Funding activity in the Middle East and North Africa region revived this week with a slew of early-stage deals, led by the UAE-based e-commerce startup WEE Marketplace.
At least three Egyptian startups secured pre-seed and seed funding, including fintech player Bokra, HRTech entity blueworks, and fintech Waffarha. Other key startups that secured funding include Jordanian healthtech startup Arab Therapy, and UAE’s e-commerce fulfillment player Shorages.
WEE Marketplace
UAE-based e-commerce startup WEE Marketplace raised $10 million investment from Dubai’s SIG Investment, in a mix of equity and credit facilities. With this, it concluded its $12-million pre-Series A round. This latest round valued the startup at $40 million.
The additional funding will allow the company to upgrade its logistics capabilities, expedite its growth, and expand its team. Founded by Anastasia Kim, Oleg Dashkevich, and Sergey Kolikov in 2021, WEE is an online marketplace that offers fast delivery services. It operates with an exclusive network of trusted partners and offers delivery of online purchases within an hour in Dubai and by the next day for the Emirates. WEE also aims to develop a super app, that seamlessly integrates shopping, taxi services, payments, and more. Besides, it is also exploring the possibility of an IPO in the MENA region, signaling its commitment to long-term sustainability and growth.
Jordanian healthtech startup Arab Therapy secured $1 million in seed funding, led by Flat6Labs and German startup incubator Vision Health Pioneers to fuel geographical expansion. The funding round also got the backing of a group of international angel investors from the US, EU, Australia, and Saudi Arabia.
Founded in 2021 by Tareq Dalbah, Omar Koudsi and Hekmat Al-Hasi, Arab Therapy is an online mental health platform that connects individuals with licensed mental health professionals, including therapists, counsellors, and psychiatrists. It particularly aims to fill the gap pertaining to the availability of well-trained Arabic-speaking therapists. The startup intends to utilize the funding to expand into new markets and initiate business-to-business sales operations, aiming to collaborate with institutions.
Waffarha
Waffarha, an Egypt-based fintech raised a seven-figure seed round from Value Makers Studio (VMS) to bolster its growth and expansion initiatives. Founded in 2012 by Tarek Magdy, Waffarha is an online lifestyle platform that offers discounted coupons to customers in various fields, including F&B, entertainment, health & beauty, hotels & resorts.
The platform has on board over 1,000 merchants and over 3,000 stores. It aims to deploy the funding towards enhancing its technology stack, hiring new talent, and expanding its footprint into Saudi Arabia and beyond. In 2018, Fawry for Banking Technology and Electronic Payments acquired a 30% share in Waffarha.
bluworks
Egyptian HRTech startup bluworks raised $1 million in pre-seed funding, in a round led by Saudi Arabia-based venture capital firm Khawarizmi Ventures, to scale its business. The round also saw participation from Egyptian venture capital firms Camel Ventures and Acasia Ventures, besides other angel investors.
Founded in 2022 by Farah Osman, Hussein Wahdan, and Nour Ahmadein, bluworks is a SaaS platform that provides cloud-based solution for managing the lifecycle of frontline or blue-collar employees in industries including, retail, F&B, facility management, healthcare, education, and construction. It includes automating various HR and operational tasks in order to help companies optimize costs while leveraging data for decision-making. The startup aims to utilize the funding to enhance its product and expand its team.
Egyptian fintech startup Bokra secured $4.6 million in funding in a pre-seed round from DisrupTech Ventures and SS Capital, as it aims to launch its application in the ongoing quarter.
Founded in 2023 by Ayman El-Sawy, Bokra offers goal-based investment and saving products through asset-backed securities, helping retail and SME investors save and invest across multiple asset classes. It aims to use the funding towards launching the Bokra app, expanding the range of investment products, and geographically scaling operations across MENA.
Shorages
Shorages, a UAE-based logistics startup raised a $1 million pre-Series round, led by Joa Capital, as part of their S3 Ventures Fund, to scale the business across the Gulf Cooperation Council (GCC).
Founded in 2019 by Rayan Osseiran, Shorages offers a network of fulfillment centers across the UAE and Saudi Arabia, providing ecommerce platforms with the infrastructure needed to receive inventory and dispatch orders across the GCC. The startup aims to utilize the additional funding towards international expansion, by launching more warehouses across the GCC. Shorages raised a seed round of $700,000 in 2022.
