Egyptian startups are experiencing a resurgence in funding, with fintech company Waffarha securing a seven-figure seed round from Value Makers Studio.
Founded in 2012 by Tarek Magdy, Waffarha provides significant discounts to customers through daily deals, ranging from 50 percent to 90 percent.
The new investment will allow Waffarha to improve technology, hire new talent, and expand into Saudi Arabia and other markets.
In 2018, Fawry, one of Egypt's largest financial institutions, acquired a 30 percent stake in Waffarha.
The company, which has over 1,000 merchants and 3,000 stores, caters to over 5 million customers without any subscription fees.
These developments mark a return of Egyptian startups to the regional venture capital scene after a period of stagnation.
Bluworks, an Egyptian HR tech startup founded in 2022 by Farah Osman, Hussein Wahdan, and Nour Ahmadein, has secured $1 million in pre-seed funding.
The investment was led by Khawarizmi Ventures and included Camel Ventures, Acasia Ventures, and angel investors.
Bluworks aims to help businesses optimize costs through data-driven decision-making, specifically for managing blue-collar workers.
The founders noted that current HR software doesn't cater to this workforce, leading to manual processes, errors, and high turnover rates.
Bluworks promises to reduce payroll closing time from 7-10 days to one day, all while leveraging data and insights on the workforce.
Bokra, an Egypt-based fintech startup founded by Ayman El-Sawy in 2023, has raised $4.6 million in pre-seed funding.
The round was led by DisrupTech Ventures and SS Capital.
Bokra aims to use the funds to launch its app, expand investment products, and scale operations in the Middle East and North Africa region.
The company offers diversified investment solutions for retail and SME investors and is committed to financial inclusion and investment awareness in the MENA region.
El-Sawy stated that Bokra aims to become the preferred investment platform for individuals and SMEs looking to diversify their portfolios in a simple, trackable, and informed way.
Ten Egyptian startups, including Amanleek, Farhy, Sprints, Career180, and Jamaykaa, have won awards from the VMS Bridge program, which aims to strengthen entrepreneurial connections between Egypt and Saudi Arabia.
Winners received investment opportunities, free company licenses, or access to training programs.
Separately, Jordan-based mental health platform Arab Therapy raised $1 million in seed funding from Flat6Labs, Vision Health Pioneers, and international investors.
Founded by Tareq Dalbah, Omar Koudsi, and Hekmat Al-Hasi, Arab Therapy connects users with licensed mental health professionals.
TVM Capital Healthcare, a UAE-based investment firm, has invested $17 million in Neurocare Group AG, a German healthtech company specializing in personalized mental healthcare.
The funds will be used for Neurocare's expansion into the US and Saudi Arabia and the development of new hardware and software innovations.
In a separate development, Shorages, a UAE-based logistics startup, raised $1 million in a pre-series A funding round led by Joa Capital's S3 Ventures Fund.
The company, founded in 2019 by Rayan Osseiran, provides fulfillment solutions for e-commerce platforms in the UAE and Saudi Arabia.
The funding will help expand Shorages' warehouse operations across the Gulf region.
UAE e-commerce startup WEE raised $12 million in a pre-series A funding round led by SIG Investment.
Founded in 2021, WEE is an online marketplace offering below 15-minute delivery services.
The investment will be used to enhance logistics capabilities, accelerate growth, and expand the team.
Meanwhile, Turkish fintech app Midas secured $45 million in a funding round from Portage, International Finance Corporation, Spark Capital, and Earlybird Digital East Fund.
Midas, founded by Egem Eraslan, allows users in Turkey to invest in Turkish and US equities, targeting the retail investor market.
The company claims to have over 2 million users.
Midas, a Turkish investment platform, offers lower fees for Turkish customers investing in US or Turkish stocks and plans to expand into the MENA region.
The company aims to introduce new products in cryptocurrency trading, mutual funds, and savings accounts with new funding.
In other news, Maalexi, a UAE-based risk management platform for SMEs in the agri-business sector, has partnered with Etihad Credit Insurance.
