Mashreq, the Dubai lender controlled by the Al Ghurair family, has invested $10 million in UAE-based FinTech start-up Cashew, becoming the latest to tap into a rapidly expanding ‘buy now, pay later' (BNPL) sector.
Founded in 2020, Cashew offers its services in the UAE and Saudi Arabia — the Arab world’s largest economies — through an app and a web-based platform.
As part of the investment, Cashew’s payment platform will be integrated as an option on the acquiring network of Neopay, the payments subsidiary of Mashreq. The lender will also support the start-up to launch in Egypt — the Arab world’s most populous economy — in the last quarter of this year.
In March, Mashreq carved out its payments arm into its new division Neopay, in an effort to help businesses handle credit and debit card payments amid a pandemic-fuelled e-commerce boom.
“Our partnership with Cashew will lead the way for the future of financial services in the region,” Mashreq’s group chief executive Ahmed Abdelaal said.
“We will leverage the full network of Mashreq merchants and consumers to provide our ecosystem with the most ubiquitous and flexible BNPL options in the market,” Mr Abdelaal said.
Mashreq's investment is part of a larger funding round that involves other investors as well, Cashew said, without disclosing further details. Since its inception, the FinTech start-up has raised nearly $10m.
BNPL platforms allow consumers to make purchases without paying the full amount upfront, avoiding the use of credit cards and hefty interest charges. Merchants are still protected through credit risk checks, late fees and blocks on customers who have defaulted.
Consumers can choose to split payments into instalments or simply delay them by weeks to months without any hidden fees, while merchants are paid in full upfront.
The BNPL concept is gaining in popularity across the world and has been disrupting the payments industry, buoyed by consumers' fragile personal finances amid the pandemic-induced economic headwinds.
By 2025, the industry is expected to grow 10 to 15 times its current volume, topping $1 trillion in annual gross merchandise volume by some estimates, according to a report by New York data research consultancy CB Insights.
Nearly $4 billion was invested in BNPL companies last year — up from $1.7bn in 2020, according to Crunchbase.
In the Middle East, platforms such as Dubai-based BNPL start-up Tabby raised $50m last year while Saudi Arabia's Tamara raised a record $110m in a Series A round.
In September, Abu Dhabi Islamic Bank, the emirate’s biggest Sharia-compliant lender, partnered with Dubai-based digital payments provider Spotii to launch a virtual BNPL prepaid card in the UAE.
“Mashreq is one of the most respected banking brands in the region, so they will bring our customers many benefits as we continue to grow our service offerings … this partnership will give consumers the largest merchant network to shop at, larger ticket size and the ability to pay over longer terms,” said Cashew co-founder and chief executive Ammar Afif.
“We can only accomplish these goals for our customers by partnering with respected financial institutions like Mashreq that understand and want to be a part of the growing BNPL segment,” he added.
Under the partnership, Cashew and Mashreq will offer new products to the market including longer tenure and higher ticket size BNPL options for consumers, the companies said in a joint statement.
They also plan to introduce point-of-sales lending options in the region later this year. It will allow consumers to opt for BNPL but with larger tenures such as six or 12 months.
The UAE's BNPL volumes are expected to jump 71 per cent on an annual basis this year, Mashreq’s senior executive vice president and group head of retail banking Fernando Morillo said.
“This is yet another prime example of the partnerships we can forge with innovative FinTech operators, who share our mission to deliver a safe and seamless payment experience for our customers.
“We eagerly await the roll-out of further services as we continue to empower our customers with more choice and convenience in the UAE and in the future, across Egypt,” said Mr Morillo.
Established in 1967, Mashreq, like its peers in the Middle East, is pivoting towards digital banking and is reducing the number of physical branches to cater to a young, tech-savvy demographic that typically opts to complete its transactions online.
Source: The National News
UAE-based fintech Spades, has raised $2.5 million in investment from European angel investors, including Thibaud Elzière, Eduardo Ronzano and Yan Hascoet, Othmane Bouhlal and Omar Benmoussa.
