Complex Made Simple

Regional startups get Series and Seed funding, Aug-Sept, Part I of IV

An eclectic mix of startups, from the UAE and Jordan, all the way to Egypt demonstrated how their ideas and business models have earned them recognition among the investor community and millions in funds

Jordanian cloud-based point-of-sale software startup POSRocket secured $5 mn in fresh funds Abu Dhabi-based Insurtech, Hala, has raised $5 mn aimed at expanding its new products MaxAB, the Egyptian B2B e-commerce that serves food and grocery retailers, recently raised nearly $40 mn

An eclectic mix of startups, from the UAE and Jordan, all the way to Egypt demonstrated how their ideas and business models have earned them recognition among the investor community and millions in funds.

Traxcn
Image source: Traxcn

1- Yegertech- Dubai

Dubai-based customer engagement and loyalty tech start-up Yegertek got funded an undisclosed amount by NB Ventures, raising valuation to $6.25 million.

The funding will supercharge the next phase of Yegertek’s growth.

Yegertech is a star performer in this space having onboarded several high-profile customers within the region and beyond.

Yegertek Funding
Yegertek founders

Yegertek derives its name from the German word for warrior and leverages the Microsoft CRM ecosystem, emerging technologies in Machine Learning, AI, Chatbots, and Beacons.

Since its inception in 2017, it works as a disruptor and challenger in developing and delivering data-led CRM, eCommerce, and Mobility solutions with a growing list of clients including Harvey Nichols in Qatar;  a hailing service in Malta called eCabs, and a leading casual dining restaurant across the GCC, to name a few.

2- POSRocket- Amman

Jordanian cloud-based point-of-sale software startup POSRocket secured $5 mn in fresh funds, taking POSRocket’s total financing to over $7 mn. The Amman-headquartered startup had previously raised $1.5 mn in July 2018. 

POSRocket helps F&B and retail businesses manage their sales, inventory, and customer relationships. Its solution allows merchants and business owners to toss their obsolete cash registers and opt for an iPad-run modern POS that also works offline and offers different types of reports and insights, and a digital order taker (for waiters), in addition to the core features.

The software is being used by thousands of merchants, including restaurants, coffee shops, dry cleaners, and salons, with over $2 billion in aggregate transaction value to date. The startup has customers in Jordan, Egypt, and Kuwait and it is currently preparing to start operations in Saudi.

In addition to serving restaurants, POSRocket also wants to enable cloud kitchens and virtual brands to manage their sales and operations using its software.

3- Hala- Abu Dhabi

Abu Dhabi-based Insurtech, Hala, has raised $5 mn aimed at expanding its new products such as home insurance, as well as growing the company further in the rest of the Middle East, starting with Saudi.

The company first launched in 2018 looking to reconcile payments between motor insurance companies in the UAE using blockchain. In Q4 2020, Hala switched gears and shifted efforts to revolutionize and disrupt the Insurtech industry by making insurance affordable and accessible.

Hala prides itself on being customer-obsessed and is focused on ensuring peace of mind through transparency, and helping customers insure the things they love without paying prices they hate, all in a simple easy-to-use product.

4- MAxab- Cairo

MaxAB, the Egyptian B2B e-commerce platform that serves food and grocery retailers, raised in the recent past one of the largest Series A on the continent, nearly $40 mn. In August, it raised a $15 million extension from existing investors, bringing its total Series A fundraising to $55 mn.

Founded in 2018, the company manages procurement and grocery delivery to shops in Egypt. Store owners can use the platform to purchase goods, request delivery or logistics to move the goods, and access a customer support team.

Maxab
image source: ventureburn.com

MaxAB currently operates in Egypt alone but was looking to expand across the MENA while launching new product offerings and growing its team.

The startup also acquired Morocco-based B2B e-commerce and distribution platform WaystoCap for an undisclosed amount which at some point was processing over $3 million worth of transactions per quarter. WaystoCap was growing to a network of over 8,000 retailers in Morocco when both companies agreed to work together rather than compete against each other.

5- Sarwa- Abu Dhabi

Abu Dhabi-headquartered investment platform Sarwa has closed a $15 mn Series B round. The round takes Sarwa’s total financing to date to over $25 mn.

Sarwa makes investing easy for an average investor in the Middle East. It enables users to invest their savings with as little as $5 across different stocks using Exchange Traded Funds (ETFs) through its web and mobile apps. The platform suggests users a portfolio and investment plan based on their risk appetite and financial goals. It has recently introduced Sarwa Crypto, a portfolio with 5% exposure to Bitcoin.

Launched in 2018, Sarwa offers its users the option to run investments on autopilot based on their investment plan by automating deposits. The platform also offers access to human advisors who can help users with their investment decisions.

The fintech has recently also announced that it will allow users to invest in individual stocks with as little as $1 across major stock exchanges in the world. Sarwa Trade, which is currently in the pre-launch phase, will be a commission-free trading platform.

Sarwa claims to have registered 40,000 users.