Pioneer Investors – The second week of October 2022 witnessed more than $80.6 million invested in 18 startups in the Middle East led by two rounds each worth $20 million each for Telda and VUZ. It makes the total value of investments in startups in October up to $113 million through 27 deals.
Telda, a digital bank in Egypt, was able to raise $20 million in seed funding led by Global Founders Capital, with the participation of Sequoia Capital and Block. The startup was founded in 2021 and recently obtained a license from the Central Bank of Egypt to launch a consumer money and payment app in the Egyptian market.
VUZ, an UAE-based extended reality and metaverse company, has raised $20 million in Series B funding from Caruso Ventures, Vision VC Fund, e& Capital, DFDF (Dubai Future Fund), Web Investment Network, SRMG, Elbert Capital and Yasta Partners Faith Capital, Panthera Capital, and Existing Investors. Founded in 2017, the startup offers more than 20,000 hours of virtual content covering entertainment, content creators, sports, and extended, augmented, and virtual experiences.
The most prominent financing deals in the second week of October 2022
Vezeeta (Egypt and UAE), a health technology platform, has secured a growth funding round led by Gulf Capital and with the participation of VNV Global, the value has not been disclosed.
FlapKap (Egypt), a revenue-sharing financing platform, has raised $3.6 million in seed funding from Bolt by QED, Nclude, Outliers, and A15.
Five FS (UAE), a fintech comparison platform, has raised $3.5 million in seed funding with a valuation of $30 million led by Zeyshare Ventures.
Kashi (UAE), a youth-focused fintech company, has raised $3 million in Series A funding led by the Arab National Bank (ANB) fund.
Wafii (Jordan), a rewards platform, has raised seed funding led by GMS Ventures & Investments and angel investors, and the value has not been disclosed.
iSupply (Egypt), a pharmaceutical distribution platform, has raised $1.5 million in seed funding from Disruptech Ventures.
Roboost (formerly Tayar) (Egypt), a delivery management solution provider, has received a six-figure seed funding round from Falak StartUps, The American University in Cairo, and Flat6Labs, the value of which has not been disclosed.
Brexm (Saudi Arabia), a supply chain and supply chain startup for the energy sector, has raised pre-seed funding round from angel investors, but the value has not been disclosed.