Founded in 2021 by Mehdi Chraibi, Adnan Haque and Sameer Poonja, Spades is a dine-in payment service for restaurants where customers can pay their bills at the table with no need for app downloads, registrations or setup fees.
The new investment will fuel Spades’ expansion in the UAE and other GCC countries.
Press release:
There’s no denying that the Middle East is growing fast and its restaurant scene is growing even faster. Dining in the UAE means exploring one of the most diverse, vibrant, and delicious food destinations on the planet. Restaurants are increasingly turning to Spades to keep up with dynamic demand while providing a seamless checkout experience for dine-in customers to pay their bills.
Spades was founded by Mehdi Chraibi, Adnan Haque, and Sameer Poonja after successful careers building digital products used by millions of users at VISA, Emirates Airline, Oracle, Millicom, and Rocket Internet. The team is backed by executives with leadership roles at global Payment Service Providers (Adyen, VISA & MasterCard), Cloud Kitchens, and multiple Hospitality Houses in the Middle East.
Their oversubscribed angel round of $2.5M also included prominent European business angels, such as Thibaud Elzière (Founder, Fotolia & eFounders), Eduardo Ronzano (Founder, KelDoc & Managing Partner, Secret Fund), and Yan Hascoet, Othmane Bouhlal, Omar Benmoussa - the Founders of Chauffeur Privé - Kapten (acquired by Free Now), which was closed with early investments from global & regional VCs such as Nordstar and Impact46.
The fintech payment startup has already signed over 150 restaurants in its first 12 weeks and launched with major brands in UAE such as NOLA, Couqley, Alaca, and The Sum of Us. The company is growing fast and recruiting multiple roles across the board this year to cope with its expansion in the GCC and beyond.
How it works:
Spades allows guests to easily pay their bill by scanning a code or tapping to pay, without any downloads or registration, translating into shorter wait times. Trustworthy, and reliable, the platform provides the fastest and most secure payment solution that integrates seamlessly into all major POS systems, making refunds and reconciliation just a click away.
Partner restaurants have already reported doubling their staff tips, turning tables faster, saving trees, and improving guest service. With a solution that caters to both restaurants and customers, Spades is set to revolutionize F&B in the region with just a quick scan and a couple of taps!
Customer journey:
A simple tap to pay or QR code scan allows diners to conveniently and securely clear bills at partner restaurants. The solution also allows diners to split the total bill with friends and add their own tip individually for staff, while paying using their method of choice.
Customers can receive a digital receipt for their records and also review their experience. Through its partnerships, the platform integrates seamlessly with all major POS systems making transactions, refunds, and reconciliation just a click away.
Human-centric approach:
While other like-minded rival technologies create a disconnect between customers and restaurants, Spades has a human-centric approach to challenge the status quo by increasing engagement throughout. The actual order is still placed in person with the wait staff which has been designed to ensure customers continue to get a chance to interact with their server and seek the right dine-in experience, an issue widely encountered by other online ordering platforms.
The automated end-to-end payment integration with any Point of Sale removes all manual errors and simplifies daily reconciliation. By bringing payment to the table, customers can now choose traditional forms of payment or use Spades directly from their phone.
Co-founder of Spades, Adnan Haque said, “With Spades, we have created a seamless payment portal that is fast, secure, and convenient. Our goal is to give back time to customers and restaurants, and create a perfect "phy-gital" harmony that helps achieve an exceptional dine-in experience.”
Investment Associate at Impact46, Saud Alsahaf said, "F&B is an important industry in the local market, and Spades is offering a powerful digital solution to improve the experience for all stakeholders in the value chain. We look forward to making Spades the standard for restaurant payment."
Co-founder and Managing Director of NOLA Social House & Eatery, Alex Economides said, “Since starting with Spades we’ve noticed our staff having more time to engage with guests at the end of their dine-in visit.
