The UAE-based fintech startup Flow48 grabbed the biggest funding cheque in the Middle East this week while two other companies from the country and one each from Saudi Arabia, Kuwait and Oman managed to attract equity investors.
The UAE-based Immensa raised a growth round while Yabi grabbed seed funding. Saudi Arabia’s Retailo, Kuwait-based e-grocery platform Raha and Oman’s KitchenomiKs also secured capital commitments this week. Overall, these six startups raised $76.8 million in funding.
Meanwhile, on the sidelines of climate conference COP28, Mubadala-backed Bahraini alternative asset manager Investcorp launched a $750 million climate-focused investment platform to invest in climate-tech companies to lower carbon emissions globally. Anchored by Bahrain’s sovereign investment fund Mumtalakat, the new fund plans to deploy capital in 10 to 15 companies over the next four to five years.
Flow48
Fintech startup Flow48 secured $25 million in pre-Series A funding in a mix of equity and debt to accelerate its expansion into South Africa. The investors included Speedinvest, Daphni, 212, Blockchain Founders Fund, Unpopular Ventures, Endeavor Catalyst, and TLG, besides some angel investors.
Founded in 2022 by Idriss Al Rifai, Flow48 provides capital to small and medium enterprises under flexible terms. The startup aims to become a full-service fintech solution for SMEs and expand its offerings to insurance, payments, and other financial services.
Immensa
Additive manufacturing startup Immensa raised $20 million in a Series B round led by Global Ventures to expedite global expansion and enhance its products. Other investors include Endeavor Catalyst Fund, EDGO and existing investors Energy Capital Group, Shorooq Partners, and Green Coast Investments.
Founded in 2016 by Fahmi Al Shawwa, Immensa provides large companies in the energy sector with spare parts on demand using additive manufacturing, doing away with the reliance on mass manufacturing hubs. Immensa last raised $7 million in Series A funding in 2021.
Besides expanding its operations in Saudi Arabia and the UAE, the company aims to enter at least two new markets in the Gulf region, including Oman, over the next six months. It also serves Kuwait, Bahrain, Qatar, and Jordan. It is also planning to expand to North America over the next 12-18 months and is evaluating projects in Southeast Asia.
Yabi
Fintech startup Yabi by Souqalmal raised $8 million in a seed round led by Shuaa Capital to accelerate regional expansion and invest in product development. Other investors in the funding round include Al Wafra Al Thanya (Wafra II). While Shuaa invested $6 million, Wafra II invested $2 million in the round.
The UAE-based startup recently announced its expansion into Saudi Arabia. Founded by Ambareen Musa earlier this year, Yabi works to increase financial literacy across regional markets through B2B partnerships with its corporate clients as part of their employee well-being programmes. Its clients include Al-Futtaim, Careem, Chalhoub and Al Ghurair.
Retailo
Saudi Arabia-based B2B online marketplace Retailo secured $15 million funding from a slew of new and existing investors to expand its operations.
The new investors that participated in the round include Yusuf Bin Kanoo Group, Technology Group, and Majd Digital, while the existing investors included Aujan Group Holdings, Shorooq Partners, Abercross Holdings, and Graphene Ventures.
Founded by Talha Ansari, Wahaj Ahmed, and Mohammad Nowkhaiz in 2020, Retailo serves small and medium-sized retail businesses and restaurants, offering next-day delivery from a catalogue of 5,000 stock-keeping units.
Last year, Retailo raised $36 million in Series A funding in a mix of equity and venture debt.
Raha
Kuwait-based e-grocery platform Raha raised $7 million in a pre-Series A round led by Soor Capital and Public Investment Fund-backed private equity fund eWTP Arabia Capital to facilitate its expansion.
Founded in 2022 by Saleh Al-Tunaib, Raha is a fully automated online platform offering a full range of groceries, fresh produce, and household essentials. It says it also offers Kuwait’s first fully automated robotics fulfillment centre, with a chilled warehouse capability.
Last year, it raised $7 million seed capital from Saudi Arabia’s Aujan Investments, Kuwait’s NOX Management and London-based Cedar Mundi Ventures.
KitchenomiKs
Oman-based foodtech startup KitchenomiKs raised $1.8 million in a pre-Series A funding round from a slew of regional investors to facilitate expansion in the Gulf region. With this, its total funding so far stands at $3.5 million.
Founded in 2022 by Aankush Bhatia, Aju Samuel, and Shrikanth Shenoy, Kitchenomiks operates the country’s largest cloud kitchen facility, spread across 3,000 sq metres at the Oman Convention and Exhibition Centre. Within a year it has built a portfolio of 12 diverse food brands, helping them scale while eliminating the costs of physical stores. It plans to expand operations to Saudi Arabia in early 2024.
