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Middle East Data Insight (Year-End 2018)
EMPEA Members, log in and click through for your exclusive access to the detailed report and underlying data. Managers deployed USD516 million in the Middle East in 2018, representing a 102% year-over-year
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Industry News
Global Founders Capital, Global Ventures, Nuwa Capital and FJ Labs Lead USD3m Seed Round for UAE’s Valeo
Global Founders, Global Ventures, Nuwa Capital and FJ Labs led a USD3m seed round for UAE-based wellbeing startup Valeo. Read more
Read MoreGeneral Atlantic Leads USD100m Series C for UAE’s Fresha; MEVP Exits
General Atlantic led a USD100m Series C for UAE-founded beauty and wellness software platform Fresha, with follow-on from Partech, Target Global and FJ Labs. Middle East Venture Partners exited through
Read MorePIF Anchors Aberdeen & Investcorp’s ~USD800m Gulf Infrastructure Fund
Saudi Arabia’s PIF has made an anchor commitment in Aberdeen Standard Investcorp Infrastructure Partners. The vehicle was set up by Investcorp and Aberdeen Standard Investments and plans to invest in
Read MoreOlive Rock Partners and Cerberus Invest in UAE’s UEMedical
Olive Rock Partners and Cerberus Capital Management have made an undisclosed investment in UAE-based healthcare company UEMedical. Read more
Read MoreOlive Rock Partners and Cerberus Invest in UAE’s UEMedical
Olive Rock Partners and Cerberus Capital Management have made an undisclosed investment in UAE-based healthcare company UEMedical. Read more
Read MoreWa’ed, Global Ventures, Others Invest USD10m in Saudi Agtech Red Sea Farms
Wa’ed, Global Ventures, KAUST and Future Investment Initiative Institute have invested USD10m in Saudi Arabia-based agtech Red Sea Farms. Read more
Read MoreGeneral Atlantic-Backed dLocal Raises ~USD617m in NYSE IPO
dLocal, a Uruguay-based, cross-border payment platform backed by General Atlantic, has raised ~USD617m in its NYSE listing. Read more
Read MoreCombined Growth Real Estate, Vivium Capital, Others Invest USD4m Seed Round for UAE’s Fintech Stake
Combined Growth Real Estate led a USD4m seed round for UAE-based fintech and real estate investment platform Stake, with participation from Vivium Capital, Verve Ventures and Lama Holding. Read more
Read MorePartech Partners Leads USD6.5m Series B for UAE’s Video Learning Platform Almentor
Partech Partners led a USD6.5m Series B for Almentor, a Dubai-based video learning platform targeting Arabic speakers, with participation from Sawari Ventures, Sango Capital and Egypt Ventures. Read more
Read MorePeak Investments and ADQ Lead USD10m Series A for UAE’s Home Services Platform Rizek
Peak Investments and ADQ led a USD10m Series A for UAE-based home services platform Rizek, with participation from a number of family offices from the UAE and Saudi Arabia. Read
Read MoreGulf Capital and NBK Capital Partners Exit Jordan’s Classic Fashion
Gulf Capital and NBK Capital Partners have fully exited their investment in Jordan-based apparel manufacturer Classic Fashion Apparel Industries. The exit was financed with support from a global bank, which
Read MoreGlobal Ventures Leads USD8m Pre-Series A for UAE’s Mamo
Global Ventures led a USD8m pre-Series A for UAE-based fintech Mamo, with participation from 4DX Ventures, AlRajhi Partners, Olive Tree Capital and others. Read more
Read MoreVentureSouq Leads USD30.5m Series B for Saudi B2B Marketplace Sary
VentureSouq led a USD30.5m Series B for Saudi Arabia-based B2B e-commerce marketplace Sary, with participation from Rocketship.vc and STV, and follow-on from Raed Ventures, MSA Capital and Derayah VC. Read
