, Al Nafea, and a number of angel investors.
Founded in 2022 by Mostafa Abolnasr and Alankrit Nishad, Omniful provides merchants and fulfillment providers with a unified management system, warehouse management system, and transport management system to scale their businesses.
Abolnasr, also the company’s CEO, said: “The future of commerce is hyperlocal and omnichannel, with consumers expecting brands to be closer to them, to deliver faster and offer a personalized experience. At Omniful, we are equipping merchants in this $4 trillion industry with a single platform to manage all their sales channels and deliver on time and in full, improving their efficiencies by 40 percent and their customer retention by 15 percent.”
He added: “Our seed round marks a major milestone, and together with our investors, we are excited about going out of stealth and launching our sales and marketing efforts in the Middle East, Africa, and India, followed by Europe and US.”
The future of commerce is hyperlocal and omnichannel, with consumers expecting brands to be closer to them, to deliver faster and offer a personalized experience.
Mostafa Abolnasr, Omniful cofounder and CEO
The company aims to utilize its fresh influx of capital to boost its operations in existing markets, primarily the UAE and the Kingdom, as well as double down on its technology development.
Nishad, the company’s chief technology officer, said: “As a product-led organization, our technology is a clear differentiator, making us the platform of choice for omnichannel merchants and high-volume 3PL (third party logistics) fulfillment providers. Over the next year, we will double down on growing our technology capabilities in India, while also planning for the launch of our platform there.”
Egypt’s Mtor closes $2.8m in a pre-seed round
Egypt’s online car parts marketplace Mtor has closed a $2.8 million pre-seed funding round led by Algebra Ventures with participation from Dutch Founders Fund, Aditum Ventures, LoftyInc Capital Management, and angel investors.
Founded in 2022 by Mohamed Maged, Moaz El-Megharbel, Mohamed Altaf, and Khaled Kandil, Mtor aims to revamp the car parts industry in Egypt with a unified online platform.
“It can be a car owner’s nightmare to get their car serviced. Mtor was founded to fundamentally transform this reality and make the process easier and more efficient, empowering a layer of local car workshops that are well rounded with quality parts, a suitable price position, and a good customer experience,” Maged, CEO of Mtor, said.
The company aims to utilize the received funding to further grow its product range and expand its local workshop client-base.
These were the details of the news Biotech firm utilizes hemp to boost sustainability for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at Arab News and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.