Startups across the Middle East and North Africa (MENA) are experiencing a wave of new funding aimed at driving expansion, enhancing services, and entering new markets. Investors are showing heightened interest in a variety of sectors, including event technology, e-commerce, and advertising technology. This ongoing support underscores the region’s vibrant entrepreneurial ecosystem and its potential for growth.
Al Menu Secures $10.12 Million for Expansion
In a funding round headed by Al Majdiah Investment, Al Menu, a Saudi Arabian software-as-a-service (SaaS) provider for the food and beverage sector, has raised $10.12 million. Founded in 2022 by Mamdoh Ali, Al Menu focuses on providing cloud-based solutions that aim to streamline operations for restaurants and cafes. CEO Ali stated that the investment will be utilized to reduce operational costs and boost workforce efficiency across the Kingdom’s dining establishments. Nasser Al-Majid, CEO of Al Majdiah Investment, emphasized that this investment aligns with Saudi Arabia’s Vision 2030 goals for the hospitality sector.
Mila Celebrations Raises $227,000 in Pre-Seed Funding
Mila Celebrations, an event planning platform that Muhammad Ghourbal launched in early 2024, has raised $227,000 in pre-seed capital from angel investors in another significant funding round.
The startup aims to provide comprehensive solutions for organizing events and celebrations, with plans to expand into the Gulf Cooperation Council (GCC) region. This funding comes at a time when Saudi Arabia’s events sector is projected to grow significantly, from $2.38 billion in 2024 to $3.45 billion by 2029, according to Mordor Intelligence.
Agility Global Invests in the Third Fund of Global Ventures
In a strategic move to bolster innovation, Singapore-based Agility Global has committed an undisclosed amount to Global Ventures’ third fund, which focuses on early-stage investments in MENA. Global Ventures aims to support startups in key sectors such as supply chain technology and agri-tech.
Kuwait’s Bazzar Gate and Oman’s Investment Authority Join the Funding Trend
Kuwait-based e-commerce startup Bazzar Gate raised $1 million to enhance its drop-shipping platform, while Oman’s Investment Authority pledged $150 million to ewpartners’ Technology Innovation Fund II, aimed at technology investments within the GCC. These investments align with broader economic strategies to diversify and enhance competitiveness in the region.
Valu Partners with ShipBlu and PayTabs Egypt
In Egypt, financial technology company Valu has partnered with logistics provider ShipBlu and digital payments firm PayTabs Egypt to streamline online payment processes for e-commerce transactions. This collaboration aims to promote a cashless society by providing various digital payment options, facilitating a smoother consumer experience.
Conclusion
The surge in funding across diverse sectors in the MENA region illustrates a robust entrepreneurial spirit and investor confidence. As startups continue to innovate and expand, they are poised to play a critical role in shaping the region’s economic landscape.