Read MoreModus Capital Leads Series A for UAE’s Trade Capital Partners
Modus Capital led an undisclosed Series A for UAE-based fintech Trade Capital Partners, with participation from the Eldaba Family Office and local angel investors. Read more
Read MoreSilver Lake to Invest USD800m in UAE’s AI and Cloud Computing Company Group 42
Silver Lake has invested USD800m for a minority stake in UAE-based artificial intelligence and cloud computing company Group 42. Read more
Read MoreNBK Partners Invests USD20m in UAE’s HR Outsourcing Company Reach Group
NBK Partners has closed a USD20m acquisition financing facility with UAE-based HR outsourcing company Reach Group to support the company’s cross-border expansion. Read more
Read MoreEIG-Led Consortium to Acquire 49% Stake in Saudi Aramco’s Oil Pipeline Business for USD12.4b
A consortium of investors led by EIG Global Energy Partners and including Mubadala Investment Co. has agreed to acquire a 49% stake in the newly formed oil pipeline business of
Read MoreAnthemis Exponential Leads USD7m Round for UAE’s Fintech NOW Money
Anthemis Exponential Ventures led a USD7m round for NOW Money, a Dubai-based fintech that provides digital accounts, low-cost remittances and other financial services to migrant workers, with participation from Knuru
Read MoreNaghi Group, AlTour Group, Derayah Ventures, Others Invest USD20m Series A for UAE’s Cloud Kitchen Platform iKcon
Mohamed Yousuf Naghi Group, AlTouq Group, Derayah Ventures, B&Y Venture Partners, AbdulMohsin Al Houkair Holding Group and Nazer Group invested a USD20m Series A for Dubai-based cloud kitchen operator iKcon
Read MoreGulf Capital Invests USD30m in UAE’s ART Fertility Clinics
Gulf Capital has invested an additional USD30m in portfolio company ART Fertility Clinics, a UAE-based provider of fertility treatment services, to expand its operations to India. Gulf Capital acquired 100%
Read MoreGulf Capital Acquires US Healthtechs Eclat Health and Hansei Solutions for USD60m in Bolt-On for UAE’s Accumed
Gulf Capital has acquired US-based healthtech companies Eclat Health and Hansei Solutions for USD60m in a bolt-on acquisition aimed at expanding its healthcare-focused RCM platform. Gulf Capital already has a
Read MoreImpact46 Leads USD6.5m Series A for Saudi Fintech Hala
Impact46, through its Impact46 Growth Fund, led a USD6.5m Series A for Saudi Arabia-based fintech Hala, with participation from Wamda and strategic investors. Read more
Read MorePropeller Reaches First Close for MENA VC Fund
Jordan-based VC Propeller has reached an undisclosed first close for Propeller Ventures II. The vehicle has a target size of USD15m and plans to invest in pre-seed and seed-stage startups
Read MoreSHUAA Capital Leads USD50m Venture Debt Investment for UAE’s Agtech Pure Harvest Smart Farms
SHUAA Capital led a USD50m venture debt investment for UAE-based agtech Pure Harvest Smart Farms. Sancta Capital led a USD10m equity round in January 2021. Read more
Read MoreDerayah Ventures Leads USD7.2m Series A for Saudi Fintech Lendo
Derayah Ventures led a USD7.2m Series A for Saudi Arabia-based fintech Lendo, with participation from Seedra Ventures, Shorooq Partners, 500 Startups and Impact46. Read more
Read MoreLebanese Music Streaming Platform Anghami to List on the Nasdaq After Merger with SHUAA Capital- and Vistas Media-Backed SPAC
Anghami, a Lebanon-based music streaming platform backed by Samena Capital, MEVP, and Endeavor Catalyst, is going to list on the Nasdaq via a merger with Vistas Media Acquisition Company, a
Read MoreTVM Capital Healthcare Exits UAE’s CMRC via Sale to Amanat Holdings for USD232m
