Saudi fintech startup EdfaPay conducted fundraising activity in the Middle East and North Africa region this week, raising growth capital to expand its operations geographically.
It was followed by the Egypt-based furniture e-commerce platform. Ariikawhich raised additional Series A funding. Other startups that have closed funding rounds include the UAE-based blockchain-based maritime financial technology platform. NavirefinexEgyptian insurtech broker Amenli and Egyptian provider of supply chain management solutions Qarawhich raised seed capital.
Meanwhile, Saudi sovereign investor Jada Fund of Funds, owned by the Public Investment Fund, has made a limited partnership investment in the second exit of Saudi venture capital SEEDRA Ventures, in line with its strategy to support start-up companies in various sectors in Saudi Arabia and the MENA region.
Saudi Arabia-based fintech EdfaPay, which provides small and medium-sized businesses with a payment solution using smartphones instead of traditional point-of-sale devices, has secured a $5 million pre-Series A funding round, led by OmanTel Innovation Labs.
Other investors who participated in the round include Aljabr MENA and Waad Investment.
Created in 2022 by Ghormallah Alghamdi and Nedal Sabbah, EdfaPay is already backed by leading venture capital firms, Nuwa Capital and Sanabil 500.
Although it has expanded its operations in several markets, including Tunisia and Morocco, it aims to strengthen its presence in the Saudi market and expand its reach in the MENA region and Pakistan. EdfaPay had raised a pre-seed worth $1.6 million in February 2022.
Egyptian furniture e-commerce platform Ariika has raised $3 million in a Series A expansion round, led by Beltone Venture Capital and Citadel International Holdings to expand its geographic presence.
Founded in 2016 by Khaled Attallah and Shahir Arslan, Ariika is a direct-to-consumer (D2C) home decor e-commerce platform that partners with artisans around the world to create and curate modern decor brands. It plans to use its funding to expand its operations in Saudi Arabia by January 2025.
It recently launched its services in Iraq. Last year, Ariika closed a Series A round from Beltone Venture Capital for a 20% stake.
Qara, an Egypt-based supply chain management solutions provider and customer engagement facilitator, has closed a $2.6 million funding round from undisclosed investors.
Founded in 2021 by Hassan Abouzeed and Khaled Hassan, Qara offers a transparent digital ecosystem that allows producers to authenticate and trace their products to end consumers, connect to their markets and make data-driven decisions.
Currently operating in Egypt and Kenya, Qara aims to use the funding to expand into Saudi Arabia, supported by the National Technology Development Program (NTDP) relocation initiative.
Egyptian insurtech broker Amenli has raised $2.3 million in new funding, led by EBRD VC, the venture capital arm of the European Bank for Reconstruction and Development (EBRD), to facilitate expansion geographical.
The round also saw a follow-on investment from Y Combinator (YC). Founded in 2020 by Adham Nauman, Omar Ezz El Din and Shady El Tohfa, Amenli offers accessible and suitable insurance products for individuals, families and SMEs. Amenli aims to use the funds to increase its growth by evolving its technological capabilities and solutions, in addition to expanding into other markets.
UAE-based maritime financial technology platform Shipfinex, which offers a blockchain-based platform to enable fractional ownership of marine vessels, has secured $1.5 million in seed funding from an angel investor to develop its business.
The financing was led by Gaurav Mehta, Chairman of Best Oasis and SPM Shipping DMCC. Founded in 2022 by Vikas Pandey and Suraz Troy, Shipfinex aims to democratize maritime finance by enabling access, trade and ownership of fractions of maritime assets via blockchain.
It aims to use the funds to facilitate growth and compliance with regulatory advancements from Dubai’s Virtual Assets Regulatory Authority (VARA).
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