UNIDO expert highlights crucial steps for hydrogen economy transition at COP28

UNIDO expert highlights crucial steps for hydrogen economy transition at COP28

Startup Wrap – Saudi Arabia’s venture landscape receives influx of expanding startups

CAIRO: Saudi Arabia’s entrepreneurial space is getting bigger with more startups raising funding and others expanding into the Kingdom.

On the funding announcement front, Saudi-based business-to-business e-commerce startup Retailo has successfully raised $15 million in a new equity funding round, drawing the attention of both new and returning investors.  

The investor lineup includes Yusuf Bin Kanoo Group, Technology Group, and Majd Digital, alongside previous backers including Aujan Group Holdings, Shorooq Partners, Abercross Holdings, and Graphene Ventures, among others. 

Co-founded in 2020 by Talha Ansari, Wahaj Ahmed, and Mohammad Nowkhaiz, Retailo offers a next-day delivery service for retailers and restaurants, boasting a catalog of over 5,000 stock-keeping units.  

This recent capital infusion marks another significant milestone for the company, following its $36 million series A funding last year, which was a combination of equity and venture debt. 

Retailo’s growth strategy focuses on expanding both its supplier network and customer base. The fresh funds are earmarked to support this expansion within the Saudi market, reinforcing the company’s position as a key player in the region’s e-commerce landscape. 

Adding to its achievements, Retailo has also established several strategic partnerships, including a technology distribution collaboration with Dtonic, a South Korean data solution company.  

This alliance will empower Retailo’s technology by enhancing its service offerings and operational efficiency. 

UAE’s fintech Yabi raises $8m to boost Saudi expansion 

UAE-based fintech startup Yabi has secured an $8 million equity funding round, signifying a major step in its journey towards Saudi expansion and product development.  

The round saw the participation of Al Wafra Al Thanya, joining an array of existing investors in supporting Yabi’s growth. 

This milestone follows closely on the heels of Yabi’s recent foray into the Saudi market, marking an expansion beyond its UAE base.  

Since its launch in the middle of this year, Yabi has been aiming to enhance financial literacy across regional markets. It achieves this through strategic B2B partnerships, integrating its services into employee well-being programs offered by corporate clients. 

Founded by Ambareen Musa, Yabi has rapidly established a client portfolio including prominent entities like Al-Futtaim, Careem, Chalhoub, and Al Ghurair.  

The fresh injection of capital will be instrumental in fueling Yabi’s continued growth. It plans to invest significantly in product development, aiming to bring financial solutions to a broader audience. 

Additionally, the funds will bolster Yabi’s efforts in accelerating its expansion across the Middle East, as it seeks to establish a stronger foothold in key regional markets. 

Oman’s food technology firm KitchenomiKs raises $1.8m to enter Saudi market 

Oman-based food technology startup KitchenomiKs has successfully raised $1.8 million in a pre-series A funding round as it aims to expand its regional footprint. 

Founded by Aankush Bhatia, Aju Samuel, and Shrikanth Shenoy, KitchenomiKs operates as a cloud kitchen with a modern culinary model that steers away from traditional physical storefronts.  

The company currently holds a portfolio of 12 food brands, offering a scalable model for culinary ventures without the burdensome overheads associated with physical restaurant spaces. 

The latest round of funding represents a crucial step in KitchenomiKs’ ambitious growth strategy. A key focus of this strategic plan is the launch of operations in Saudi Arabia, slated for early 2024.  

This significant financial boost, contributed by Omani and regional investors, has elevated the company’s total funding to an impressive $3.5 million since its inception in 2022. 

UAE-based Immensa raises $20m to boost product development 

UAE-based Immensa has successfully secured $20 million in its series B equity funding round led by Global Ventures. 

The funding round also saw participation from new investors such as Endeavor Catalyst Fund and EDGO, alongside continued support from Energy Capital Group, Shorooq Partners, and Green Coast Investments. 

Founded in 2016 by Fahmi Al-Shawwa, Immensa specializes in providing on-demand access to spare parts, eliminating the need for mass manufacturing in traditional hubs like Southeast Asia, China, or Latin America.  

This approach not only streamlines the production process but also significantly reduces the lead time and costs associated with traditional manufacturing methods. 

The latest round of funding is poised to turbocharge Immensa’s global growth ambitions. Part of the funds will be allocated to enhance its exclusive software, DIS RT, a critical component in Immensa’s operational toolkit.  

Moreover, the investment will also be channeled towards augmenting its artificial intelligence tools, further solidifying the company’s position in the manufacturing sector. 

UAE’s Flow48 raises $25m in pre-series A round 

Flow48, a UAE-based fintech startup, has successfully secured $25 million in pre-series A funding round in a blend of equity and debt. 

Key investors include Speedinvest, Daphni, and 212, as well as Blockchain Founders Fund, Unpopular Ventures, and Endeavor Catalyst.

Founded in 2022 by Idriss Al Rifai, Flow48 provides services to small and medium-sized enterprises by transforming future revenues of SMEs into immediate capital, offering flexible terms that are tailored to support the growth and scalability of these businesses.  

The freshly acquired funds are earmarked to propel Flow48’s ambitious expansion plans, with a specific focus on penetrating the South African market.  

Egyptian startups receive $10k grants from She’s Next competition 

Three Egyptian startups have emerged as top contenders in the second edition of the She’s Next competition, jointly hosted by Visa and Commercial International Bank. 

Each startup has been awarded $10,000 for their solutions in their respective fields. The winners include Green Fashion, a sustainable clothing brand, Reme-D, a health tech startup, and Fincart, an aggregator of shipping services.  

Alongside the monetary prize, the competition also offered mentorship opportunities provided by the US Agency for International Development to the top 20 contestants.  

Tunisia’s Winshot raises six-figure round from 216 capital 

The Tunisia-originated and France-based software-as-a-service startup Winshot has successfully secured a six-figure investment from 216 Capital.  

Established in 2022 by Walid Mzoughi, Alaa Mokrani, Amjed Bouhouch, and Hela Gabsi, Winshot specializes in providing B2B SaaS solutions for retail operations management.  

With this fresh infusion of capital, Winshot is set to bolster its teams in both France and Tunisia, laying a strong foundation for the expansion and growth of its business. 

Middle East Venture Capital Association signs partnerships with Singapore’s GPCA 

The Global Private Capital Association and the Middle East Venture Capital Association announced a significant strategic partnership during Abu Dhabi Finance Week 2023.  

This collaboration will enable GPCA, headquartered in New York and Singapore, to establish a permanent base in the Middle East. This move will be supported by MEVCA and the broader Abu Dhabi and regional ecosystem. 

Members of MEVCA will benefit from an enhanced membership experience, gaining access to GPCA’s extensive global network. 

The partnership focuses on collaboration, innovation, and investment to strengthen the region’s vibrant venture capital landscape through a range of targeted initiatives. 

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