Egyptian artificial intelligence startup DXWand led dealmaking in the Middle East and North Africa region this week. It raised growth capital from key venture capital firms in the region and its existing backer, the Dubai Future District Fund (DFDF). Other key deals in the region included early-stage fundraising by startups across the UAE, Morocco, and Qatar.
Dubai-based farming solutions provider Crysp Farms secured pre-Series A funding while Qatari fintech Karty and Morocco’s copyrights management platform Crealo raised seed funding.
DXWand secured a $4 million Series A funding led by Shorooq Partners and Algebra Ventures to accelerate regional and product expansion. The existing investor, the evergreen VC fund DFDF, deployed additional capital in the AI firm.
Founded in 2018 by Ahmed Mahmoud and Mahmoud Gomaa, DXwand is an AI-driven software that automates text and voice conversations among customers and businesses across various platforms, including call centres, Facebook Messenger, WhatsApp, SMS, and websites. In June 2022, the startup raised a $1 million pre-Series A round, led by Huashan Capital and US-based VC firm SOSV, with other angel investors.
It aims to utilize the additional funds to scale its research and development efforts in the region's generative AI, knowledge mining, and omnichannel conversational AI.
Dubai-based agri startup Crysp Farms raised $2.25 million in a pre-Series A round of funding led by Gate Capital to facilitate regional expansion. Regional investors, including those from the UAE and Saudi Arabia, also invested in the decentralised vertical farms operator.
Founded in 2019 by Maan Said, Crysp Farms builds and operates bespoke onsite hydroponic farms catering to hospitality groups, healthcare facilities, restaurants, and hypermarkets.
The “Farming as a Service” startup aims to use the additional funding to expand to Saudi Arabia and deliver committed farming projects to clients including Hilton Worldwide, Jumeirah Group, and Marriott International, among others.
Three-year-old fintech startup Karty raised $2 million funding in a seed round from local investors to facilitate the official launch of the product. The Doha-based e-wallet provider will launch the product after approval from Qatar Central Bank.
Founded in 2021 by Mohammed Suleiman and Abdulaziz Al-Marri, Karty enables individuals and companies to manage financial assets and savings through a user-friendly app. It has so far partnered with local institutions like the Qatar Foundation, Qatar Development Bank, Qatar FinTech Hub, Masraf Al Rayan, and global entities such as Visa.
Moroccan copyrights management platform Crealo raised $1.42 million in seed funding from 212 Founders programme under CDG Invest, the investment arm of the CDG Group. The round also saw participation from Kima Ventures, Evolem, Super Capital, and several angel investors.
Founded in 2021, the startup specializes in management and payment of copyright royalties. It facilitates creative institutions to manage copyrighted material through an online platform. Its clients list includes Palais de Tokyo and Beaux Arts Magazine. The startup aims to use the funding to accelerate growth and scale its workforce and client base.