Startups Score Big with Fintech: MENA Funding on the Rise 

  • MENA has raised $760 billion of funds this year. 
  • The e-learning market of the Middle East is likely to reach $570 million by 2025.
  • WHP Global, New York based Brand management company raised $375 million in funding 

According to the reports, the region which falls in MENA (Middle East and North Africa) has raised $760 billion across 48 deals in February 2023, more than double the amount they raised in the same period last year.  

Reportedly, the value of funds has increased by 638 percent in the last month, and the number of deals increased twofold to 48. 

Some of the country’s startups include MENA.

Egypt’s startups: Egyptian startups led February’s growth, with most closing $422 million in funding. With fintech MNT-Halan raising $400 million in one round.

Saudi startups: Saudi startups hold second place with $316 million in funding over 13 deals. Followed by Emirati startups that raised $8 million across seven deals.

Meanwhile, Egypt and Saudi Arabia saw huge jumps in funding volumes last month compared to the previous month, when $3.4 million and $3.3 million were raised, respectively.

Kuwait: Baims, an educational technology startup based in Kuwait, raised $4 million in a series funding round led by AK Holding, joined by Rasameel Investment House and Al-Wazzan Educational Group. 

Baims was founded in 2017 by Bader Al- Rashhed and Yousef Al-Husaini. It provides a variety of educational courses to universities as well as the students of high school with a presence in Turkey, Jordan, Bahrain, Saudi Arabia and Kuwait. 

According to Al-Husseini, Biams is short for Big Aims. It was chosen because it characterizes young people, especially university students. Those who have their whole lives and prospects ahead of them and have big goals for the future.

Further, he added, “Our investors support is greatly appreciated. As they share our vision of making education accessible and affordable for students throughout MENA”

As per reports, the e-learning market in the Middle East is estimated to build $570 million by 2025.

United States venture deals 

A New York-based brand management company, WHP Global, raised $375 million. Funding from funds arranged by the private equity group of Ares Management Corporation. 

WHP Global, established in 2019 by retail industry veteran Yehuda Schmidman in collaboration with the funds. Managed by Oaktree Capital Management, acquires global consumer brands and invests in high-growth distribution channels, such as digital commerce platforms.

Humane, an A.I. Hardware and services platform in San Francisco, assembled $100 million in series C funding. That was led by Kindred Ventures in collaboration with Tiger Global, Forerunner Ventures, Qualcomm Ventures, Valia Ventures and OpenAI founder Sam Altman.

ClearFlame Engine Technologies, a Chicago-based provider of clean and renewable fuels for heavy-duty engines, raised $30 million in Series B funding. It is led by Mercura Energy and is associated with Breakthrough Energy Ventures, New Investors, Rio Tinto and Wind Ventures.

Another San Francisco-based mental health platform, Wave, raised $6 million in seed funding. Hannah Gray VC, Joyce Capital, Gingles and Telocity Ventures joined Sante Ventures

Nealthy raises $1.3M

Crypto and NFT investing firm Nealthy founded in 2022, raised 1.3 million in a pre-seed funding round. 

Ludwig Schrodl, Zied Said and Tim Pascual are the founders of Nealthy. This foundation aims to satisfy the growing demand for Web3 technology in the MENA. 

According to the reports, the past month saw a decline in international funding allocated to startups in MENA. Out of the 48 deals, only 9 drew the attention of foreign investors, while regional investors participated in 41 deals only. 

Overall this Funding Supports investors who share their vision. Became instrumental in driving efforts to make quality startups more accessible to the leading sectors.