Rather than running around at peak hours printing bills and collecting payments. Exceptional service has always been one of the WOW factors at Nola, so with Spades’ efficient and convenient payment method we see a perfect fit.”
source: Wamda
Kuwait-based e-grocery platform Raha, has announced its launch after raising a $6.7 million Seed round led by a group of regional and international investors.
Founded in 2020 by Saleh Al-Tunaib, Raha delivers groceries, fresh produce, and other household essentials. The startup operates out of automated micro-fulfilment centres and controls the full cycle of grocery delivery logistics from procurement to last-mile delivery.
Press release:
Raha, the region’s newest e-grocery platform, has announced that it has officially launched in the Kuwait market, with its app now available on all Apple iPhones and Samsung Android devices.
An innovative homegrown concept, Raha is the Middle East’s first pure-play, fully automated e-grocery platform - offering a full range of groceries, fresh produce, and household essentials. It also features Kuwait’s first fully automated robotics-fulfilment centre, and one of the first centres of the kind globally with a chilled warehouse capability.
Developed by global warehouse automation specialist, Swisslog, the centre serves as the core foundation of Raha’s technology-driven operational model and fully automated, data-driven intralogistics system – featuring the AutoStore solution; an innovative automated material handling solution that uses robots on top of an aluminium grid system to store and locate goods, efficiently delivering them to pick stations for processing.
Conceived as a digital operation first and foremost, Raha is making a huge investment in its technological infrastructure and completely self-serving operational model, including the robot-led fulfilment team and in-house preparation of all fresh items.
Raha’s easy-to-navigate smart platform leverages users’ data and insights to provide a personalized customer journey unlike any other in the market, with made-to-order items, easy step-by-step customization, tailored recipes, and an impressively wide range of varieties across all product segments.
According to the Co-Founder and CEO of the company, Saleh Al-Tunaib, Raha’s investment in technology and innovation did not come as an added value extension of the business, but rather has been the driving notion at the heart of its conception and service model from the very beginning. “From the outset, the goal was to develop a pure-play digital retail operation that combined operational excellence with a simplified, intelligent user experience.
Every step of the customer journey – from first log-in to final order delivery – has been carefully designed to deliver maximum convenience. We wanted to translate and elevate the traditional grocery experience at its absolute best to a seamless digital experience,” said Al-Tunaib.
Raha’s heavy investment in the infrastructure of both its software and product technology built a self-serving operational model that is now Kuwait’s first robotic fulfilment centre.
Concurrently, Raha successfully launched a fully-automated chilled fulfilment centre - making it one of the first of its kind globally. This achievement introduces to the entire region the emerging trend of intralogistics, which is proving to shape the future of the eCommerce industry worldwide.
With a core commitment to hit quality and freshness benchmarks across every order, Raha employs a completely temperature-controlled and precise process. The full cycle of logistics - from procurement to last-mile delivery - is systematic and precisely controlled. Dedicated areas for the in-house preparation of meats, poultry, fish, and deli items offer consumers unparalleled freshness when coupled with Raha’s unique indoor dispatch area.
Their trained fleet carries out the last-mile delivery that is route-optimized and time-efficient to complete the full cycle, seamlessly inserting Raha’s redefined grocery experience into the online commerce space that users are increasingly migrating to today. Additionally, Raha offers a nutritionally categorized assortment to fit all lifestyles and a unique feature in the form of Raha Recipes: a one-click add-to-cart recipes component, with recipes produced in-house using only items available in the app.
"Delivering this next level, seamless modern grocery delivery experience is credited also to Swisslog's adept implementation of AutoStore that propelled us past the traditional warehousing and fulfilment systems currently present in our landscape,” added Al-Tunaib.
On his part, David Dronfield, General Manager of Swisslog Middle East, noted: “The micro-fulfilment centre designed for Raha is the first automated micro-fulfilment centre (MFC) implemented in Kuwait, with a system designed in such a way that order capacity per day can be effectively doubled through the ease of expansion our solution provides.”
Customers are offered unparalleled flexibility and convenience by building a system that not only caters to both chilled and ambient products but that is designed to execute both express and scheduled delivery.
