Startups in the Middle East and North Africa (MENA) region are rapidly gaining momentum and this year was of particular interest to them.
MENA startups raised $439 million in 39 deals this November, according to a report by Wamda and Digital Digest. However, month-on-month, the amount of funding was down 32% and the number of deals was down 43%. In October, the startup saw him invest $646 million. Still, total funding for November 2022 is a 55% increase for him from his $284 million startup raised around the same time last year.
Sandeep Ganediwalla, partner at RedSeer, said:
The startup has raised $3 billion in funding this year. Companies in the foodtech, fintech and e-commerce sectors have raised the most funding in 2022.
The UAE continues to dominate the GCC region’s roost, raising $237 million in 13 deals. In October, the UAE startup received her $460 million, Egypt her $113 million and Saudi Arabia her $70 million.
Funding momentum is expected to increase in the region. According to a RedSeer report, MENA is an economy of about $3 trillion. The GCC is the gateway to a region where the Indian diaspora is widespread.
Below we take a look at the top funded startups. YourStory Gulfs research data.
yellow door energy
Funding raised in 2022: $400.038M
Founded year: 2015
Total funds raised: $465.038M
Yellow Door Energy is a UAE based sustainable energy partner. We offer performance-based long-term contracts without exposing users to the technical or performance risks of solar power plants. The company manages all phases of the solar power plant, but users pay monthly solar fees once the plant begins generating electricity.
This startup was founded by Jeremy Crane. Investors who funded the company this year are Actis, Arab Petroleum Investment Corporation, International Finance Corporation and Mitsui & Co.
Jeremy, Yellow Door
Kitopi
Funding raised in 2022: $300 million
Year of establishment: 2018
Total funds raised: $804 million
Kitopi is a kitchen-as-a-service platform that enables restaurants to open delivery-only locations by providing the required managed infrastructure and software with minimal capital investment and time.
Kitopi operates a network of over 60 cloud kitchens in the UAE, Saudi Arabia, Kuwait and Bahrain. It expanded to the US in 2019, but pulled out of the market after the pandemic started.
The startup was founded by Mohamad Ballout, Saman Darkan, Bader Ataya, and Andy Arenas.
Investors in the startup’s recent funding round are B. Riley Financial, Chimera Investment, DisruptAD, DoÄŸuŸ Grubu, Next Play Capital, Nordstar, and SoftBank Vision Fund.
tracker
Funding raised in 2022: $236 million
Founded year: 2016
Total funds raised: $320.35 million
TruKKer is a technology-enabled truck aggregator that operates multiple types of trucks for multiple end markets. The company consolidates supply and demand for ground freight services.
The network is built on real-time data analytics and aims to bring reliability, transparency and usage-based savings to shippers and carriers. We strive to create multiple opportunities through data monetization and integrated sourcing.
Trukker’s cloud-based freight solutions offer end-to-end coverage and a full service portfolio for shippers, carriers and businesses.
Based in Abu Dhabi, United Arab Emirates, the startup was founded by Gaurav Biswas and Pradeep Mallavarapu. This year’s funding was led by Investcorp, March Holding, Mubadala, Reliance Egypt, and Riyadh Valley Company.
Tabby
Funding raised in 2022: $204 million
Year of establishment: 2019
Total funds raised: $336 million
By rebuilding our relationship with money, Tabby aims to bring financial freedom to the way people shop, earn and save. She has over 2 million active users and her network of over 4,000 global brands and small business clients, including H&M, Adidas, IKEA, SHEIN and Bloomingdale’s.
Tabby is active in Saudi Arabia, UAE, Egypt and Kuwait. The startup was founded by Daniil Barkalov and Hosam Arab. This year’s investment round was led by Arbor Ventures, Global Founders Capital, Mubadala, Sequoia Capital India and STV.
Image credits: Forbes Middle East
Pure Harvest
Funding raised in 2022: $180.5 million
Year of establishment: 2016
Total funds raised: $334.47 million
Pure Harvest Smart Farms is a regional innovator in sustainable agriculture focused on producing premium fruits and vegetables in the challenging climates of the Arab Gulf region using controlled environment farming techniques. The company aims to use innovative growing techniques and horticultural best practices to produce affordable, top quality, fresh produce all year round.
The startup was founded by Mahmoud Adi and Sky Kurtz. This year’s funding was led by IMM Investment, Metric Capital Partners and The Olayan Group.
Foodics
Funding raised in 2022: $170 million
Founded year: 2014
Total funds raised: $197.99 million
Foodics offers a cloud-based all-in-one restaurant management system on the iPad in English and Arabic. The startup operates 24/7 with his five locations in the Middle East.
Over 1,000 customers have placed over 1 billion orders through the Foodics system. The company says its multiple add-on iOS apps are helping thousands of restaurants, food trucks, cafes and fast food chains across the Middle East to generate revenue and build relationships with diners.
