Al-Araby TV starts broadcasting from Qatar years after its London launch

CAIRO: The 50 most funded startups in the Middle East and North Africa have attracted a total of $3.2 billion in fundraising since their inception, with 18 companies from the United Arab Emirates, 12 from Saudi Arabia and 11 from Egypt, according to Forbes.

UAE-based startups took up the largest share of the list, raising $964 million in total funding, followed by the Kingdom with $946.7 million and Egypt with $508.5 million.

Saudi-based startups ranked five of the top 10 most-funded startups, with fintech firm Tabby second, payment app Tamara third, digital charging network TruKKer fourth, e-commerce company Sary in seventh and Nana grocery platform in ninth.

Startups that qualified for the list were required to be no more than seven years old, excluding companies like Saudi fintech Foodics, which raised a total of $198 million, and UAE cloud kitchen Kitopi, which raised $804 million in total funding.

The Forbes list indicated that fintech companies were the most funded, with 21 startups attracting $1.3 billion in total funding, followed by e-commerce, with 10 startups raising $576.7 million, and four mobility startups. grossing $299.6 million.

Letswork has it all figured out

UAE platform for shared spaces Letswork raised $2.1 million in a seed funding round to expand its operations to Saudi Arabia.

Established in 2019 by Omar Almheiri and Hamza Khan, the company offers a marketplace for users to directly rent co-working spaces, including meeting rooms, private offices, and creative studios.

It supports companies that operate in a hybrid or remote work model with its flagship offering, Letswork Pass, a subscription service that gives access to a distributed network of workspaces.

As part of its expansion plans for the Kingdom, the company has received strategic investment from one of the largest coworking space operators in the country, The Space, as well as investment from Saudi activist and media presenter Ahmed Al Shugairi.

“Saudi Arabia is the largest market in the Middle East, and Riyadh is one of the first markets where Dubai-based companies expand; therefore, many of our corporate clients were requesting to use Letswork there,” Khan, Letswork’s CEO, said in a statement.

The company currently operates in Dubai and Riyadh and has a presence in Portugal, Spain and Bahrain.

The funding round featured the participation of 500 Global, DTEC Ventures and other angel investors.

subject art

United Arab Emirates-based venture capital firm Morningstar Ventures has invested more than $5 million in its first interactive and immersive digital art gallery called 37xDubai.

Located in Dubai’s Burj Daman Tower, the gallery will be at the heart of Dubai’s business and lifestyle hub and will open its doors in the first quarter of next year.

In the United Arab Emirates, 23 percent of the population owns at least one non-fungible token, making it one of the best marketplaces for digital art in the region.

The art gallery aims to bridge the gap between art and technology by introducing a new concept of Web3-enabled education, digital and traditional art, entertainment and communication.

“Our gallery design and architecture is highly sophisticated, filled with state-of-the-art equipment, interiors, sound and lighting infrastructure. We carefully chose and meticulously curated each element of the space to ensure that the 37xDubai gallery and its exhibits could present themselves in an unforgettable way for each of our visitors,” said Clemence Cazeau, CEO of 37xDubai, in a statement.

Qatar invests in cybersecurity

Qatar’s sovereign wealth fund, the Qatar Investment Authority, led a $196.5 million series G funding round in Boston-based cybersecurity startup Snyk Ltd.

Founded in 2015, the company offers a solution to find and fix vulnerabilities and license violations in open source dependencies and container images.

QIA manages assets valued at around $450 billion, and its latest investment in Synk has valued the startup at $7 billion, a decrease from its previous round that put it at $8.5 billion. The company will use its investment to drive product innovation and expand its team through strategic acquisitions to maintain its position as a leading security platform for developers.

“We are confident that Snyk’s proven approach positions the company for a successful future and is aligned with QIA’s track record of supporting innovative companies that shape the future of the global economy,” said Mansoor Ebrahim Al-Mahmoud, Chief Executive Officer. of QIA, in a statement. .

The funding round saw new investors including Evolution Equity Partners, G Squared, Irving Investors, Sands Capital, and Tiger Global.

make the right move

Moove, the Nigeria-based mobility fintech startup, is raising $30 million through its first sukuk issuance to expand its operations to the United Arab Emirates.

Founded in 2020, the company offers vehicle financing to mobility entrepreneurs around the world.

The company plans to boost its expansion in the MENA region by building a fleet of electric vehicles for private transportation.

“Our first issuance of sukuk shows our growth and sustainability as a global company. Equally important, this furthers our mission to build the largest shared-use electric vehicle fleet in the region, to drive the electrification of mobility and enable cities to achieve their net zero emissions goals,” Ladi Delano, Co-Founder and Moove Co-CEO. he said in a statement.

The company will use its fund to scale to 2,000 electric vehicles in the UAE over the next 12 months to create sustainable economic opportunities.

As part of its expansion into the United Arab Emirates, it will also launch its electric vehicle charging app, Moove Charge, specifically for rideshare drivers.