Evidently, the pandemic present at the time of the envisage and conceptualization of the partnership played a role in the final desired outcomes and vision.
Though Kuwait was under lockdown, a tremendous work ethic and solid collaboration between Swisslog and Raha made possible the timely and successful implementation of the system, overcoming the pandemic barriers through our joint efforts.
It serves to note that Raha was created and designed by a diverse team of driven young talents, who bring with them wide-ranging expertise and experience in the fields of grocery retail, e-commerce and tech development in the region.
The company has completed its seed round of funding, with an impressive capital of USD 6.7 million raised by Saudi and Kuwaiti backers, as well as international VCs.
source: Wamda
Egypt-based fintech Khazna, has raised a Series A round of $38 million in equity and debt, with the equity investment led by Quona Capital with the participation of Speedinvest, Nclude, Khawarizmi Ventures, Algebra Ventures, Accion Venture Lab, Disruptech, AB Accelerator by Arab Bank, and CVentures, among others. The debt financing was provided by Lendable.
Launched in 2020 by Omar Saleh, Ahmed Wagueeh, Fatimah El Shenawy, and Omar Salah, Khazna aims to serve underbanked Egyptians who have little access to formal financial services, including general-purpose credit, buy now pay later (BNPL), and bill payment.
The new round will allow Khazna to ramp up its efforts to replace informal cash-driven alternatives across Egypt.
Press release:
Khazna, a Cairo-based financial Super App that offers easy to use, technology-driven financial services to Egypt’s underserved consumers and micro-businesses, announced today it has raised a Series A round of $38 million in equity and debt, with the equity investment led by impact investor Quona Capital with the participation of Speedinvest, Nclude, Khawarizmi Ventures, Algebra Ventures, Accion Venture Lab, Disruptech, AB Accelerator by Arab Bank, and CVentures, among others. The company’s debt financing is provided by Lendable, while the Arab Bank Egypt is the Security Agent facilitating the transaction. The round comes as Khazna ramps up its efforts to replace informal cash-driven alternatives across Egypt, pairing a digital native solution with an innovative business model.
Khazna’s super app caters to 50% of Egyptians who are active smartphone users and lack access to formal financial services. Khazna currently offers General Purpose Credit, Buy Now Pay Later (BNPL), and Bill Payment. The company’s vision is to digitise cash transactions across Egypt, in response to the Central Bank of Egypt’s recent push for financial inclusion and a “less-cash” framework.
Khazna launched in 2020 with an Earned Wage Access product that has since grown into the multi-product offering available today. Khazna’s leadership team is composed of former executives from World Remit, Valeo, Uber, CIB, Jumia, Match Group, and Arqaam Capital.
“The unprecedented evolution of Egypt’s nascent fintech industry is a testament to the significant efforts by the Central Bank of Egypt towards financial inclusion and a less-cash society. We are aligned with CBE’s vision and Khazna at its core believes that world-class financial services should be available to all. We are combining cutting-edge technology and relentless user obsession to build the best experience for our users,” said Omar Saleh, Khazna’s co-founder and CEO. “We continue to experience exponential growth in network effects created by our 150k+ active users, our partners, and Egypt’s largest merchants.”
Khazna represents Quona Capital’s second investment in Egypt. “In just two years, Khazna has scaled and monetised quickly and is already a market leader in the push for financial inclusion for the 35 million underbanked in Egypt,” said Monica Brand Engel, co-founder and Managing Partner at Quona. “Empowering consumers and micro-businesses with Khazna’s convenient, user-centric, and the transparent financial super app can enable millions across Egypt to gain greater control over their financial lives. Quona is incredibly excited about Khazna’s roadmap to be the category-leading digital super app for inclusive finance in Egypt.”
“We have been following the Khazna team since its launch in Egypt and have seen the business gain clear traction resulting in a fast scaling product offering,” said Suresh Samuel, Lendable's Deputy Chief Investment Officer. “As Lendable continues to grow our presence providing scalable debt financing to fintech in Egypt, we are excited to support Khazna’s work in providing increased access to financial services for the underserved in Egypt.”
