March 28, 2024

Web and Technology News

Immensa, a MENA-based additive manufacturing and digital inventory platform, raises $20 million 

The global energy spare parts market is valued at over $90 billion, with the Middle East representing about 35% of this sector. This sector remains largely untapped by existing additive manufacturing and digital inventory platforms that have spread foo…

Chinese EVs have yet to succeed in Europe. The Middle East could be different

For Chinese electric car manufacturers, Europe has long been a priority destination for international expansion. With its affluence, environmental consciousness, and relatively friendly attitude towards China, the continent has attracted established players like BYD as well as emerging brands like Nio and Xpeng. Despite their ambitious plans, Chinese EV makers yet to achieve the level […]

Chinese EVs have yet to succeed in Europe. The Middle East could be different by Rita Liao originally published on TechCrunch

IFC launches $225M platform to back early-stage startups in Africa, Asia, Middle East

The International Finance Corporation (IFC) has today launched a $225 million platform to back early-stage startups in Africa, Middle East, Central Asia, and Pakistan. The IFC, a member of the World Bank, will through the platform make equity and “equity-like” investments in tech startups to “grow them into scalable ventures that can attract mainstream equity […]

IFC launches $225M platform to back early-stage startups in Africa, Asia, Middle East by Annie Njanja originally published on TechCrunch

Leanplum acquired by Clevertap as retention marketing platforms consolidate

CleverTap, a retention marketing platform which has raised $76.6M to date, is to fully acquire Bulgarian-originated but San Francisco-based Leanplum, a customer engagement platform which has raised $131.2M, for an undisclosed amount. The news was broken by South Eastern European startup news site The Recursive. Sunil Thomas, CleverTap Cofounder and Executive Chairman said: “Like many […]

Manara gets $3M to grow tech talent pool in the Middle East and North Africa

Edtech startup, Manara, has raised $3 million in pre-seed funding for its cohort-based training ­­platform geared towards growing the tech-talent pool in the Middle East and North Africa (MENA) region. Manara fashions itself as a social impact edtech startup offering training in computer science to anyone that qualifies for the program. While its students do […]

Egyptian fintech Paymob raises $50M led by PayPal Ventures and Kora Capital

Egyptian fintech Paymob, which enables merchants to accept digital payments online and in-store, announced today it has raised $50 million in Series B funding. PayPal Ventures, the global corporate venture arm of PayPal, New-York-based venture capital Kora Capital, and London-based Clay Point led the round. New participating investors include Helios Digital Ventures, British International Investment […]

Egyptian fintech Paymob raises $50M led by PayPal Ventures and Kora Capital

Egyptian fintech Paymob, which enables merchants to accept digital payments online and in-store, announced today it has raised $50 million in Series B funding. PayPal Ventures, the global corporate venture arm of PayPal, New-York-based venture capital Kora Capital, and London-based Clay Point led the round. New participating investors include Helios Digital Ventures, British International Investment […]

Tofino Capital reaches first close of $10M fund to back startups in frontier markets

Tofino Capital, a venture capital firm targeting early-stage startups in emerging markets, has launched its $10 million fund. It is announcing the first close of this fund at $5 million and hopes to achieve a final close nine months from now.   The firm, founded by Eliot Pence and Aubrey Hruby, wants to back startups in Africa, […]

The Food Lab, an Egyptian cloud kitchen provider, raises $4.5M pre-seed for expansion

Per reports, Egyptians spend about 30% of their income on food in a $17 billion restaurant industry, one of the largest in Africa and the Middle East. Yet restaurants in this North African nation operate on thin margins due to several factors, ranging from large initial investments and high cost of rent to increasing operating expenses […]

The Food Lab, an Egyptian cloud kitchen provider, raises $4.5M pre-seed for expansion

Per reports, Egyptians spend about 30% of their income on food in a $17 billion restaurant industry, one of the largest in Africa and the Middle East. Yet restaurants in this North African nation operate on thin margins due to several factors, ranging from large initial investments and high cost of rent to increasing operating expenses […]

Egypt’s Pylon gets $19M to scale software for water and electricity distribution companies

Pylon, an Egyptian infrastructure management platform for water and electricity companies in emerging markets, has raised a $19 million seed round. The round, a combination of debt and equity, was led by U.S.-based Endure Capital, which is backed by British International Investment (formerly CDC Group), the development finance institution of the U.K. government. Participating investors […]

Wale Ayeni, head of investments for IFC in Africa, Middle East and Central Asia, is leaving the firm

Wale Ayeni, the regional head of venture capital investments for the IFC in Africa, has left the International Finance Corporation (IFC), TechCrunch learned on Wednesday. Ayeni, who also led the firm’s venture capital efforts, more recently in the Middle East and Central Asia, is leaving after more than five years. The venture capital arm of […]

All eyes are on Swvl as it starts trading on a SPAC combination

Mass transit and shared mobility provider Swvl went public today in a landmark moment for Egyptian and Middle Eastern tech ecosystems. It’s also a test for the company going public despite a market that’s been unfriendly toward combinations with special purpose acquisition companies, or SPACs, of late.  The Egypt-born and Dubai-based company has listed its […]

Flutterwave backs UK fintech Dapio in $3.4M round for its contactless payments play

Dapio, the U.K.-based cashless payment solutions provider for businesses, today announced that it has raised $3.4 million to fuel the launch of its “Tap to Pay” solution for Android users in the U.K. and Europe. African payments giant Flutterwave co-led the growth round with Techstars. Daniel Gould, venture partner at Asymmetry Ventures, and PactVC participated. […]

Flutterwave backs UK fintech Dapio in $3.4M round for its contactless payments play

Dapio, the U.K.-based cashless payment solutions provider for businesses, today announced that it has raised $3.4 million to fuel the launch of its “Tap to Pay” solution for Android users in the U.K. and Europe. African payments giant Flutterwave co-led the growth round with Techstars. Daniel Gould, venture partner at Asymmetry Ventures, and PactVC participated. […]

Eksab gets $3M to scale its fantasy football platform across MENA and Africa

Football or soccer, the latter commonly used in the US, is the most popular and watched sport globally with over five billion football fans according to its apex governing body, FIFA. While the World Cup, its pinnacle event of football and arguably the world’s most popular sporting event, shows the popularity of the sport in […]

Eksab gets $3M to scale its fantasy football platform across MENA and Africa

Football or soccer, the latter commonly used in the US, is the most popular and watched sport globally with over five billion football fans according to its apex governing body, FIFA. While the World Cup, its pinnacle event of football and arguably the world’s most popular sporting event, shows the popularity of the sport in […]