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Startup Funding News from MENA: Innovations and Growth in Saudi Arabia, UAE, and Egypt

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Saudi Arabia’s Kaso Raises $10.5 Million in Seed Funding Round

Saudi Arabia’s startup growth ecosystem is thriving, with ventures like Kaso leading the way. The food technology company recently secured $10.5 million in a seed funding round. The investment came from a diverse group of regional and international investors, signaling a growing interest in the Kingdom’s entrepreneurial landscape.

Kaso’s business-to-business food and beverage marketplace, coupled with integrated payment solutions and credit facilities, is streamlining the industry’s supply chain processes, fostering digital transformation, and facilitating opportunities for restaurants in Saudi Arabia and beyond.

UAE’s Alma Health Raises $10 Million in Series A Funding

Alma Health, a healthtech startup based in the UAE, has successfully raised $10 million in a series A funding round. Specializing in direct-to-patient digital healthcare solutions for individuals managing chronic conditions, Alma Health is making a significant impact in the Middle East and North Africa region.

Co-led by Knuru Capital and Hambro Perks Oryx Fund, the funding will fuel Alma Health’s growth strategy, with a focus on expanding its operations in the lucrative Saudi Arabian market and entering new geographical markets.

Agthia Ventures Launches $54 Million VC Fund in UAE

In a strategic move to enhance its innovation capabilities and establish partnerships with startups, UAE’s Agthia Group PJSC has launched Agthia Ventures, a $54 million venture capital fund.

With support from its parent company ADQ, Agthia Ventures aims to invest in startups operating in the snacks and beverages sector, functional water and hydration, alternative proteins, sustainability solutions, e-commerce solutions for the food and beverage industry, and other enhancements that align with Agthia’s value chain. Touchdown Ventures, with its extensive CVC program experience, will co-manage the fund to ensure its impact.

UAE’s Nuwa Capital Leads Mascotte Health’s $1.2 Million Pre-Seed Round

Mascotte Health, a US-based startup specializing in tech-enabled support infrastructure solutions for veterinary clinics, has secured $1.2 million in a pre-seed funding round led by UAE-based venture capital firm Nuwa Capital. The investment will enable Mascotte Health to expand its range of services, particularly its virtual triage and customer experience enhancement, optimizing revenues for veterinary clinics without increasing their workforce. The funding round also saw participation from angel investors associated with major companies like Uber, Turo, and Airbnb.

Egypt’s EXITS MENA Receives Funding from US-based Practical VC

EXITS MENA, an Egyptian merger and acquisition advisory firm and investment platform, has received an undisclosed amount of funding from US-based venture capital Practical VC. Founded in 2022, EXITS MENA has facilitated six deals valued at over $10 million. The investment from Practical VC will support the firm’s continued growth and expansion in the Egyptian market and beyond.

Egypt’s Menthum Gains Pre-Seed Funding for its Fintech Platform

Egyptian fintech company Menthum secured pre-seed funding from Acasia Ventures and participation from A15 and other angel investors. Menthum’s digital savings platform offers individuals and companies the opportunity to invest in safe treasury bills through a money market fund. With the fresh capital infusion, Menthum plans to expand its team, acquire customers, build its brand, and develop its tech infrastructure. The investment further highlights the burgeoning fintech sector in Egypt and the increasing interest from investors in the region’s startups.


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