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5 Arab companies and startups raise more millions in December via fundraising

2020 will be remembered as the year of the COVID-19 but Arab startups are not succumbing to the virus that wreaked havoc in every corner of the world

Morni, the Saudi-based platform providing vehicle logistics services, has raised $9.1 million 360VUZ, the immersive video mobile app, has raised new funds that will help it gear up for its Series B round UAE-based pay-per-minute car rental service Udrive has raised $1.3 million from 186 investors in just 48 hours

2020 will be remembered as the year of the COVID-19 but Arab startups are not succumbing to the virus that wreaked havoc in every corner of the world.

Late into December 2020, 5 Arab startups were busy raising funds in the millions and we bring them to you here.

Read: Top 5 regional startups and companies that raised funds in November

Morni- Saudi Arabia 

Morni, the Saudi-based platform providing vehicle logistics services, has raised $9.1 million in a funding round aimed at expansion locally and later in the MENA.

The startup provides towing and roadside assistance, both on-demand and subscription-based solutions through web and mobile apps to individuals and corporates.

Morni also provides complete solutions, from arriving at the scene of the accident until the vehicle’s delivery to the end destination.

They have provided services to over 600,000 customers in KSA with an annual membership of 490,000. Its services are now available to more than 200 insurance companies and car rental agents as part of its daily services.

The new funding also seeks to introduce new products for the owners of classic and luxury sports vehicles to provide the highest levels of preservation and accommodation through storage areas of over 300,000 square meters in Riyadh.

360VUZ- Dubai, Amman, Riyadh

360VUZ, the immersive video mobile app, has raised new funds that will help the startup to gear up for its Series B round. 

360VUZ is a mobile app that teleports people in time to top happenings around the world using the latest 360º Live Technology to enable Teleportation using Teleporters. 

Founded in 2017, the app is connecting users in more than 25 countries with a significant increase in user engagement and revenues month over month.

360VUZ has been releasing innovative features on a monthly basis such as the Celebrity Voice Chat Feature and VIP Chat Feature in line with the vision to give an unmatched experience to connect users, fans, and celebrities together and revolutionizing the immersive social experience.

In Q3 2020, 360VUZ signed agreements with over 25 new Telcos from around the world covering markets such as the UK, Spain, Malaysia, Indonesia, Kuwait, Turkey, Morocco, Algeria, and South Africa. 

This investment brings the startup’s total amount raised to $8.4 million.

Read: 5 new Arab SMEs raise funds and 3 Arab startups to watch

Source Beauty- Egypt

Egypt-based beauty e-commerce platform Source Beauty has raised a six-figure seed funding round from Geneva-based ACE & Company and a group of angel investors.

Source Beauty sells beauty products directly to customers. It counts more than 3500 products on its platform sourced from 80 local and international brands.

Earlier in 2020, the startup raised pre-seed funding to boost its marketing activities, resulting in an increase in its customer base.

Sarwa Capital- Egypt 

Sarwa Capital Holding for Financial Investments, Egypt’s consumer and structured financial services provider, closed its inaugural Sukuk issuance of $159.8 million in Egypt. 

This issue is the first transaction of its kind and the largest sukuk issuance in Egypt. The landmark issuance underlines the group’s strong financial position and its ability to diversify its funding sources to capture growth opportunities and solidifies its strategic position in developing innovative financing structures in the Egyptian debt capital market.

Sarwa’s total bond issuances have reached over $1.472 bn to date through 30 issuances.

Udrive- UAE 

Eureeca, the first multi-regulated global equity crowdfunding platform, has announced that the UAE-based pay-per-minute car rental service Udrive has raised $1.3 million from 186 investors in just 48 hours.

Udrive currently has around 180,000 registered users across Dubai, Abu Dhabi, Sharjah, and Ajman. The company recently served its millionth trip, with user growth expected to double in 2021 as new users increased by 20% in the last six months.

Funding is expected to boost the fleet of cars in the UAE while also paving the way for expansion into Saudi Arabia and Turkey as part of the company’s drive back into growth mode.