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Regional startups that attracted funding in June-July- Part I of III

AMEinfo brings you the top 15 regional startups that garnered interest and attracted funding from angel investors and venture capitalists, or via their own crowdfunding efforts, starting with the first five

The funding round brings the total to date of eyewa to $30 mn UAE-based payment app Ziina has raised $7.5 mn in new funding Saudi-based e-commerce platform Nejree has raised $15 mn in a Series A round

AMEinfo brings you the top 15 regional startups that garnered interest and attracted funding from angel investors and venture capitalists, or via their own crowdfunding efforts, starting with the first five.

1- eyewa (UAE)

The Middle East’s largest online eyewear retailer, eyewa, raised $21 million last June as part of its Series B funding round.

The funding round brings the total to date of eyewa to $30 mn, after it raised a $1.1 mn seed round in 2018 and a $7.5 mn Series A funding round in 2019.

A statement by eyewa said that the capital raised in the latest round will support the company with its expansion plans, allow further investment in technology and product teams, as well its retail and omnichannel technology.

Eyewa is now aiming to enter the retail sector. With many brands in the past year going from offline to online, eyewa is going in the opposite direction and is looking to expand its business model from an online retailer to a brick-and-mortar player with stores in key locations.

Eyewa has an e-commerce presence in the UAE, Saudi Arabia, Kuwait, Qatar, Oman and Bahrain.    

2- Fatura- (Egypt)

Cairo-based B2B e-commerce marketplace start-up, Fatura has secured $3 million in a pre-series A round.  

This is the second time in the past year Fatura has raised funding following an unknown amount raised in a seed round last July.

With this latest financing, Fatura will be able to expand its services beyond e-commerce and digital financing.

Fatura was launched in 2019 as a platform that connects FMCG retailers to a network of manufacturers and wholesalers across various industries.

Through its mobile application, the e-commerce marketplace leverages underused assets already owned by wholesalers and uses technology to resolve existing supply chain inefficiencies for all relevant stakeholders including retailers, wholesalers, and manufacturers.

 3- Ziina (UAE)

UAE-based payment app Ziina has raised $7.5 mn in new funding and plans to use the investment to finance its expansion into Saudi Arabia.

Ziina describes itself as a peer-to-peer (P2P) payment app, allowing users to send and receive payments with just a phone number. The company was founded last year by Faisal and Sarah Toukan, and Andrew Gold and was planning to use the new funding to expand its operations into Saudi Arabia and Jordan by 2022.

4- Nejree (Saudi)

Saudi-based e-commerce platform Nejree has raised $15 mn in a Series A round.

Nejree adopts the try now buy later (TNBL) model, which closes a critical gap in the virtual showroom experience.

Using big data and AI technology, the e-commerce startup aims to deliver the best user experience at scale.

The new investment will allow Nejree to scale its operations, grow its “Nejree Closet” into more categories and brand offerings, and access new markets.

5- Five Colors (Saudi)

Saudi-based video production company Five Colors raised $1.3 mn via crowdfunding platform Scooper. Total funding raised through the crowdfunding platform so far reached $2.7 mn.

Five Colors has served over 512 clients, fulfilled 2,345 projects, and produced 542 films. The startup also has offices in Abu Dhabi and the US. 

Five Colors looks to bridge the supply-demand gap in the creative industries by facilitating the local production of films. The company is currently in the process of developing an app to operate as a marketplace that connects creators to prospective clients.