TVM Capital Healthcare has exited its investment in Cambridge Medical and Rehabilitation Center (CMRC), a post-acute care and rehabilitation services provider in the MENA region, via a sale to Amanat
Read MoreTarget Global Leads USD13m Seed Round for Bahraini Open Banking Platform Tarabut Gateway
Target Global Management led a USD13m seed round for Bahrain-based open banking platform Tarabut Gateway, with participation from Kingsway, CE Ventures, Entrée Capital, Zamil Investment Group, Global Ventures, Almoayed Technologies,
Read MoreBECO Capital Leads USD5m Series A for UAE’s Used Luxury Goods Marketplace North Ladder
BECO Capital led a USD5m Series A for UAE-based second-hand luxury products and electronics marketplace North Ladder (formerly BuyBack Bazaar). Read more
Read MoreGulf Capital Exits Turkish Internet Service Provider Turknet
Gulf Capital has exited its 70% stake in Turknet Iletisim Hizmetleri (Turknet) via a sale to a consortium of buyers including Celebiler Family and Re-Pie Portfoy Yonetimi. Gulf Capital originally
Read MoreNuwa Capital Reaches USD75m First Close for MENA VC Fund
Nuwa Capital has reached a USD75m first close for Nuwa Ventures Fund I. The vehicle, which has an initial target of USD100m, will invest in startups operating in the SaaS,
Read MoreNBK Capital Reaches First Close for USD300m Middle East Credit Fund
NBK Capital Partners has reached an undisclosed first close for its latest shariah credit fund anchored by Saudi Arabia’s sovereign wealth fund, the Public Investment Fund. The vehicle, which has
Read MoreRuya Partners Provides USD25m in Debt Financing to UAE’s Streaming Service Company Starzplay
Ruya Partners has agreed to provide USD25m in debt financing to Starzplay, a UAE-based, on-demand video streaming service platform. Read more
Read MoreSanabil Investments and STV Lead USD20m Series B for Saudi Restaurant Management Platform FOODICS
Sanabil Investments and STV led a USD20m Series B for FOODICS, a Saudi Arabia-based restaurant management platform, with participation from Endeavor Catalyst, Elm, and Derayah Venture. Read more
Read MoreGlobal Ventures and STV Lead USD2.25m Pre-Series A for Dubai’s Cybersecurity Startup spiderSilk
Global Ventures and STV led a USD2.25m pre-Series A for spiderSilk, a Dubai-based cybersecurity startup specializing in advanced threat detection technology, with participation from angel investors. Read more
Read MoreSHUAA Capital-Led Consortium Completes USD308m Debt Buyout of Dubai-Based Stanford Marine Group
SHUAA Capital completed a debt buyout of Stanford Marine Group’s AED1.13b (approximately USD308m) facility, including offshore services related to the oil and gas industry in the Middle East. Read more
Read MoreAccess Bridge Ventures Reaches First Close for MENA VC Fund
Access Bridge Ventures has reached an undisclosed first close for its debut fund. The vehicle, which aims to raise USD25m, will invest in high-growth tech startups from Saudi Arabia, UAE,
Read MorePartners for Growth Provides USD10m in Venture Debt to UAE’s On-Demand Truck Aggregator TruKKer
Partners for Growth has provided USD10m in venture debt to UAE-based on-demand truck aggregator TruKKer. Read more
Read MoreArbor Ventures and Mubadala Lead USD23m Debt and Equity Series A for UAE’s Buy Now Pay Later Platform Tabby
Arbor Ventures and Mubadala Capital led a USD23m debt and equity Series A for UAE-based buy now, pay later platform Tabby, with participation from STV, Raed Ventures, Global Founders Capital,
Read MoreEthos Sells 1.4% Stake in UAE’s Fintech Channel VAS for USD5m
Ethos Capital has sold a 1.4% stake in Channel VAS, a UAE-based provider of airtime credit services and mobile financial solutions across emerging markets, for USD5m. Ethos retains a 8.89%
