Most fundraising startups in the MENA during the first half of 2021
MENA’s Startup Ecosystem Investment 2021-H1 Report
Pioneers Investors – MENA’s startups raised record funding in the first half of 2021, led by Saudi FinTech Tamara, which raised $116 million over the past six months through two funding rounds.
According to Forbes Middle East calculations, about 170 companies announced raising funds during the first half of the year, including 120 companies that received more than $910 million in financing and debt, while the remaining 50 companies did not announce the size of their financing.
The recovery was led by financial technology, e-commerce and food and beverage technology, with Emirati companies receiving the largest share of financing with more than $420 million, followed by Saudi Arabia and Egypt with about $245 million and $110 million, respectively.
Forbes expected that the second half of the year would attract larger funding, especially after the cloud kitchen platform “Kitopi” announced in early July a huge financing round worth $415 million led by investors, including SoftBank’s Vision 2 fund.
The following list includes the most funded companies in the region during the first half of 2021, about 13 companies that raised about $475 million in the first 6 months of the year
1- Tamara
The founders of Tamara, which received the largest funding round in the first half of 2021, Abdul Majeed Al-Sikhan, Turki bin Zaraa, and Abdulmohsen Al-Babtain
Funding in the first half of 2021: $116 million
Total funding since the company was established: $116 million
Country: Saudi Arabia
2- «Pure Harvest Smart Farms»
Funding in the first half of 2021: $60 million
Total funding since the company was established: $216 million
Country: UAE
Founders: Ski Kurtz, Mahmoud Uday, Robert Kobstas
Specializing in technical agriculture, the company produces fresh fruits and vegetables in the Middle East and North Africa region, using its own CEA-based technologies. Currently, Pure Harvest produces more than 20 types of tomatoes and 6 varieties of strawberries
3- Trella
Funding in the first half of 2021: $42 million
Total funding since the company was established: $46 million
Country: Egypt
Founders: Omar Hejres, Ali Al-Atrash, Pierre Saad, Muhammad Al-Garm
Trella obtained $42 million in new financing last June, which includes $30 million in capital increase and $12 million in facilities and loans.
4- “iWire”
iWire earned $38 million in the first half of the year
Funding in the first half of 2021: $38 million
Total funding since the company was established: $47 million
Country: UAE
Founders: Firoz Carumanil, Ahmed Fasih Akhtar, Fiumesh Thakkar
iWire, which specializes in Internet of things technologies, recently received $34 million in the first phase financing round “Series A,” led by Noor Capital, and with the participation of the French public investment bank “Bpifrance,” raising its financing in the first half of 2021 to $38 million. It is expected that the new financing will be used to finance its expansion in 12 countries, including India, Bahrain, Kuwait, Saudi Arabia, Jordan, Turkey and Tunisia.
5- Sary
Funding in the first half of 2021: more than $37 million
Total Funding Since Company Inception: Undisclosed
Country: Saudi Arabia
Founders: Mohammed Al-Dosari, Khaled Al-Saiari
Sari works to connect owners of small businesses such as restaurants and cafes with manufacturers of consumer goods and wholesalers through its application
It was established in 2018, and raised $30.5 million in its second funding round last May, one month after closing its first round in April of $6.6 million.
6- « Lyve »
Funding in the first half of 2021: $35 million
Total Funding Since Company Inception: Undisclosed
Country: UAE
Founders: Hassan Helles, Walid Mneimneh
The “Lyve” delivery services platform was established in 2016, and it changed its name from “One Click” to “Lyve” in August of last year, and it allows its users to manage logistics operations, improve the performance of its fleet and track it
7- “Flored”
The founder of Floward Abdulaziz Al-Loghani, and the regional director of the company in the Gulf, Mohammed Al-Arifi
Funding in the first half of 2021: $27.5 million
Total funding since the company was established: $34.5 million
Country: Kuwait
Founder: Abdulaziz Al-Loghani
Floward specializes in selling gifts, which include flowers, perfumes, and some local and international products, with delivery services available, and it has a workforce of 450 people.
The company was established in 2017, and it operates in 20 cities across 7 countries in the Gulf region and London
8- Eyewa
The Eyewa team has led the company to raise more than $29 million so far
Funding in the first half of 2021: $21 million
Total funding since the company was established: $29.6 million
Country: UAE
Founders: Anas Boumediene, Mehdi Wadghiri
Eyewa was established in 2017 to become an electronic marketplace for the sale of eyeglasses and lenses, and its services are currently available in the UAE, Saudi Arabia, Kuwait, Qatar, Oman and Bahrain.
9- «iKcon»
Funding in the first half of 2021: $20 million
Total funding since the company was established: $32 million
Country: UAE
Founders: Karim Abu-Ghazaleh, Khaled Bara
Founded in 2019, iKcon manages cloud-based kitchens, cooking and delivering food on behalf of restaurants. It currently operates 15 kitchens across the UAE and is about to launch its business in Saudi Arabia soon
9- « Foodics»
Ahmed El-Zeiny, co-founder of Foodics
Funding in the first half of 2021: $20 million
Total funding since the company was established: 28.25 million dollars
Country: Saudi Arabia
Founders: Ahmed Al Zaini, Musab Al Othmani
Founded in 2014, Foodics allows restaurants to manage their operations, including monitoring sales, accepting payments and managing orders and menus, among other digital services.
9- «Expensya»
Funding in the first half of 2021: $20 million
Total funding since the company was established: $26 million
Country: Tunisia
Founders: Karim Jouini, Jihad Osmani
Expensya provides expense management cloud services to more than 5,000 customers, and has clients from international companies such as H&M, Credit Agricole, Volvo and others.
The company has recently raised $20 million in funding from the French investment fund MAIF Avenir and Silicon Badia, and has previously secured an investment of $4.5 million from the French Isai fund and Seventure Partners venture capital fund in Europe.
9- «Opontia»
Opontia founders Philip Johnston and Manfred Mayer
Funding in the first half of 2021: $20 million
Total funding since the company was established: $20 million
Country: UAE, Saudi Arabia
Founders: Philip Johnston, Manfred Mayer
Opontia acquires e-commerce brands in Eastern Europe, the Middle East and Africa
10- Paymob
Funding in the first half of 2021: $18.5 million
Total funding since the company was established: 18.5 million dollars
Country: Egypt
Founders: Islam Shawky, Alain El-Hajj, Mustafa Manisi
The digital payments company, founded in 2015, closed a financing round of $18.5 million with the participation of UAE-based Global Ventures, technology company A15 and the Dutch Entrepreneurship Development Bank.