Arab Bank has been appointed as the Security Agent to enable Khazna’s debt facility from Lendable. “Supporting Khazna was a natural step for Arab Bank as a strategic investor to facilitate the company’s growth,” said Ahmed Ismail Hassan, Country Manager at Arab Bank – Egypt.
Khazna has raised a total of $47 million since the company’s inception.
source: Wamda
Egypt-based logistics platform Naqla, has raised $10.5 million in a pre-Series A round led by El Sewedy Capital Holding (SCH), Hassan Allam Holding (HAH), and the Sallam Family.
Founded in 2017 by Sherif Taher and Samer Sallam, Naqla is a trucking technology platform and marketplace connecting truck owners with cargo companies.
Naqla will use the proceeds to advance its technology and digitise the freight process and position the company for growth and development in 2022.
Press release:
Naqla, Egypt’s trucking technology platform and marketplace connecting truck owners with cargo companies, has raised $10.5 million in a pre-Series A round. The round was led by major investors El Sewedy Capital Holding (SCH), Hassan Allam Holding (HAH), and the Sallam Family.
Naqla’s core mission is to modernise and expand Egypt’s supply chain through technology by automating orders between shippers and drivers through its two main apps.
Naqla has seen rapid growth into 35+ active zones, overseeing the movement and delivery of over 4.6 million tonnes of cargo since its establishment in 2017, and is currently working with more than 400 shippers and 10,500 drivers across Egypt.
Naqla’s business model addresses the historically underserved road freight sector in Egypt, which has grown in importance since the start of Covid-related supply-side constraints. Businesses are continuously looking for further efficiencies in inland transport from Egypt’s major entry and exit ports to maintain the flows of goods within their supply chains.
The rapid growth of Egypt’s construction and consumer goods industry has meant demand for trucking continues to rise, with employees in the sector now making up 2% of the labour force, or 3-4% of GDP - $13 billion in Egypt and $45bn across the Mena region. Many of the 1.5 million trucks in Egypt are owned by individual drivers, whom Naqla aims to onboard onto its Carrier ecosystem, consisting of road assistance, finance, insurance, health care and maintenance.
Naqla will use the proceeds of this investment to invest further in its commitment to advancing technology and digitization, positioning the company for growth and development in 2022.
Since establishing the business in 2017, founders Sherif Taher and Samer Sallam have expanded Naqla into a 165-person organization spread across all the major country locations while integrating several strands of technology and instant pricing to provide an exceptional first-class consumer experience for both shippers and truckers.
Sherif Taher, Co-Founder and Chief Executive Officer of Naqla, commenting on the fundraising, said: “We are now perfectly positioned to grow our digital logistics offering and market presence, bringing a much-needed technology infrastructure to the badly served Egyptian logistics and trucking industry, at a critical time in the country’s economic growth. We thank our investors for their part on the Naqla journey – this investment will enable rapid acceleration of our business and our planned vertical expansion into our new segments.”
Farouk Kadous, Board Member at El Sewedy Capital, added: “We’re thrilled to join Naqla on their journey towards a destination of completely changing the infrastructure of logistics in the region. We have tremendous expertise in the infrastructure space, and this investment will increase the synergies between our different portfolio companies. We love the leadership team at Naqla and are not just betting on the market size, but on their grit and vision.”
source: Wamda
Tunisia-based IoT energy management solution Wattnow, has closed a $1.3 million pre-Series A funding round, led by Katapult Climate and 216 Capital, with participation from Launch Africa Venture alongside Cross Boundary, Oman Technology Fund and a business angel from Saudi Arabia.
Founded in 2018 by Issam Smaali, Wattnow helps companies optimise their energy usage and extend the lifetime of their assets in order to reduce costs and their carbon footprint.
Wattnow will deploy the new funding into boosting its local sales and expand outside of Tunisia, targeting markets in Africa and the Middle East.
