Impactful investments, strategic expansions, and collaborative initiatives are helping various sectors experience significant growth and innovation.   

Egypt’s Raya FutureTECH completes first accelerator program  

Egypt’s Raya FutureTECH, the innovation arm of Raya Holding, has successfully concluded its inaugural accelerator program in collaboration with GIZ.    

Cairo’s Demo Day saw 13 startups graduate, including Arzaq Masr, Cultivaet, Accounting Club, Meta Egypt, BUS14, and Credify.

Jadeed, Wfrley, and PlanQ also completed the program, as did Tatbeek, the Holiday Homes Service Co., H.E Rental, and WhereApp.    

The winners will receive additional support and funding to further develop their solutions.   

Clara Samman’s comments

Clara Samman, senior program officer at Raya FutureTECH, shared insights on the program’s objectives and achievements.    

“This program was designed to provide the founders with the resources, training, and mentorship they need to grow. Through one-on-one consultations with experts from Raya, workshops, and connections to our network, we’ve equipped them with the tools for success,” she said.   

UAE’s Maalexi secures $1 million venture debt from Stride Ventures. 

Pasha, the firm’s CEO, emphasized the impact of this funding on the company’s expansion.    

“This debt capital raise from Stride Ventures will significantly enhance our ability to acquire new users and scale our operations, further solidifying our position as a leading digital risk management platform for small and medium enterprises engaged in cross-border trade,” he said.  

The executive added that the funds would be used to deploy “cutting-edge technology solutions” that streamline the movement of goods across the firm’s local and international warehouses and carriers.  

Jordan’s ISSF

Jordan’s ISSF invests $5 million in Global Ventures’ Fund III   

The Innovative Startups and SMEs Fund in Jordan has invested $5 million in Global Ventures’ Fund III.    

Founded in 2018 by Noor Sweid, Global Ventures is a series-A focused, emerging-market VC firm with $300 million in assets under management, investing in mission-driven founders across the MENA region.    

The ISSF, established in 2017 by the World Bank and the Central Bank of Jordan, supports Jordanian startups through direct investments and venture capital fund investments.   

Mohammed Al-Muhtaseb’s comments

Mohammed Al-Muhtaseb, ISSF CEO, expressed optimism about the collaboration, describing it as aligning with the company’s “vision” for Jordanian ecosystem that includes capitalizing on local talent.   

“We are happy to welcome Global Ventures Fund III to our portfolio of funds. They have demonstrated deep belief in the Jordanian ecosystem, having invested in several Jordanian companies from previous funds,” he added.  

Hala’s expansion

UAE’s Hala expands into Egyptian market with MwaslaTech partnership  

UAE-based mobility company Hala has announced its entry into the Egyptian market through a partnership with MwaslaTech.   

Khaled Nuseibeh, CEO at Hala, highlighted the strategic significance of this expansion.    

“This is a proud moment for all of us at Hala as we pursue new and exciting opportunities beyond the UAE for the first time and commence our ambitious expansion into the MENAT region,” Nuseibeh stated.    

“We are pleased to partner with a trusted industry leader, MwaslaTech, for this pivotal next step in our growth journey. Our experience and reputation for reliability in the UAE will enable us to deliver first-rate transportation solutions in Egypt,” he added.   

Qatar’s Startup Grind partners with Builder.ai to support local startups   

Qatar’s startup funding

Startup Grind Qatar has partnered with UK’s Builder.ai to empower local businesses and entrepreneurs. This collaboration provides Qatar startups with access to Builder.ai’s platform, streamlining development, accelerating time-to-market, and aiding business scaling.

Varghese Cherian, chief revenue officer of Builder.ai, expressed enthusiasm about the partnership.   

“We are excited to join forces with Startup Grind Qatar to empower local startups with the tools and resources they need to succeed in today’s competitive market,” Cherian said.   

“At Builder.ai, we are committed to supporting entrepreneurship and fostering innovation, and this partnership exemplifies our dedication to driving digital transformation and growth within the Qatar startup community,” he added.   

MAGNiTT

MENA VC landscape sees 33% increase in investors: MAGNiTT     

In early 2024, MENA’s venture capital investors increased by 33%, with new funds up 130%, reports MAGNiTT. Despite this, funding dropped 34% to $768 million, deals fell 18% to 211, and exits plunged 63% to 10. E-commerce led with $244 million in funding, while fintech topped deal counts.    

The Public Investment Fund’s Sanabil Investments was the most active investor in the region with $57 million in capital deployed.      

Saudi startups garnered the most funding in the first half with $412 million, followed by the UAE with $225 million, and Egypt with $86 million. However, all these markets saw a drop of 7, 19, and 75 percent, respectively.       

Morocco and Kuwait joined the top five list with $17 million and $14 million, respectively.       

In terms of deal count, the UAE topped the list with 83 transactions, an 11 percent annual increase. Saudi Arabia had 63 deals (down 3%), Egypt had 28 (down 15%), and Morocco and Bahrain had 10 and 7 deals, respectively.

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