Technology news and insights in the Middle East, South Asia, and Africa
Technology News and insights in the Middle East, South Asia, and Africa
Technology news and insights in the Middle East, South Asia, and Africa
Technology News and insights in the Middle East, South Asia, and Africa
LoftyInc Capital Management has raised $43 million for its LoftyInc Alpha Fund, aimed at late-seed investments in African tech startups. The fund will focus on key markets like Nigeria, Egypt, and Kenya, supporting sectors such as financial services, AI, and healthcare to foster innovation and scalable growth in Africa.
Darwinbox has secured a $140 million investment led by Partners Group and KKR to accelerate its global expansion in the HR tech space. The platform, which serves over 1,000 enterprises worldwide, will focus on AI-powered solutions and innovation, particularly in the MENA region and other global markets.
Lola, a Bahrain-based foodtech startup, raised US$1.3 million in a pre-seed funding round led by Vision Ventures and Plus VC. The investment will support Lola’s expansion in Saudi Arabia and the GCC region, enhancing its customizable cake-ordering service and enabling future product category growth in the personalized gifting market.
Dr. Amr Talaat, Egypt’s Minister of Communications, held discussions at MWC 2025 with global leaders from ZTE, Sigma Technology, and Palo Alto Networks. The meetings focused on enhancing digital infrastructure, local manufacturing, cybersecurity, and leveraging Egyptian talent for technology projects in Egypt and North Africa.
Amazon Web Services (AWS) will invest $8.2 billion in Maharashtra, India, to expand its cloud data storage infrastructure. The investment aligns with India’s growing cloud services market, which is expected to reach $24.2 billion by 2028. AWS aims to enhance local technology deployment and job growth by 2030.
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.