This collaboration will utilize Etihad's trade credit solutions and services, reducing market entry barriers, increasing SME participation in cross-border trade, and contributing to food security in the UAE.
The new investment will allow Waffarha to improve technology, hire new talent, and expand into Saudi Arabia and other markets.
In 2018, Fawry, one of Egypt's largest financial institutions, acquired a 30 percent stake in Waffarha.
The company, which has over 1,000 merchants and 3,000 stores, caters to over 5 million customers without any subscription fees.
These developments mark a return of Egyptian startups to the regional venture capital scene after a period of stagnation.
Bluworks, an Egyptian HR tech startup founded in 2022 by Farah Osman, Hussein Wahdan, and Nour Ahmadein, has secured $1 million in pre-seed funding.
The investment was led by Khawarizmi Ventures and included Camel Ventures, Acasia Ventures, and angel investors.
Bluworks aims to help businesses optimize costs through data-driven decision-making, specifically for managing blue-collar workers.
The founders noted that current HR software doesn't cater to this workforce, leading to manual processes, errors, and high turnover rates.
Bluworks promises to reduce payroll closing time from 7-10 days to one day, all while leveraging data and insights on the workforce.
Bokra, an Egypt-based fintech startup founded by Ayman El-Sawy in 2023, has raised $4.6 million in pre-seed funding.
The round was led by DisrupTech Ventures and SS Capital.
Bokra aims to use the funds to launch its app, expand investment products, and scale operations in the Middle East and North Africa region.
The company offers diversified investment solutions for retail and SME investors and is committed to financial inclusion and investment awareness in the MENA region.
El-Sawy stated that Bokra aims to become the preferred investment platform for individuals and SMEs looking to diversify their portfolios in a simple, trackable, and informed way.
Ten Egyptian startups, including Amanleek, Farhy, Sprints, Career180, and Jamaykaa, have won awards from the VMS Bridge program, which aims to strengthen entrepreneurial connections between Egypt and Saudi Arabia.
Winners received investment opportunities, free company licenses, or access to training programs.
Separately, Jordan-based mental health platform Arab Therapy raised $1 million in seed funding from Flat6Labs, Vision Health Pioneers, and international investors.
Founded by Tareq Dalbah, Omar Koudsi, and Hekmat Al-Hasi, Arab Therapy connects users with licensed mental health professionals.
TVM Capital Healthcare, a UAE-based investment firm, has invested $17 million in Neurocare Group AG, a German healthtech company specializing in personalized mental healthcare.
The funds will be used for Neurocare's expansion into the US and Saudi Arabia and the development of new hardware and software innovations.
In a separate development, Shorages, a UAE-based logistics startup, raised $1 million in a pre-series A funding round led by Joa Capital's S3 Ventures Fund.
The company, founded in 2019 by Rayan Osseiran, provides fulfillment solutions for e-commerce platforms in the UAE and Saudi Arabia.
The funding will help expand Shorages' warehouse operations across the Gulf region.
UAE e-commerce startup WEE raised $12 million in a pre-series A funding round led by SIG Investment.
Founded in 2021, WEE is an online marketplace offering below 15-minute delivery services.
The investment will be used to enhance logistics capabilities, accelerate growth, and expand the team.
Meanwhile, Turkish fintech app Midas secured $45 million in a funding round from Portage, International Finance Corporation, Spark Capital, and Earlybird Digital East Fund.
Midas, founded by Egem Eraslan, allows users in Turkey to invest in Turkish and US equities, targeting the retail investor market.
The company claims to have over 2 million users.
Midas, a Turkish investment platform, offers lower fees for Turkish customers investing in US or Turkish stocks and plans to expand into the MENA region.
The company aims to introduce new products in cryptocurrency trading, mutual funds, and savings accounts with new funding.
In other news, Maalexi, a UAE-based risk management platform for SMEs in the agri-business sector, has partnered with Etihad Credit Insurance.
This collaboration will utilize Etihad's trade credit solutions and services, reducing market entry barriers, increasing SME participation in cross-border trade, and contributing to food security in the UAE.
