Translation By: Fairouz Alnajem
In August, start-ups in the Middle East and North Africa raised about $160 million through 44 transactions. Here are the top 5 transactions for Start-Ups in the region during August, noting that the following list does not include transactions which financing has not been announced.
First: Tabby Company
Country: UAE
Sector: Fintech
Establishment Date: 2019
Founder: Hossam Arab
Tabby, a fintech company specialized in the service of "Buy Now Pay Later", operating in Saudi Arabia and the United Arab Emirates, has received a Series B investment round worth $50 million, making it the largest investment round for a start-up in the United Arab Emirates, Middle East and North Africa in August. The company aspires to use the new investments to expand the Tabby product portfolio and launch it into new markets in the Arab Gulf states.
Second: Red Sea Farms
Country: Saudi Arabia
Sector: agricultural technology
Establishment Date: 2018
Founders: Ryan Lefers and Mark Tester
Red Sea Farms, an agricultural technology company, has raised an additional $6 million, bringing its pre-first funding round to nearly $16 million, led by a group of major Saudi and Emirati investors. Red Sea Farms' technology makes commercial farming of products using saltwater possible. The investment round obtained by the company will enable the company to accelerate the ability of Red Sea Farms to expand its operations in Saudi Arabia and the Middle East.
Third: Maxab
Country: Egypt
Sector: E-commerce
Establishment Date: 2018
Founder: Bilal Al Maghribi
Maxab e-commerce company obtained additional funding from its first financing round announced last July, and the size of the new financing amounted to about $15 million, bringing the total amount it raised during its first round to about $55 million, and it also announced its acquisition of WaystoCap, an e-commerce platform Based in Morocco, for an undisclosed value. Maxab offers its services to traditional retailing across Egypt, Maxab's services are to provide business intelligence tools that allow suppliers to accurately predict, monitor and control the impact of their strategies in real time.
Fourth: Tharwa
Sector: Fintech
Country: United Arab Emirates
Establishment Date: 2017
Founder: Mark Chahwan, Jad Sayegh and Nadine Mezher
Tharwa Fintech has secured $15 million in Series B funding. Tharwa aims to revolutionize how young professionals grow their fortunes by bringing smart, simple and affordable digital investment to the region. According to the company's press release, the new investment will support Tharwa in its growth and enables it to reach millions of other users.
Fifth: Mabaat
Sector: Real Estate
Country: Saudi Arabia
Establishment Date: 2019
Founders: Talal Bin Saleh Al Sorayai
Mabaat, which specializes in property management and operation in short and medium-term leasing operations, obtained through a seed investment round a total of $2.4 million. According to Mabaat's press release, it will use the new funding to raise awareness of its digital platform and enhance its value, both to property owners and guests
