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MENA startups get Series and seed funding Nov-Dec 2021, part III of V

COVID-19 has accelerated the growth and development of various startup businesses in the Middle East region which were backed by significant fundraising rounds

HollyDesk, a financial technology company in Egypt, announced a successful $325,000 investment round Saudi B2B e-procurement and facility management platform Qreeb has successfully raised $506,000 UAE-based fintech startup Verity has closed an $800,000 pre-seed round

COVID-19 has accelerated the growth and development of various startup businesses in the Middle East region which were backed by significant fundraising rounds.  Dubai-based cloud kitchen startup Kitopi recently secured $415 million in a Series C funding round backed by Softbank’s Vision Fund 2. Also, leading global payment processor Checkout.com invested $110 million in Series A financing for Saudi buy-now-pay-later FinTech business Tamara, making it the largest-ever investment raised by a Saudi startup.

Here are 5 recently completed funding rounds. 

1- HollyDesk- Cairo

HollyDesk, a financial technology company in the field of managing SME expenses and accounts in Egypt announced a successful $325,000 investment round.

Founded in June 2021, the company provides technology solutions to help small and medium-sized businesses monitor and control company’s daily expenses anywhere in real-time. Employees can request all petty cash and custody through the Hollydesk application, which connects all members of the system.

The application offers communication between the members of the system for instant approval, and the finance team approves in a few minutes the settlement operations using simple clicks through the application.

Users can get their money via banks, digital wallets, and POS machines, and can easily register suppliers, attach invoices, get approvals and pay the supplier from within the application.

The company plans to expand its services and solutions in new markets regionally.

The company has been able to expand its solutions and services to include more than 3,000 clients from companies in different sectors such as building, construction, and delivery, as well as startups and some NGOs.

2- OTO Courses- Cairo

Egyptian ed-tech startup OTO Courses has raised $400,000 in cash and in-kind services to further develop its product to reach more users.

Founded in 2015, OTO Courses has developed an online learning platform that offers general and specialized English language courses for individuals or businesses. 

Teachers are carefully selected and trained, with the startup aiming to bridge the gap between traditional education and what the labor market needs by making quality education available to anyone, anywhere, at any time. Learners have the flexibility to choose session dates that suit them, with the opportunity to communicate directly with lecturers.

OTO has so far delivered 350,000 hours of English lessons online to more than 15,000 learners and has more than 150 teachers and lecturers. It is now looking to expand its offering.

3- Qreeb- Saudi

The KSA-based digital B2B e-procurement and facility management platform Qreeb has successfully raised $506,000 in its latest funding round.

Founded in 2018, Qreeb set forth to address the lack of systemized workflow infrastructures that would allow a company’s management to trace and track their procurement orders with vendors. Through their consolidated, customizable platform, Qreeb enables buyers to access and select the services of three pre-qualified service providers for facility management, and 125 vendors for the e-procurement or supply chain needs. The system uses a customizable platform, optimizing workflow efficiency by reducing procurement risks, operational expenses, and time wasted communicating with each vendor independently.

The startup became the official digitization arm or platform for Al-Tamimi Holding Group, a multi-conglomerate with over 28 subsidiaries across the kingdom, which are in the process to use Qreeb’s platform to streamline over 1800 vendors directly linked to the company and its subsidiaries.  

4- Verity- UAE

UAE-based fintech startup Verity has closed an $800,000 pre-seed round as it prepares for the launch of its family banking and financial literacy app built for the Middle East.

The Verity app enables youngsters to build core money management skills such as how to earn, save, give, and spend responsibly in a safe and secure environment.  

Image source: Arabianbusiness.com

The platform integrates a reward system, a personalized prepaid debit card, and familial connectivity to make learning about personal finance both fun and experiential.

Through subscription-based family plans, parents can create sub-accounts for their children, which they can monitor and control as primary account holders.

 5– Bypa-ss- Cairo

Investors have paid attention to a few innovative health tech startups, putting over $77 million across 56 deals last year. Egypt is one of the continent’s bright spots and an integral contributor to health tech market value in MENA, which is expected to reach up to $2 billion by 2024.

Bypa-ss, a healthtech company dealing with health information exchange, announced it has raised $1 mn in pre-seed funding.

The company has scaled to 6 cities across Egypt last year. Bypa-ss’ flagship product is called HealthTag and it services an ecosystem of hospitals, physicians and patients.

For hospitals and physicians, HealthTag provides an integrated system for clinic management to track patients’ cases stored by Bypa-ss after collating medical records from different healthcare providers.

For users, HealthTag works as a mobile application and physical card. With the app and card, patients have ownership of their health records in one place and pay for their medical services online. They can receive prescriptions, labs scans and access a 70% discount from healthcare providers in Egypt when paying out of pocket.

Bypa-ss had previously raised $150,000 in an angel round. 

Bypa-ss will use the investment to accelerate its growth in Egypt.