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CAIRO: UAE-based fintech startup Kashio has raised $10 million in a seed funding round using equity and non-equity investments to accelerate expansion in Saudi Arabia.
Founded in 2021, the company enables businesses to gain full visibility and control over their expenses through its spend management platform. Additionally, it claims to be the first fintech company in the UAE to issue corporate employee cards.
“Saudi Arabia is making great efforts to align with its Vision 2030 by taking a fintech-friendly approach and bringing more fintech firms to market. At Kashi, we are proud to be an integral part of driving the cashless society in the UAE and now in Saudi Arabia,” Armin Moradi, CEO and co-founder of Kashi, said in a statement.
The company already serves customers in the United Arab Emirates and Saudi Arabia, but will use its acquired funds to accelerate further customer acquisition and market presence in the Kingdom.
“This round of funding will help us expand employment and growth in Saudi Arabia and other parts of the GCC and accelerate the execution of our product roadmap.” We’re excited for the days ahead,” chief product officer and co-founder Jonathan Lau said in a statement.
Venture capitalists One Way Ventures, MITAA, Cadorna Ventures, Sanabil 500 MENA, Nuva Capital, Iliad Partners and Phoenik Investments participated in the round.
Data is the new oil
Saudi Arabia-based DataLeking raises $3 million in a seed funding round led by Sadu Capital with participation from Impact46 and other investors.
Founded in 2018 by Rayan Al-Faheid and Abdullah Al-Ghanas, the company offers organizations and individuals to acquire data without relying on technical staff and collect insights, applications, notifications, forms and sheets in one place.
“The connection between data and centralized reporting typically goes through different applications, platforms, data engineers and multiple integrations. It wastes the time and effort of business users to create a report on time and even with questionable accuracy,” said Salem Vasheeli, CEO of Sadu Capital.
He further explained that DataLeking has been able to bridge the gap for customers locally and globally by creating a hassle-free solution.
The company plans to use its funding round to expand into the Gulf Cooperation Council and further develop its product.
Education of youth
Saudi education technology firm Jeel has secured $1.1 million in a seed funding round led by Egyptian venture capital firm EdVentures.
Founded in 2020 by Ahmed Sobaih, the company educates preschoolers through its educational platform, which contains learning content prepared by psychologists and educators.
EdVentures offers startup incubation, acceleration and investment programs to fuel the ed tech sector, hosting over 1,500 companies in the Middle East and North Africa.
The entire range of pharmaceutical products
Egypt-based B2B marketplace Grinta has raised $8 million in a seed funding round co-led by Raed Ventures and Nclude along with Endeavor Catalist and 500 Global.
Founded in 2021 by Mohamed Azab, Josra Badr, Ali Youssef and Hamza Mohamed, Grinta provides pharmacies with a full range of pharmaceutical and medical products from suppliers through its B2B platform.
“As we plan to expand our footprint in the continent’s major pharmaceutical hubs, we will also enable Egyptian and regional pharmaceutical manufacturers to further penetrate the $50 billion African market,” Azab, CEO of Grint, said in a statement.
FASTTHE FACTS
• Saudi education technology firm Jeel secured $1.1 million in a seed funding round led by Egyptian venture capital firm EdVentures.
• Egypt-based B2B marketplace Grinta has raised $8 million in a seed funding round co-led by Raed Ventures and Nclude along with Endeavor Catalist and 500 Global.
The company plans to increase its market presence in Egypt and use its funds to improve its technology platform and expand its team.
Since its establishment, Grinta is present in seven provinces in Egypt, with over 14,000 registered pharmacies, 20,000 product offers and more than 100,000 orders delivered.
Phoenix star
UAE-based gaming platform Phoenix Games has secured a $150 million investment mega round led by Phoenik Group and Cipher Capital.
The company, founded this year, aims to advance blockchain gaming in the region by acquiring, investing and creating a publishing platform of the future.
The company believes that the blockchain game is headed for consolidation, where large corporations will acquire and invest in strong startups.
“We plan to acquire, invest, publish and work in select games and studios.” We will have several hundred million to deploy to execute our strategy,” said Chris Coe, CEO and co-founder of Phoenix Games in a statement.
He added that the company is tackling the structural gap by redefining publishing groups to leverage traditional publishing, but with new and innovative functionality.
Fenik Games aims to combine its team’s skills in publishing and product management to provide publishing services for all game models, which include premium, free games and blockchain games on all platforms.
“The infrastructure, tools and support are simply not there.” We believe there is an opportunity for the role of publishing to elevate its role in the gaming ecosystem,” Ko added.
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