In this final part, we look at seed funding as low as $205,000 for (BithTV) and reaching $1.9 million (Invygo), but for these companies, any invested amount is a sign of confidence that the model works.
1- BithTV- Amman
Jordan-based BithTV, a crowd content platform for Arab gamers, has successfully raised $205,000 in its latest seed funding round.
Launched in 2020, BithTV offers a content platform for Arab gamers to showcase their talents through clip-sharing and integrated live streams. The platform, which was initially released as a website to attract content creators, plans to release its mobile app in Q3 of 2021 in an attempt to capitalize on its growing viewership, which has seen a 35% month-over-month growth rate since launching last December.
the Jordanian ecosystem maintains its position as the 4th most backed geography in MENA accounting for 4% of total funds raised in MENA in the first half of the year.
Prior to BithTV, the company was formerly known as DigitaSport, a SaaS startup that decided to pivot from the traditional sports industry towards the end of 2020 as a result of COVID, to focus its efforts instead on the gaming and esports market in MENA.
The tech-savvy gaming startup plans to utilize its newly acquired funds to continue expanding across the MENA region and build tools for Arab gaming content creators.
2- Splyr- Dubai
Splyr produces a seamless and efficient supply chain process. Splyr has grown to 25 employees from five over the past six months, and more than 1,500 suppliers and 26,000 stock-keeping units (SKUs).
The investment will help Splyr accelerate its growth in new markets like Iraq and Saudi.
Despite the B2B emphasis, the homepage of Splyr’s website lists goods ranging from Dell notebook computers to beverages and toys for children.
3- Bookr- Kuwait City
Kuwaiti beauty platform Bookr has raised $1 million in a seed funding round.
The three-year-old startup said in a statement it will use the money to expand its operations across at least two markets in the MENA region, namely Saudi and Egypt.
A women-led venture, Bookr was founded in 2018 and markets itself as a mediator between clients and beauty salons, barbers, and spas as well as freelancing makeup artists and hairdressers.
Apart from Kuwait and Saudi Arabia, the beauty app is also available in Bahrain. It launched its online beauty products store in 2020 and claims to have processed more than 300,000 bookings worth over $15 mn since 2018.
Bookr also provides a SaaS solution for beauty service providers, by allowing them to manage their clients’ appointments, finances and inventory.
The startup says it seeks to tap into opportunities in the MENA region’s salon industry, which is growing at an annualized rate of 9.4%, twice as fast as the rest of the world.
4- MyHome- Kuwait City
The Kuwait-based on-demand home services platform MyHome has successfully raised $1.75 mn in its latest funding round valuing the company at $12.5 mn.
Launched in 2018, the MyHome app is a home services platform that connects users with local technicians, service providers, and suppliers. The e-servicing startup has over 30 different service categories, that range from AC Maintenance and Hourly Cleaning, to Car Wash and Pet services.
Based on Wamda’s MENA H1 2021 Venture Investment Report, the Home Services sector observed a 153% growth of VC Funding in MENA in Q2 2021 as compared to Q2 2020.
Through its unique UX/UI, Myhome set forth to disturb the home servicing industry and solve major pain points in transparency and efficiency. Through the Myhome app, users benefit from pre-pricing services for transparency, and an in-app warranty with a differentiated experience depending on the category of service.
The company currently operates in Kuwait and in two Saudi cities, namely Riyadh and Dammam. The startup plans to utilize its newly acquired funds for further expansion into other Saudi cities such as Jeddah, Mecca, and Al-Medina, as well as into the UAE, over the next 12 months, and other GCC countries over the next 24 months.
5- Invygo- Dubai
Dubai-headquartered car subscription platform Invygo raised $1.9 million in a pre-Series A round.
Since 2018, Invygo has been shopping the Middle East’s car subscription ecosystem, remodeling the automotive industry, and transforming customers’ experience. The platform provides its users with over 40,000 cars from 50 different brands at affordable prices. Invygo’s partnerships with Enterprise (Al Jomeih), Budget Saudi, and Al Jabr in Saudi Arabia, as well as National Car Rental (Al Tayer), Diamondlease (Al Habtoor), and Shift (A W Rostamani) in the UAE give its users a massive selection of cars which include Toyota, Nissan, Ford, BMW, Range Rover, and Mercedes-Benz.
To date, the company has raised over $4.2 mn and has grown 5 times since April 2020.
Invygo provides a deposit-free, all-inclusive experience including free maintenance, servicing, insurance, and complimentary delivery & pick up for its customers, with subscription periods beginning from 30 days.
Through its partnership with Careem, Invygo is giving Saudi youth access to over 100 affordable and unlimited mileage cars across five models.