Read MoreDelivery Hero Leads USD5.5m Investment in UAE’s Logistics Startup Quiqup
Delivery Hero led a USD5.5m funding round for Quiqup, a UAE-based startup providing on-demand and same-day delivery services for retailers, with participation from Cedar Mundi, Jobi Capital, and Trasnmed. Read
Read MoreFive Capital Partners, Itochu, and Suez Acquire 65% Stake in Saudi Waste Management Company EDCO
Five Capital Partners, Itochu, and Suez have acquired a 65% stake in Saudi Arabia-based hazardous waste management company Environment Development Company (EDCO) for an undisclosed amount. Read more
Read MoreJada Commits to Saudi Alpha Capital Fund
Jada Investments, a fund-of-funds owned by Saudi Arabia’s Public Investment Fund (PIF), has signed an investment agreement with the Saudi Alpha Financial Fund for Private Equity to invest in Saudi
Read MoreBadia Impact Squared Reaches USD36m First Close, EBRD Commits USD10m
Baida Impact Squared, a VC fund managed by Silicon Badia, has reached a USD36m first close. The European Bank for Reconstruction and Development (EBRD) committed USD10m to the fund which
Read MoreGulf Capital Acquires Majority Stake in UAE’s Intellectual Property Services Provider CWB
Gulf Capital has acquired a majority stake in CWB Group, an intellectual property services provider with operations in the Middle East and North Africa, for an undisclosed amount. Read more
Read MoreADPF and ADQ to Invest USD2.1b in ADNOC Gas Pipeline Assets
The Abu Dhabi Pension Fund (ADPF) and UAE-based holding firm ADQ have agreed to invest USD2.1b in select Abu Dhabi National Oil Company (ADNOC) gas pipeline assets. Under the terms
Read MoreShorooq Partners Leads USD2.3m Pre-Seed Round for Saudi B2B Marketplace Retailo
Shorooq Partners led a USD2.3m pre-seed round for Saudi Arabia-based B2B e-commerce marketplace Retailo, with participation for 500 Startups and 92 Ventures. Read more
Read MoreNewly Founded +VC Launches Debut MENA Fund
Sharif El-Badawi and Hasan Haider, former managing partners of 500 Startups’ Falcons Fund, have founded Plus Venture Capital (+VC) and launched its debut fund with a reported initial target of
Read MoreSHUAA Launches USD200m Financing Opportunities Fund
SHUAA Capital has launched SHUAA Financing Opportunities Fund with an initial target of USD200m. The vehicle, which targets special situations in the GCC, has attracted USD68m in commitments to date.
Read More500 Startups, Phoenician Funds, Others Invest USD1.8m Pre-Series A for Lebanese Edtech Synkers
500 Startups, Phoenician Funds, Kafalat iSME, Mulcan Investment, Seeders, Crescent Capital, and Dubai Angel Investors invested a USD1.8m pre-Series A for Lebanon-based edtech Synkers. The round was led by Dr.
Read MoreWamda, Class 5 Global, and Others Make USD1.35m Seed Investment for Saudi SaaS Startup Penny Software
Wamda, Class 5 Global, Outliers VC, Plug and Play, and angel investors have made a USD1.35m seed investment in Penny Software, a Saudi Arabia-based software company for procurement management and
Read MoreInvestcorp to Exit Partial Stake in Saudi Arabia’s Grocery Retail Operator BinDawood via IPO
Investcorp has agreed to partially exit its stake in Saudi Arabia-based grocery retail operator BinDawood via the company’s upcoming IPO on the Saudi Stock Exchange Tadawul. Shareholders including Akasiya Star
Read MoreFaith Capital Invests USD8m Series B for Kuwait’s Laundry Marketplace Platform JustClean
Faith Capital Holding has invested a USD8m Series B for Kuwait-based laundry marketplace platform JustClean. Faith Capital acquired the startup in 2017. Read more
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