It’s no secret that the MENA region is one of the hotcakes for global investors when it comes to funding suitable start-ups. Almost every month many exciting startups are receiving investments to expand their business and improve their operations. The April/May period was no different, and quite a few startups have received desired investments from globally renowned investors. We are going to have a look at some of the most hyped investments that took place over April-May in the MENA region. MENA region’s attractiveness as a startup hub was fueled by recently made key government decisions. That’s why number of startups that have received funding has increased by quite a margin. Many of those companies received funding through MAGNiTT’s platform. During the period of April and May, MAGNiTT has received a total of 420 applications.
Notable startup investments in April and May
It is great news that so many of startups have received investment during this period, so we had to cherry pick a few for our list. We’ll go through a few honorable mentions once we are done with the shortlist.
- XPay: XPay is an impressive FinTech startup based in Cairo. XPay inspires communities to go cashless with their community management platform as well as the mobile application. XPay enables universities, gyms, schools, residential compounds, social and sports clubs and many other different types of communities to set up their offerings and collect payment online. The users of XPay’s mobile application enjoy making payments in minutes using their mobile wallet or debit/credit cards. XPay has raised $250,000 in pre-seed funding from two angel investors. Previously the company had raised investments from EFG EV Fintech, a FinTech focused accelerator in Egypt.
- YaLLa Esports: The renowned Dubai-based esports startup has received a healthy sum of seed funding round from a group of strategic investors. Kushal Shah, partner at Roland Berger’s Dubai office, is the leader of the round as a super angel investor. YaLLa Esports was founded back in 2016, by Finnish-born Klaus Kajetski, with a view to capitalizing the esports sector’s raising popularity across the globe.
- Ajar Online: Ajar Online is a cloud service that provides property management tools to simplify online rent payment and collection process. This platform is very convenient for both the landlords and the property renters. This helps the landlords to make the right decisions regarding their property, as they can understand the rent collection performance and financial position without that much hassle. Ajar Online became a part of the third batch of MENA Dojo program by 500 Startups. All the participants of the MENA Dojo receive $150,000 in investments, along with mentoring and support. They applied for investment via MAGNiTT.
- Garment IO: Garment IO, the plug and play software/hardware solution, has also become a participant in the MENA Dojo program. Garment IO provides garment factory managers and owners with a total overview of the production process, cost calculations and labor performances. Factory managers and owners can make effective decisions regarding their production methods in order to increase productivity and production quality with the help of Garment IO. Garment IO has secured a funding of $150,000 from 500 Startup. They have applied using MAGNiTT’s platform too.
- Jobedu: The last entry in our shortlist is also a participant of the MENA Dojo program. Jobedu has seen enormous growth over the last few years and secured partners with the likes of Warner Bros, Disney, Star Wars, DC, Marvel, Universal Studios and Viacom. This streetwear brand connects the locally-relevant designs with the global culture and standard. With an army of amazing designers, Jobedu has the potential to become one of the best pop culture e-commerce destinations not only in the MENA region, but also the whole world. It’s quite certain that Jobedu is going to make great use of the $150,000 in funding from 500 Startups.
Funding for many other startups
So many companies have secured investment during April and May, and we’d like to mention a few other companies that have received investments by showcasing their innovative ideas. Some of these companies are: IT Solutions company ADGS Computer System, marketing firm Araby Ads, bus-sharing application Buseet, online invoicing platform Fatora, influencer marketing platform Keepface and Travel Tech company Tripdizer.
The companies that have received funding over the course of last two months are from a diverse range of industries and backgrounds. All the business sectors of the MENA region are becoming very attractive investment options for investors. It is noteworthy that many of these companies have received funding via MAGNiTT’s platform.
Factors behind funding
Many government initiatives have contributed heavily towards the growing startup culture in the MENA region. The governments of UAE, Saudi Arabia, Egypt and quite a few other countries are making it easier for foreign investors to invest more in local startups. Also, foreign expats are being offered extended visas and permanent residency so that they can relocate in the region and think long term with their businesses. For example, UAE government’s Golden Card scheme and Saudi Government’s new Privileged Iqama Schemes are noteworthy.
Discover the most responsive investors on MAGNiTT
Now it is possible for startups that are looking for funding to find their most suitable investor, with MAGNiTT’s new feature. We’ve made it better for you to apply for funding by introducing a feature that allows you to increase chances to get a response from investors. The new feature named ‘response rate’ will tell the startups how responsive each investor is. Now startups won’t have to wait too for getting responses from the investors, as they can choose most responsive investors who are active.
Even though the addressed time period was supposed to be quite due to Ramadan, it definitely was not. The investors as well as the startups are not holding back and making great progress. This culture will definitely boost the MENA region’s economy in the long run.
Want your share of the pie of investment? Apply now on MAGNiTT!