INFOGRAPHIC: Startup Funding in Africa and the Middle East — Week 36
Here are the venture funding activities we tracked in the Middle East and African region this week – including, Syarah, Ziina, Malaa, Hypernative, Ampersand, Chpter, and Wattnow.
- Saudi Arabia Autotech startup Syarah banks $60M in Series C fund to fuel its expansion
- UAE fintech company Ziina pockets $22M Series A fund to enhance digital financial solutions
- Saudi Arabia fintech firm Malaa secures $17.3M Series A investment to expand its operations
- Israel's web3 security provider Hypernative closes $16M in Series A funding to enhance web3 security
- Rwanda's electric motorcycle company Ampersand garners additional $2M in equity ahead of Series B to expand electric transport solutions
- Kenyan e-commerce startup Chpter raises $1.2M in pre-seed round to accelerate growth
- Tunisia’s cleantech company Wattnow closes multi-million-dollar funding to accelerate global expansion
Saudi Arabia Autotech startup Syarah banks $60M in Series C fund to fuel its expansion
Riyadh-headquartered leading car trading e-commerce startup Syarah has landed a $60 million investment in a Series C round, from Artal Capital, a Riyadh-based investment management firm, with participation from Elm, Impact46, Tawuniya, and Derayah Ventures
This round brings the total investment to more than $82 million, including a $20 million venture debt facility from PFG.
Founded in 2015 by Salah Sharef and Fayez Al-Anazi, Syarah has grown from a classified car ads platform to an e-commerce trading company that allows its consumers to buy new and used cars online and have them delivered to their doorstep.
The used cars on the platform go through a comprehensive inspection offering users a detailed 200-point evaluation report, a one-year warranty, and a 10-day trial, with no questions asked return policy.
With the new funding, Syarah plans to fuel its growth and expansion, solidifying its position as a leader in the Saudi car market.
