INFOGRAPHIC: Startup Funding in Africa and the Middle East — Week 21

David Adubiina -
  • Benin electric vehicle company Spiro receives  $50M to expand into more African countries
  • UAE prop-tech startup Keyper secures $34M to expand operations 
  • Tanzania telecom provider TowerCo of Africa secures $30M to extend its activities
  • Customer engagement tech company Merit raises $12M to develop technology
  • Jordan fintech company liwwa secures $5M loan to further the growth and sustainability of SMEs
  • Egypt prop-tech startup Birdnest secures 20% stake in pre-Series A round
  • Saudi Arabia logistics startup MDD closes 5% stake in Series A round

Benin electric vehicle company Spiro receives  $50M to expand into more African countries

  • Benin Republic-based electric vehicle company Spiro has successfully closed a $50 million debt financing agreement with Afreximbank, a pan-African supranational multilateral financial institution.
  • Established in 2019 by Mansoor Ali Khan-Al Buhari, the company provides and manufactures batteries, battery charging equipment, and accessories to customers at low cost.
  • The funds will be invested to expand Spiro's network of automated swap stations and introduce new electric bike models that will enhance the accessibility and convenience of green mobility solutions.

UAE prop-tech startup Keyper secures $34M to expand operations 

  • Keyper, a UAE-based proptech company, has raised $34 million in equity and Shariah-compliant sukuk financing. The pre-series A round, worth $4 million in equity, was led by prominent regional venture capital firms BECO Capital and Middle East Venture Partners (MEVP), with participation from existing investors Vivium Holding, Jabbar Group, Signature Developers, and new investors Annex Investments, Pin Investment, and Al Qahtani Investment, among others.
  • Founded in 2022 by Omar Abu Innab and Walid Shihabi, Keyper offers a property management platform where tenants track their expenses and charges online while providing investors with real estate portfolios and data-driven insights. 
  • Keyper plans to use the new capital to digitize the rental experience in the UAE and expand its revolutionary Rent Now, Pay Later (RNPL) offering.