The Saudi Arabia-based startup was founded by Ahmad Al-Zaini and Musab Alothmani. This year’s funding was led by Endeavor Catalyst, Prosus, Sanabil, Sequoia Capital India, STV and Vision Ventures.
phoenix games
Funding raised in 2022: $150 million
Year of establishment: 2022
Fenix Games, a Web 3.0 games publisher made up of gaming and Wall Street veterans, is revolutionizing the relationship between players and games by engaging players as stakeholders through the power of blockchain and decentralization. We aim to
This startup was founded by Chris Ko and Rudy Koch. This year’s funding was led by Cypher Capital and Phoenix Technology.
rain
Funding raised in 2022: $110 million
Year of establishment: 2017
Total funds raised: $228.69 million
Rain is an operator of digital currency exchanges and a controller of digital exchanges. It is a regulated cryptocurrency exchange operating in the Middle East.
Based in Manama, Bahrain, the startup was founded by Abdullah Almoaiqel, AJ Nelson, Joe Dallago and Yehia Badawy.
This year’s funding round was led by A’Z Angels, Cadenza Ventures, CMT Digital Ventures, Coinbase Ventures, Global Founders Capital, Jameel Investment Management Company, Kleiner Perkins, Middle East Venture Partners, and Paradigm.
Tamara
Funding raised in 2022: $100 million
Year of establishment: 2020
Total funds raised: $215.6 million
Tamara is MENA’s leading payments innovator, focused on providing a seamless experience for merchants and customers through fair and transparent financial solutions. She said the company’s “buy now bay later” platform allows shoppers to split payments online and in-store without fees or interest.
According to the company, thousands of retailers in the region, including SHEIN, Namshi, Swarovski and Faces, are using its solutions to offer their customers flexible financial options.
Tamara’s financial solutions are developed in compliance with Islamic Shariah rules and regulations and comply with AAIOFI Shariah standards.
Tamara was founded in Riyadh, Saudi Arabia by serial entrepreneurs Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Al Babtain. Shortly after launch, the company became the first category to receive a sandbox license from the Central Bank of Saudi Arabia. This will enable the deployment and growth of new financial technologies in Saudi Arabia.
The company has raised $110 million in a 2021 Series A round led by Checkout.com.
tamara team
Gid
Funding raised in 2022: $50 million
Founded year: 2017
Total funds raised: $58.93 million
Zid aims to enable the retail sector to enter the world of e-retail in an easy and professional way. Its “e-commerce in a box” solution enables retailers to build their own electronic stores (with their own name and identity) and integrate them with supply chain players to easily manage the entire process. help you to
Zid is based in Riyadh, Riyadh, Saudi Arabia. The 2022 funding round was led by Arzan Venture Capital, Elm, Endeavor Catalyst, Global Ventures, Impact46, MSA Novo and Saudi Aramco Energy Ventures.
Seven
Funding raised in 2022: $50 million
Founded year: 2016
Total funds raised: $78.95 million
Nana is an online grocery platform that delivers groceries and other household essentials to your doorstep. The company’s platform offers a wide selection of groceries, fruits, vegetables, cosmetics, electronics, bakery products, flowers and more.
Nana was founded in 2016 and is headquartered in Riyadh, Al Riyadh, Saudi Arabia.
alibi
Funding raised in 2022: $44 million
Founded year: 2010
Total funds raised: $50.22 million
Altibbi is a digital health platform that provides tools and information for 24/7 access to health advice through its website and app.
The startup was founded by Ayman Sharaiha, Hussein Abdelkarim and Jalil Allabadi. The recent funding round was led by DASH Ventures, Foundation Holdings, Global Ventures, and Hikma Ventures.
yap
Funding raised in 2022: $41 million
Year of establishment: 2018
Total funds raised: $41 million
YAP is a neobank focused on improving the digital banking experience. It works as an independent app with no physical branch.
This startup helps users manage their money through spending analysis, payments, transfers and budgeting. Founded by Marwan Hachem.
Haspy
Funding raised in 2022: $37 million
Year of establishment: 2020
Total funds raised: $47 million
Huspy is a proptech company aiming to simplify the mortgage process with an “easy to use” experience.
Based in Dubai, United Arab Emirates, the startup was founded by Jad Antoon and Khalid Ashmawi.
This year’s funding was led by Breyer Capital, BY Venture Partners, Chimera Capital Management, COTU Ventures, Fifth Wall, Founders Fund, Predictive VC, Sequoia Capital India, VentureFriends, and VentureSouq.
retail
Funding raised in 2022: $36 million
Founded year: 2020
Total funds raised: $45 million
Retailo is a B2B startup digitizing the retail supply chain in the MENAP (Middle East, North Africa, Afghanistan, Pakistan) region.
The startup has raised $9 million in just nine months in 2022. This is thanks to a diverse international group of investors, including British Silicon Valley and his GCC institutions and high net worth individuals.
Headquartered in Riyadh and operating in multiple markets in MENAP, Retailo serves over 35,000 active retailers with access to over 2,000 SKUs through the Retailo app. Products will be delivered to retailers within 24 hours of ordering.
Retailo’s 500+ colleagues are spread across multiple MENAP cities and serve tens of thousands of retailer orders each month. This sprawling operation is managed through multiple warehouses stocking hundreds of brands, many of which are direct her Retailo partners.
The startup was founded by former Careem executives Talha Ansari, Wahaj Ahmed and Mohammad Nowkhaiz.