Startups in the MENA were busy completing their seed funding last April, and here we bring you the first 5 of 15 companies we compiled.
1- Huspy- UAE
Huspy, a Dubai-based PropTech startup, has raised a funding round led by VentureFriends. Huspy is building the new wave of PropTech to disrupt the real estate industry starting with home financing.
The company promises customers a quote with the best price guarantee in under one minute and the ability to close the transaction three times faster than the traditional process.
Huspy is already one of the largest brokerages in the country with more than $200 million in annualized gross merchandise value, 150+ transactions, and growing 40%+ every month with their current core product focusing on home buying and refinancing.
Huspy plans on using the funding to focus on investing in products and technology and double down on growth with plans to expand to new verticals and markets. The company has also recruited a top-tier team with notable experience in PropTech and Fintech, from Loft, Revolut, and Nubank.
2- StashAway- Global/UAE
StashAway, a wealth management platform, is raising $25 million in its Series D funding round. The transaction will close in the next few months pending necessary regulatory approvals. This funding round will bring StashAway’s total paid-up capital to $61.4 mn and accelerate investment product and feature developments across its 5 markets, including the UAE.
The company will also offer to buy back up to $3 mn in stock options from its employees and expand its engineering team.
3- G42- UAE
Silver Lake, a global technology investment firm, with more than $79 billion in combined assets under management is investing in Abu Dhabi technology company Group 42.
The firm is investing about $800 million for a minority stake. G42 offers artificial intelligence and cloud-computing products aimed at digitizing enterprises across Abu Dhabi’s economy, and increasingly in other parts of the Middle East. Its shareholders include Chairman Sheikh Tahnoun bin Zayed Al Nahyan, the brother of Abu Dhabi’s crown prince, and Abu Dhabi sovereign-wealth fund Mubadala Investment Co.
4- Snoonu- Qatar
Qatar-based super app Snoonu has raised $5 mn in the largest Series A round ever raised by a Qatari startup.
Founded in 2019, Snoonu is a one-stop application offering multiple services such as online shopping, food, and grocery delivery, as well as third-party logistics services for local startups and SMEs.
The startup will use the newly raised funds to invest in its R&D, develop its product offering and enter new markets within the MENA region as well as international markets. Snoonu currently caters to more than 100,000 users.
Anticipated new products to be launched include SnooPay, Snoonu’s very own digital payment solution; Concierge, an in-app feature providing tailor-made services while leveraging the diversity of Snoonu’s merchants; and Direct to Consumer (D2C) marketplace, offering the best prices and conditions to both consumers and merchants.
5- COFE- Kuwait
Kuwait-based coffee-centric marketplace COFE has raised $10 mn in Series-B funding. The startup plans on using the fund to support vendors while simultaneously boosting customer acquisition across its operational markets that include Kuwait, Saudi Arabia, the UAE, and the UK.
COFE started its journey in 2017 as an online platform where customers can order and pay for their coffee. The app lists a comprehensive menu with a slew of customization options for coffee aficionados.
Following the company’s official launch in November 2018, COFE rapidly grew in popularity and even secured a spot among the top-five startups in Tech Innovation category at the London Coffee Shop Innovation Expo.