Technology news and insights in the Middle East, South Asia, and Africa
Technology News and insights in the Middle East, South Asia, and Africa
Flow48 has raised $69M in Series A funding to expand its revenue-based financing platform into Saudi Arabia, targeting SMEs in the Middle East and Africa. The funding, a mix of debt and equity, will help Flow48 enhance its AI-driven tools and provide tailored financial solutions for under-supported SMEs.
Lola, a Bahrain-based startup offering customizable cakes through its mobile app, has raised $1.3 million in pre-seed funding. The round was led by Vision Ventures and Plus VC. Lola plans to enhance its platform, expand its team, and accelerate growth across Saudi Arabia and the UAE.
Fawry has invested EGP 80 million (USD 1.6 million) to acquire majority stakes in Dirac Systems, Virtual CFO, and Code Zone, strengthening its “Fawry Business” platform. This acquisition enhances Fawry’s digital payment and ERP solutions, supporting Egypt’s digital transformation and the country’s shift toward a cashless economy.
Basata Holding has increased its stake in MadfoatCom to 25%, aiming to accelerate digital financial inclusion and enhance digital payments in Jordan. The partnership will focus on scaling digital payment services and supporting SMEs with financial tools. The collaboration involves key Jordanian financial institutions, including Jordan Kuwait Bank.
Egypt has been ranked third among Africa’s top technology investment destinations for 2024, securing $297 million across 89 deals. The country also leads in fixed broadband speeds and excels in internet speed, cybersecurity, and technological development, reinforcing its influence in Africa’s growing digital economy.
e& is exiting its joint venture, Khazna Data Centres, by selling its 40% stake to Group 42 for $2.2 billion. The move aligns with e&’s asset monetisation strategy to reduce debt and focus on core businesses. The transaction is expected to finalize by the end of Q1 2025.
IFC is contemplating a $20 million investment in WorldLink Communications Ltd, Nepal’s largest ISP, to support the expansion of the country’s digital infrastructure. The investment aims to enhance connectivity, promoting economic growth and digital inclusion in Nepal, in line with IFC’s commitment to improving digital access in emerging markets.
Lola Do Inc. raised $1.3 million in pre-seed funding, led by Vision Ventures and Plus VC, to revolutionize the cake customization industry. With its mobile app, Lola offers personalized cakes for every occasion, expanding rapidly in Saudi Arabia, Bahrain, and the UAE. The company is poised for further regional growth.
Al Moammar Information Systems Co. (MIS) sold its entire investment in OpenAI for $8.4 million, earning a profit of $3.4 million. The sale follows other strategic moves in AI and digital infrastructure, including partnerships and contracts in Saudi Arabia. MIS’s 2024 profits saw a 356% increase.
Qme, an Egypt-based B2B SaaS startup, raised $3 million in a seed round led by AHOY and GCC angel investors. The funding will enhance its AI-powered digital infrastructure solutions, which have already served over 100,000 customers, improving waiting times, reducing no-show rates, and eliminating paper-based systems.