Complex Made Simple

Great success for regional startups in attracting funding last July August- Part III of IV

The smile on their faces says it all. Young people who believed they can change the business world, and they were right. This is the third series of regional startups whose business models attracted the attention of private investors

selfologi, a UAE-based healthtech startup has successfully raised $17.5 million Saudi Arabian car-sharing startup, Sharik, has successfully raised $666,000 Riyadh-based startup Spiro, a digital vehicle aftermarket service provider, successfully closed $1.8 mn in funding

This is the third series of regional startups whose business models and modus operandi were robust enough to attract millions in funding from private investors.

1- selfologi- UAE

selfologi, a UAE-based healthtech startup and cosmetic treatment platform, has successfully raised $17.5 million

Set to launch in Q4 2021, selfologi will allow users to discover, learn about, and book cosmetic treatments. It will provide a rich source of information, backed up by top medical experts and presented in a way that’s accessible and user-friendly for all. 

selfologi has put together an in-house team of globally successful experts to create a vast content hub of knowledge and understanding for the cosmetic treatments industry. The result will be the ultimate, one-stop-shop for users while simultaneously driving consumer engagement for clinics across the region.  

Image source: Traxn- Top ten funded startup sectors over a 1 year period

2- Damanesign: Morocco

Damanesign, a Morocco-based digital trust solutions startup, has successfully raised $450,000.  

Founded in 2021, Damanesign is a startup that is seizing new legislation opportunities on digital trust in Morocco to provide users with the utmost safety in documentation. The recent adoption of Law 43-20 on digital trust, opens the way to widespread and more accessible use of various services, including electronic signature.

Damanesign provides electronic signatures, seals, and timestamps allowing users to sign and have documents signed in total security while guaranteeing their probative value. 

Damanesign also offers advanced management of signature transactions (multiple signatories, documents and roles, etc.) and organizations (users and workflows).

3- Estshara: Egypt

The popular Cairo-based Healthtech startup and tele-consultations platform Estshara has managed to raise about $500,000 in a Seed funding round.

The platform has grown in popularity providing health consultations along with tele-pharmacy services to a large number of patients, including private enterprise employees and medical insurance companies.

The platform is currently serving more than 2 million users and has conducted over 200,000 consultations.  

The healthtech startup plans on expanding its current user base from 2 million to 6 million by the end of the year, as well as further develop its offerings.  

4- Sharik: Saudi 

Saudi Arabian car-sharing startup, Sharik, has successfully raised $666,000 through online crowdfunder Scooper, with the aim of developing its app ahead of its launch in December.

The new funds will be used to grow the Sharik team as it gears up to provide a community-based car-sharing service across Saudi.

The app currently has over 68,000 registered users.

With an estimated post-funding valuation of $3.175 mn, Sharik hopes to directly connect car owners with renters, allowing them to borrow and lend from a range of over 1,000 vehicle brands and models.

Sharik is the first local car-sharing app to obtain a license from Saudi’s Public Transport Authority.

5- Spiro: Saudi

Riyadh-based startup Spiro, a digital vehicle aftermarket service provider, has announced the successful closing of a $1.8 mn sub-A Series financing round.

The startup provides pioneering services in the field of after-sales vehicles, such as “My Price Service” for valuing new and used car parts of different categories of cars, with the ability to offer the sale of auto parts.

The company provides its services to 750,000 subscribers throughout Saudi, via 1000 service providers.

Spiro provides a huge number of spot price offers for spare parts, which are estimated at 3.5 million offers for many top car brands.

Experts expect the commercial vehicle and passenger vehicle components sector in Saudi to grow to an estimated $10 billion by 2023.

The startup is strengthening its logistics infrastructure by creating cloud warehouses for the benefit of its partners in Riyadh and Jeddah, who will be able to store at no cost and improve service delivery capacity.