Press release:
Wattnow, an African Tunis-based IoT smart energy management solution, closed a $1.3 million pre-Series A funding round with the participation of international and local reputable investors.
The investment round was led by Katapult Climate; Norwegian climate impact fund and 216 Capital; the newly incorporated VC fund in Tunisia; with the participation of Launch Africa Venture; Africa’s most active investors; alongside Cross Boundary; international advisory and investment firm and a strategic Business Angel from KSA. The round also recorded a follow-up investment coming from Oman Technology Fund, a historical investor of Wattnow.
Established in 2018 by Issam Smaali, Wattnow helps companies take control and optimise their energy usage and extend the lifetime of their assets in order to reduce costs and carbon footprint. The core mission is to make a robust and accessible energy efficiency technology for both industrials, commercial buildings and corporations.
“In a world where energy costs are increasing week after week, Wattnow's platform and technology have the potential to help businesses significantly reduce their energy bill but also their impact on the environment. We are very excited to support Issam and the Wattnow team in their exciting journey,” said Dhekra Khelifi, Partner at 216 Capital.
Despite the pandemic, the startup managed to keep its exponential sales growth, scoring market leaders in its portfolio all coming across several sectors, such as retail, telcos, or banks, and industries, such as aeronautics, cement plants, or even pharmaceuticals.
Besides boosting local sales serving a variety of segments, Wattnow will be deploying a part of the funds into its internationalisation, targeting markets in Africa and in the Middle East, while always keeping an eye on where the environmental impact can be the highest.
“This round will play a major role in helping us take Wattnow to the next level. As a 100% Tunisian startup, the whole team is very proud to have been able to make it to this stage, and the best is yet to come,” said Issam Smaali, CEO of Wattnow.
Previously, the startup was supported by regional investors including Flat6Labs, Kepple Africa Ventures, Oman Technology Fund, and a selection of business angels from the Bridging Angels network.
source: Wamda
- Iraq-based super app Baly, backed by Germany’s Rocket Internet has closed a Seed round of $10.5 million from Kingsway Capital, MSA Capital, Global Founders Capital, Vostok Ventures, Majid Al Futtaim and March Holding. It is the largest financing round for an Iraqi startup and Rocket Internet’s first foray into the country.
- Founded in 2021 by Munqith Alazzawi and Matteo Mantovani, Baly launched its first ride-hailing service in Baghdad last month. It plans to launch additional services like food and grocery delivery over the next few weeks.Super apps have been gaining traction across the Middle East, attracting $158 million in investment in 2021.
Press release:
Baly, Iraq’s first superapp, announced today the closing of the largest seed round in the tech history of Iraq. The company, backed by Germany’s Rocket internet, raised USD 10.5 million from Kingsway Capital, MSA Capital, Global Founders Capital, Vostok Ventures, Majid Al Futtaim and March Holding. The amount and the class of participating investors signals strong confidence in the team and model in a still nascent market.
Baly launched ride-hailing as its first service in Baghdad last month, and already boasts thousands of rides each day. In the next few weeks, additional services, like food and grocery delivery, will go live and Baly will expand to cover more cities in the country.
Arnd Lodowicks, CFO of Rocket Internet, stated: “Baly is for us a world class team in an extremely exciting and promising market. We are looking forward to supporting the company on its mission to become the leading super app of Iraq.”
Founding team member Munqith Alazzawi said: “We are thrilled to announce the closure of our first funding round, just weeks after launch. These funds will accelerate our expansion across the country and support the start of further business lines including food-delivery in the coming weeks.”
According to the company, Baly has already attracted more than 70 employees, including some of the best local and global talent from McKinsey, INSEAD, Cambridge University, Baghdad University and Tsinghua University.
Managing Director Matteo Mantovani highlighted: “Iraq is home to 40 million people, with over 90 per cent smartphone penetration amongst those aged 17-40. With a young, urbanised population, it is the perfect place to revolutionise the economy through digital services.”
