Sunday, 2024 March 3

Focus on deals | The Middle East Weekly Roundup

Spotlight this week: InstaShop, the UAE-based online-grocery delivery platform, has been acquired by Delivery Hero for USD 360 million. Delivery Hero already owns Talabat, Zomato (UAE), HungerStation (Saudi), and Otlob (Egypt) in the MENA region, each of which has introduced grocery delivery during the pandemic.


DigiFi Network, an Egypt-based retail WiFi-enablement platform, raises pre-seed funding from Loyal VC. Amount undisclosed.

C Wallet, a Qatar-based fintech startup, raises USD 500,000 from Qatar Science and Technology Product Development Fund.

Geek Express, a Lebanon-based edtech startup, raises USD 520,000 in pre-Series A funding from National Talents, IM capital, DHV partners, and an angel investor.

Ikas, a Turkey-based omnichannel retail management platform, raises investment from Qnbeyond Ventures (the investment arm of QNB Finansbank). Amount undisclosed, but the investment values the startup at USD 6 million.

Investments in international Startups

Baby Planet, the Pakistan-based online retailer for baby products, raises USD 250,000 in seed funding led by High Output Ventures and joined by VC Karavan (UAE), Virtual Force, and angel investors from the Middle East.

Science 37, a US-based clinical trials platform, raises USD 37 million in funding from led by Lux Capital, Redmile Group, and PPD, and joined by other investors including Mubadala Ventures., India-based customer support automation platform, raises USD 5 million in Series A funding led by Alpha Wave Incubation (Abu Dhabi Developmental Holding Company), and joined by IDFC Parampara fund, and an angel investor.

Bond Pet Foods, the US-based biotech company, raises a bridge round from KBW Ventures.

SeamlessMD, Canada-based digital patient engagement platform, raises USD 5.6 million in Series A funding led by MEDTEQ and joined by multiple investors including Hikma Ventures.

Sector news

Trukkin, UAE-based logistics marketplace startup, expands to Pakistan.

OCP Group receives permission from the Moroccan government to establish OCP Ventures Fund LLC, a USD 59 million agritech fund with the mandate to invest 80% of its capital directly and 20% through other funds.

Etisalat UAE launches “e-Store” a website builder and platform for SMEs in the UAE.

Research and reports

Sweetheart Kitchen, the UAE-based cloud kitchen provider, releases “Impact of COVID-19” stats that show the changes of consumer behavior in Dubai-based consumers in regards to food delivery.

Further news

Samba Financial Group acquires a license for the first Saudi Arabian bank to establish in Dubai International Financial Centre (DIFC)., a US-based travel platform and NYSE-listed company, raises USD 50 million in funding from Waha Capital (Abu Dhabi).

PCI Pharma Services, US-based pharma company (portfolio company of Partners Group), announces that Kohlberg & Company, LLC and Mubadala will acquire a majority stake in the business.

Masdar, a subsidiary of Mubadala Investment Company, will acquire a 50% stake in a 1.6-gigawatt (GW) clean-energy portfolio from EDF Renewables North America, as part of a bigger spree into multiple projects across the continent.

Photo credit: Abdullah Ghatasheh/Pexels


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