View this email in your browser
Strategic alliances and mergers are key to tough market conditions, and not just for startups. Modus Capital acquired Agile Ventures. Saudi Space Commission launches an accelerator program with Techstars. OECD wants to regulate crypto-asset reporting, and BitOasis enters the physical world with branded cards. 

💰 Startup Investments: $6.7M+ were invested across 9 startups this week; a slow week. This brings the total funding in October to $216.8M+ across 45 deals. 
Share with a friend Share with a friend


KarmSolar, Egypt-based solar energy company, raised $2.4M in funding from the Qatar National Bank ALAHLI. The company was founded in 2011 and will use the funding to expand its micro-grid and add more batteries to its network.

🚀  Quick Investments

Brexm, Saudi-based supply chain startup, announced a part merger with NTC, Saudi-based company focused on freight services for energy and maritime industries. The value of the deal was undisclosed. Brexm was founded in 2022 and had just announced a pre-seed funding round earlier this month (AR)

EMPG, UAE-HQ real estate portals group, raised $200M in funding led by Affinity Partners, and joined by KCK, Acacia Partners, and Prosus. The company was founded in 2015 and operates notable portals like OLX, Dubizzle, Bayut, Zameen and Lamudi. It says that this round is in preparation for a potential IPO in the near future, but no further details on time and potential listing location are provided.


Agile Ventures, Saudi-based startup studio, gets acquired by Modus Capital, US-based venture platform operating in MENA, value undisclosed. Agile Ventures was founded in 2016 and provides both corporate innovation programs as well as a venture builder. Modus Capital was founded in 2015 and provides corporate innovation, venture capital investing as well as operating a venture builder.


Classera, US-HQ Saudi-founded edtech startup, raised $40M in series A funding led by Sanabil Investments and joined by Global Ventures, Endeavor Catalyst, 500 Global, Sukna Ventures, and Seedra Ventures, as well as angel investors and global family offices. The startup was founded in Saudi in 2011 and has since moved HQ to the USA, and works with thousands of clients providing them with learning management solutions for schools, corporates, universities, and ministries of education globally.

Dogtooth Technologies, UK-based agritech robot maker, raised $581k (£500k) in funding from the Future Investment Initiative (FII) Institute. The startup was founded in 2014 and it develops fruit-picking robots with 70 currently deployed in Europe and Australia. The robot was created as a result of research by the Computer Vision & Robotics group at Cambridge University Engineering Department.

Shardeum, India-based crypto-exchange, raised $18.2M in seed funding at a $199.1M valuation from global investors including Ghaf Capital Partners (UAE). The startup was founded in 2017 and says it has served over 15M customers in India.



💰 Funds and Funding

The Saudi Space Commission launched an accelerator program in partnership with Techstars, the ‘Saudi Space Accelerator Program’, a 10-week pre-accelerator for idea-stage founders in the space and aerospace fields. Startups will receive a $16k non-equity grant as part of the program.

Beban, Bahrain-based equity crowdfunding platform and subsidiary of Hope Ventures, receives the Central Bank of Bahrain (CBB) license for crowdfunding activities.

Insure and Match Ventures (IM Ventures), Lebanon-based VC, announced the launch of the Scale Manufacture and Export Fund (SMEF), a $12M high-growth investment vehicle under the USAID Lebanon Investment Initiative (LII).

MoneyHash, Egypt-US-based B2B payments provider, has expanded its product to Nigeria, Kenya and South Africa by integrating with providers like; Yoco, Paystack and Flutterwave.

BitOasis, UAE-based digital assets wallet and exchange, partnered with Mastercard to launch a series of Crypto-powered cards in the region to facilitate the usage of cryptocurrencies at points of sale and online. The launch is subject to regulatory approval.

The Saudi Central Bank (SAMA) announced the licensing of a new eWallet service, Smart Digital Payment company (Tiqmo). Tiqmo is a Saudi-based eWallet that aims to provide users with P2P transfers, payments and other financial services. It is also a subsidiary of Ajlan & Bros Holding Group.


YouGov published ‘UAE & KSA Audience Profile: FIFA World Cup Qatar’, a report that highlights the demographics of residents in both countries with a breakdown of their intentions on watching the world cup live (in Qatar) or from their respective countries (at home). According to the report, 43% of 35-44 years olds surveyed in Saudi intend to watch the FIFA World Cup live, while 48% of 24-35 years olds in the UAE intend to do the same. The report shows the distinction between UAE and Saudi based consumers, as 49% of Saudi-based respondents say they pay attention to leaflets handed out in malls, while 66% rank trailers they watch in the cinema as the most noticeable advertising medium.

Saudi’s Ministry of Investment published ‘Investment Highlights Q3 2022’, which highlights the economic performance of the kingdom in Q3 as well as strategic alliances and partnerships as well as highlighting the Global Supply Chain Resilience, Initiative (GSCRI) that focuses on improving the supply chain of the country and its trade partners.


The Organisation for Economic Co-operation and Development (OECD) published the ‘Crypto-Asset Reporting Framework and Amendments to the Common Reporting Standard’. The framework presents global unified reporting standards to present tax information, as well as support anti-money laundering standards.

🇹🇳 Tunisia issues a law that mandates public procurement to reserve 10% of the expected value of contracts for research, works, and the provision of products and services each year for the benefit of startups.


ZainTech, Kuwait-HQ digital and ICT services arm of Zain Group, will fully acquire Bios Middle East, UAE-HQ managed cloud provider, with operations in the UAE, Saudi and Oman. The value of the acquisition is undisclosed and is subject to regulatory approval.

📩 Are you enjoying the newsletter?

Absolutely      It was Ok      Not Really 

If you have any feedback reach out to us by replying to this email.
Have a great weekend! 🌞
To get daily updates subscribe to
MENA’s Digital News channels on 
Telegram or Whatsapp
Copyright © 2022 Digital Digest, All rights reserved.