INFOGRAPHIC: Startup Funding in Africa and the Middle East — Week 20
Here are the venture funding activities we tracked in the Middle East and African region this week – including Fairgen, MNZL, d.light, Maad, and Lune Technologies.
- Israel AI responses to surveys startup Fairgen raises $8M fund to expand operations
- Egypt fintech startup MNZL secures $3.5M seed fund to empower Egyptians
- Kenya's d.light secures $3.4M to provide solar home systems
- Senegal B2B e-commerce startup Maad closes $3.2M seed fund to expand operations in Africa
- UAE financial data analytics company Lune lands $1.5M in seed fund to drive advancement
Israel AI responses to surveys startup Fairgen raises $8M fund to expand operations
- Tel Aviv-based AI responses to surveys company Fairgen closed $8M in seed funding led by Maverick Ventures Israel, Tal Ventures, IGNIA, and Creator Fund.
- Founded in 2021 by Samuel Cohen, the company launched FairBoost. This cutting-edge synthetic data technology trains AI models on the customer’s survey data to enhance survey responses, which allows clients to overcome high margins of error.
- Fairgen intends to use the fund secured to expand operations and development efforts, moving consumer insights into the AI era.
Egypt fintech startup MNZL secures $3.5M seed fund to empower Egyptians
- Cairo-based fintech startup MNZL that enables users to convert their assets like homes and cars into liquidity for their projects and needs has landed a $3.5 million seed fund led by P1 Ventures, Localglobe, and Ingressive Capital, with additional support from 500 Global, Flat6Labs, First Circle Capital, Enza Capital, Beenok, and other angel investors.
- Founded in 2023 by Sameh Saleh, Ahmed Eldessouky, and Bassem El Shaer, MNZL provides users with a wallet concept for asset-backed lending to transform assets like homes and cars into liquidity for their projects and needs.
- With this fund, the company plans to enhance its technology and scale operations to empower more clients.