Surce: Wamda
- Egypt-based social commerce platform Brimore has raised a $25 million Series A round, led by the International Finance Corporation (IFC) and Endure Capital, with participation from Fawry, Flourish, Endeavor Catalyst Fund and the startup's existing investors including Algebra Ventures, Disruptech, Khawarizmi Ventures and Vision Ventures. This marks the IFC's first-ever direct investment into an Egyptian startup.
- Founded in 2017 by Mohamed Abdulaziz, Ahmed Sheikha, and Mahmoud Refaay, Brimore enables small businesses to get their product out to the mass market by connecting them with to wide network of distributors across Egypt.
- The company plans to deploy the funding to expand its product offerings, grow network suppliers and accelerate its expansion across Africa.
Press release
Brimore, Egypt’s largest social commerce platform, has closed its Series A round of $25M, led by the International Finance Corporation (IFC) and Endure Capital with participation from Fawry, Flourish, Endeavor Catalyst Fund and existing Brimore investors including Algebra Ventures, Disruptech, Khawarizmi Ventures and Vision Ventures. The fresh funds will be used to grow its products and suppliers and expand across the continent to become the leading social commerce app of Africa.
Three years into its foundation, Brimore was able to grow 400x, build a massive network of almost 75,000 resellers to cover 27 cities within Egypt, with a focus on rural and remote areas. Brimore uses its unique infrastructure and proprietary technology to avail market penetration opportunities to emerging brands owners. Brimore enables its sellers, who are mostly women, to unlock an alternative and flexible income method and become local business leaders through their custom solutions of online and offline sales channels.
The new capital will fuel Brimore’s growth within the next year, growing its network of sellers and suppliers 4x, doubling the number of its employees and increasing the number of products sold three-fold. By 2023, Brimore aims to operate in three countries and strengthen its physical logistics capabilities.
“In the past three years, we’ve focused on building a smart and reliable infrastructure that enables the masses to do their commerce businesses, wherever they are, and whatever they have,” said Mohamed Abdulaziz, Brimore’s CEO and Co-Founder. “We’ll be using the fresh fund to scale our infrastructure, enabling many more people to continue their journey of 50x growth by 2023, and opening this gate of hope and opportunity to other people in African markets.
Ahmed Sheikha, Chief Business and Investment Officer and Co-Founder at Brimore added: “Our ambition is to create a global model where market access is democratized through the power of people. Our promise is that we will use technology, operations and creative financing models to make it true.” Brimore isn't only about online reselling, it commoditizes trust, allowing brands to reach all types of audiences, and helps resellers sell online and offline, especially in areas with minimal internet penetration.
Walid Labadi, IFC’s country manager for Egypt, said: “IFC is excited to support Brimore as a leader in social commerce in Egypt. This is our largest direct investment in social commerce so far,” said Walid Labadi, IFC’s country manager for Egypt. “IFC’s co-lead investment in Brimore aims to help the platform continue to democratize access to e-commerce, increase economic opportunities for women, and support the development of the local manufacturing sector in the country.”
Tarek Fahim, Managing Partner at Endure Capital, said: “Every decade, comes a company that fuses technology, operations excellence, and human capital to unlock unprecedented impact and value. We are proud to be Brimore's first and continuous partner in their mission of building the infrastructure and technology for social commerce in Egypt and Africa, to change the lives of their partners, especially women who aspire for a better future for themselves and their families.”
Tarek Assaad, Managing Partner at Algebra Ventures said: “As Brimore experienced explosive growth over the past three years, Algebra has worked closely with the company to support in strategic and operational areas, especially recruitment, which is a key area of focus at Algebra. We came in on the first round of investment and invested in every subsequent round, to ensure that the growth momentum stays on track. We are delighted to see such a strong group of investors, many of whom have co-invested with us in the past, coming into the company. I am humbled by how Mohamed and Ahmed have grown as leaders and continue to drive the execution and vision of the company forward.”
