MENA VC & Startups Daily Digest – November 17, 2024 Edition
Your daily dose of news, trends, and deals from the MENA venture capital and startup scene.
1. Top Story of the Day 🚀
Merak Capital has announced the launch of its fund and accelerator program, valued at SAR 306 million, focusing on the gaming industry in Saudi Arabia. This initiative aims to support and accelerate the growth of local gaming startups, positioning Saudi companies as leaders in this vibrant sector. Congrats to Abdullah Altamami and the rest of Merak Capital Team
2. Funding Roundup 💲
📱 Bubbl Widget, a Saudi-based social media app founded by Ayah Alhmmoud, has raised $350K in a Pre-Seed round led by angel investor Abdullah M. Al-Dosari.
🍵 TeaLeaf, a tea trading and distribution company, secured $6M in funding backed by FasterCapital. This marks a significant boost for the company as it aims to expand its market presence globally.
☀️ Yellow Door Energy signed a 100 million AED financing agreement with Emirates Development Bank (EDB). This investment will support the development of over 60 solar photovoltaic plants across the UAE, reinforcing the region’s commitment to sustainable energy solutions.
📡 Orange Egypt announced plans to invest €50 million in startups, expanding its portfolio of 40 companies, primarily Egyptian, with ambitions to grow its footprint in Africa.
🤝 Dubai Angel Investors - DAI partnered with Middle East Venture Partners (MEVP) to provide comprehensive management for DAI’s portfolio of over 30 investments. This strategic partnership will streamline future investments and drive growth for DAI-backed startups.
🍔 Ruya Partners, a UAE-based private credit fund manager, invested $15.5M in Epik Foods, a tech-enabled restaurant group operating omnichannel quick-service restaurants, meal kits, and digital brands.
🍿 Popcorn AI, an innovative AI startup, raised $500K in Pre-Seed funding from Salica Investments, Al Waha Venture Capital Fund of Funds, and angel investors, setting the stage for transformative AI solutions. Founded by Yousef Al Arif
That’s your daily snapshot of the MENA startup scene! Stay tuned for more insights and updates in tomorrow’s edition of MENA VC & Startups Daily.