Egypt shared the spoils with the UAE, Saudi, and even Jordan in what was a busy March-April fundraising period for the region’s startups.
1. Dayra- Egypt
Egyptian fintech startup Dayra has closed a $3 million pre-seed funding round that includes both equity and debt financing, according to a company press release. The company had landed $125,000 from startup accelerator Y-Combinator in return for 7% of the company’s stock, Menabytes reports. The funds raised will be used to double Dayra’s 10-member team and expand its product features.
Dayra provides financial services to underbanked populations. Founded in early 2020, the company provides virtual bank accounts, prepaid cards, and loans to unbanked gig workers and micro-businesses through its app, or through API integration into companies’ own apps. With lending as its core service, the startup offers loans of varying terms averaging around $500, with repayments received automatically from the earnings of the gig worker.
2. Grubtech- UAE
Grubtech, a Dubai-based SaaS platform for Cloud kitchens and delivery-centric restaurants, has secured $3.4 mn through pre–Series A funding. Grubtech plans to use the funds to speed up product development and benefit from the increased demand from MENA, Europe, and the Americas. The start-up’s client base includes large cloud kitchens and restaurant groups in the MENA region and abroad.
The firm is shortly launching a self-serve version for smaller chains as it intends to power the next generation of players in the food delivery space.
Grubtech claimed that it provides a solution for the fragmented ‘restaurant- tech’ industry by integrating with third parties, such as food aggregators, logistics providers, points-of-sale solutions, and ERPs. Grubtech’s solution caters to different business models including cloud kitchens, multi-brand single location models and delivery-centric restaurants.
3. Abwaab- Jordan
Amman-based edtech Abwaab has raised $5.1 mn in a seed round. one year after Abwaab raised $2.4 mn in what was the region’s largest pre-seed round of the time. Founded in 2019, Abwaab’s online platform enables secondary school students in the Middle East & North Africa to learn different subjects at their own pace with the help of engaging video lessons and interacting with tutors.
The platform currently has a library of over 50 thousand video lessons and questions, and uses a freemium subscription model, offering some of its content for free to students and charging for full access. Abwaab in a statement said that it is being used by hundreds of thousands of unique students with double-digit week-over-week growth in lessons watched and questions solved on its platform in the last few months. Abwaab is now serving students in Egypt, Saudi, and Palestine.
4. Service my car- UAE
Dubai-based Service My Car, the tech-enabled car-servicing platform that has created a better way to help car owners to book their car servicing and repair needs online, announced their first-ever seed funding round of $10 mn. The company has shown 200% growth within the first year of inception and is now looking at expansion into the GCC by the end of the year.
Service My Car was launched in 2018 and allows customers to book their car service online, have their car collected and delivered at a time and location convenient to them, and stay updated on their car’s progress throughout the repair stages.
Service My Car can easily be accessed from their iOS and Android app, Website and their customer care support, shortly from all GCC countries. The service will also be catering to all cars make and models and claims it is guaranteed to save customers up to 80% as compared to agency prices.
5. TakeStep- Egypt
Egyptian e-health startup TakeStep has raised seed funding. Having validated its business model in Egypt and the United States, the startup will be using this investment to actively expand its operations to the GCC countries in the near future. Founded in 2018, TakeStep is a specialized platform focused on treatment for addiction as well as general psychiatry and has so far helped over 15,000 patients through 24/7 counseling services via its patient-centric web and mobile platforms.
6. Bonat- Saudi
Bonat, the innovative customer engagement SaaS solution has announced the raising of a seed round. Bonat delivers a comprehensive customer engagement solution for businesses offline and online, articulated in a seamless loyalty program with supportive tools in serving brands to acquire, retain, and understand their customer purchasing behavior. Through the solution, businesses can leverage real-time data and insights, obtain customer feedback and rating analyses, and communicate with them to develop a beneficial understanding of their customer experience.