UAE-based digital authentication startup Nice to Meet You (NTMY), has raised a $1 million Seed round to hire new talent and improve its customer experience.
Founded in 2018 by Mohamad Baydoun, NTMY provides its clients with a set of tools to use when authenticating employees, customers, and members.
Across the Middle East, startups working to ease companies' transition to the digital realm are rapidly gathering pace. UAE-based digital authentication startup Nice to Meet You (NTMY), has raised a $1 million Seed round, according to a statement issued today on the company's website.
Founded in 2018 by Mohamad Baydoun, the startup aims to help business owners minimise physical contact within premises. The company initially started off as a business card exchange process. Now, NTMY provides its clients with a set of tools to use when authenticating employees, customers, and members.
These include organisational IDs, access cards, membership cards, and insurance cards.
According to the statement, the new round will enable NTMY to hire new talent, enhance its tech stack as well as its customer experience.
A month earlier, FACEKI, a UAE-based facial recognition and identity verification platform also raised a pre-Seed round.
Source: Wamda
Jordan-based Arabic mobile games publisher Tamatem Games, has raised $11 million in a Series B funding round led by South Korea-based video game developer KRAFTON Inc.,with participation from Venture Souq, Endeavor Catalyst and existing investors including Wamda and 500 Global.
Founded in 2013 by Hussam Hammo, Tamatem works with international game developers to localise and publish mobile games in the Arabic-speaking market. The startup has leveraged 100 million game downloads, one million monthly active users and over 50 published games.
The investment will be used to fuel its expansion strategy across the region with initial focus on Saudi Arabia where it will hire local talent.
Plans of launching a gaming academy to train, educate and elevate employment in the industry are also on the horizon for Tamatem.
Press release:
Tamatem Games, leading Arabic mobile games publisher, raises $11 Million in Series B funding round led by South Korean video game developer KRAFTON, Inc. The round that was led by KRAFTON, Inc., makers of the phenomenally popular battle royale game PUBG, also saw participation from Venture Souq, Endeavor Catalyst and existing investors.
Tamatem has seen great successes since its launch, leveraging over 100 million game downloads and gaining widespread international recognition for its publishing efforts in the region.
With the investment in play and following its previous publishing successes, Tamatem plans on amplifying its efforts even further by bringing a wider selection of games with bigger and more popular titles to the Arabic speaking market. “The demand for relatable and enjoyable mobile games is higher than ever and our mission is to provide our region with the best gaming experience possible” CEO & Founder Hussam Hammo.
MENA’s leading publisher will also carry out its growth strategy of increasing its presence in the region by expanding offices in Saudi Arabia to hire local Saudi talent and have a stronger foothold in the country that harbors 70% of its users. Alongside its expansion efforts in Saudi Arabia Tamatem also plans to expand into more countries in the region.
Plans of launching a gaming academy to train, educate and elevate employment in the industry are also on the horizon for Tamatem in pursuit of pushing market growth and maturity. “Big things are happening for the mobile games industry in the region, we are reaping the rewards of our past successes and pushing forward with more experience and more grit.
We are at the tip of the iceberg when it comes to the massive potential of mobile games in MENA and I am always super elevated when more people invest in the industry and the region” - CEO & Founder Hussam Hammo Tamatem is recognised as one of the most funded gaming startups in the region, raising over $17 million in funding since its establishment in 2013.
Commenting on the investment, Anuj Tandon, Head (India and MENA), Corporate Development, KRAFTON, Inc. said, ‘We see huge potential in the MENA region and are happy to have started our investment journey here with a prolific publisher like Tamatem. We are committed to the MENA region and willing to take more bets in the overall Media and Entertainment Sector, and this investment is aligned with our efforts to strengthen our commitment to the startup ecosystem.
This is just the beginning of our many investments in this region.’ He further added, ‘As we continue our focus to provide the best experience for our MENA users of our various games including PUBG:NEW STATE, Tamatem’s deep understanding of the local landscape and this collaboration will be very helpful.’
Source: Wamda
