FB Pixel no scriptTunisia legalizes crowdfunding, Beehive expands to Saudi Arabia, and funding news | The Middle East Weekly Roundup | KrASIA

Tunisia legalizes crowdfunding, Beehive expands to Saudi Arabia, and funding news | The Middle East Weekly Roundup

Written by Qadisha Group, Digital Digest, Smarkk Published on   3 mins read

Startupbootcamp, which already operates Dubai’s Smart City Accelerator and Qatar’s SportTech Accelerator, establishes headquarters in Dubai.

Investments continue across markets. New funds, investment vehicles, and support programs for startups. We also bring you the latest numbers from Saudi on fintech, food delivery, and investments.


RasMal, the Saudi-based SaaS platform for investment management, raises six-figure seed funding from angel investors.

Drowzy, the Egypt-based furniture and home accessories D2C platform, raises a six-figure investment from angel investors. Amount undisclosed.

Lemonade, a Lebanon-based online marketplace for custom-made apparel, raises pre-seed funding from Draper University Ventures. Amount undisclosed.

Mohtwize, the Saudi-based podcast production platform, raises USD 266,000 (SAR 1 million) in pre-Series A funding from Ithra Alaamal (in partnership with Squad Partners), Hawsabah, and angel investors.

Cubex Global, the Oman-based ocean freight marketplace, raises USD 1 million in seed funding led by Oman Technology Fund (OTF) and joined by angel investors.

Lezzoo, the Iraq-based on-demand delivery startup, raises a seven-figure seed round led by Northern Gulf Partners and Pay It Forward Venture Capital, and joined by angel investors. Lezzoo graduated from YCombinator last year.

FineDine, a Turkey-based SaaS solution for F&B, raises USD 600,000 in pre-Series A funding from 500 Startups, TechOne VC, twozero VC, Savour VC (Kuwait), and angel investors.

Toppr Technologies, the India-based ed-tech startup, raises USD 46 million in Series D funding led by Foundation Holdings (UAE-based family office), and joined by Kaizen Private Equity.

Sector News

Noon.com announces plans for a food delivery service and platform.

Beehive, the SME lending platform, expands services to Saudi in partnership with Social Development Bank and Gulf International Bank (GIB) to provide lending solutions to SMEs. Beehive had last raised USD 4 million from Riyad Taqnia Fund (RTF) in March 2019.

Lebanon-based Nucleus Ventures launches a seed program committed to investing USD 5,000-100,000 in seed funding in Lebanese startups. Nucleus Ventures is part of the UK-Lebanon Tech Hub.

Startupbootcamp, the UK accelerator, establishes regional headquarters at Dubai International Financial Centre (DIFC). Startupbootcamp already operates Dubai’s Smart City Accelerator and Qatar’s SportTech Accelerator.

Qatar SportsTech (QST) Accelerator launches “EntelaQ” a pre-accelerator program for sportstech startups.

SEAF Morocco Growth Fund (SMGF) announces they have received investment from ASMA Invest, Morocco-based institutional investor, for their latest startup fund. The amount of investment and the fund size are both undisclosed.

Taibah Valley announces a strategic partnership with the Tezos Foundation, the Switzerland-based distributed, peer-to-peer blockchain, to promote the use of their technology and Ethereum in the kingdom.

DPO Group, the Kenya-based payment service provider, is set to be acquired by Network International for USD 288 million.


Tunisia’s government passes a law to legalize and regulate crowdfunding in the country.

Research & Reports

Fintech Saudi releases the “Fintech Access Guide 2.0” that outlines regulations, frameworks, and opportunities for fintech in the kingdom.

Saudi Venture Capital and Private Equity Association (VCPEA) publishes Q2 report on key highlights on investments and developments in the ecosystem in the kingdom.

Foodics releases a report showing the growth of digital payments and online delivery during and after lockdown and curfews in Saudi Arabia in the F&B sector.

Saudi’s Communications and Information Technology Commission (CITC) releases data stating that the total numbers of online delivery orders during the lockdown period reached 26 million with a total value of over SAR 2 billion (USD 532 million) which is a 250% increase in the number of orders from pre-lockdown. The stats do not specify the sectors of delivery.

Photo credit: Aleksandar Pasaric/Pexels


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