Week 42: Africa and Middle East Startup Funding Led by Pluto Security

Startups across Africa, the Middle East and Israel raised a combined $101.9 million this week, based on disclosed funding rounds tracked by Techloy, with investor capital flowing mostly into AI cybersecurity and electric fleets. Pluto Security’s $42 million and MAX’s $29 million made up about 70% of the total.

The Week’s Largest Startup Funding Rounds

Here are the biggest disclosed startup funding rounds across Africa, the Middle East and Israel this week.

1. Pluto Security, $42M, AI Cybersecurity, Israel

Pluto Security makes software that shows companies which AI tools their staff use and flags risky ones. The Israeli startup came out of stealth with $42 million: an approximate $34 million Series A led by Jump Capital and an $8.5 million seed led by TLV Partners. It will fund product development, research and US expansion.

2. MAX, $29M, Electric Mobility, Nigeria

MAX is a Lagos company that gives drivers electric two-wheelers on subscription. Climate fintech Nithio backed it, taking its Series B3 round to $29 million, but didn’t say how much it put in. The money goes toward more two-wheelers from Spiro and NOVR and a bigger charging and battery-swap network.

3. Autobia, $12M, Autotech, Saudi Arabia

Autobia runs a B2B marketplace where auto parts retailers and wholesalers in Saudi Arabia buy from verified suppliers. Artal Capital led its $12 million Series A, with Aljazira Capital and Wa’ed Ventures joining. The money goes toward wider reach across the country, stronger logistics and fulfilment, and its pricing technology and inventory financing.

4. Bisedge, $11.2M, Electric Logistics, Mauritius

Bisedge, founded in Lagos and now based in Mauritius, rents electric forklifts, reach trucks and tractors to businesses. Finnfund, Finland’s development financier, gave it a €10 million (about $11.2 million) long-term loan. The money goes toward growing its electric fleet and service operations, mainly in Nigeria and East Africa.

5. JustAd, $5M, Marketing Tech, UAE

JustAd is a UAE-based platform where advertisers run campaigns on Meta, TikTok, Snapchat and Google Ads, and pay for ads later in instalments of up to 12 months. Angel investor Imad Jomaa put in $5 million. The money goes toward local teams, product changes for new markets and closer ties with ad platforms.

6. Solarise Africa, $1.12M, Clean Energy, Kenya

Solarise Africa is a Nairobi-based company that designs, finances and maintains solar systems for businesses. EEP Africa gave it a €1 million (about $1.12 million) grant, and Solarise is adding €1 million in co-financing. The €2 million programme aims to deploy 3 megawatts of solar, battery storage and heat pumps in Uganda and Zambia.

7. Wisewell, $545K, Water Tech, UAE

Wisewell makes smart water purifiers for homes and businesses. The Mohammed Bin Rashid Innovation Fund, a UAE government fund, gave it an AED 2 million (about $545,000) credit guarantee, which helps it borrow from banks without giving up equity. The backing goes toward capital spending, business development and research.

8. Vatar, $500K, Gaming, Nigeria

Vatar is the company behind Lagos Life, a free browser game set in Lagos that passed 4 million players within a week of its October 1 release. It closed a $500,000 angel round at a $10 million valuation, with backing from Flutterwave CEO Olugbenga Agboola’s fund, Resilience17. The money goes toward product development, marketing and hiring.