INFOGRAPHIC: Startup Funding in Africa and the Middle East — Week 23

David Adubiina -
  • Saudi Arabia agritech Iyris raises $16M in fund to mitigate food insecurity
  • Saudi Arabia fintech SiFi closes $10M fund to enhance spend management solutions
  • Morocco agritech YoLa Fresh raises $7M Pre-Series A Fund to expand operations
  • Sudan fintech Elevate secures $5M PreSeries A fund to expand operations
  • UAE AI startup qeen.ai lands $2.2M pre-seed to transform global e-commerce 
  • UAE martech startup Growdash secures $1.8M Seed fund to revolutionize retail analytics

Saudi Arabia's agritech Iyris raises $16M in fund to mitigate food insecurity

  • Saudi Arabia-based AgriClimate Tech company Iyris (formerly RedSea), has completed a $16 million Series A funding round led by Ecosystem Integrity Fund and other institutional investors including Global Ventures, Dubai Future District Fund (DFDF), Kanoo Ventures, Globivest, and Bonaventure Capital. 
  • Founded in 2018 by Ryan Lefers, Derya Bara, and Mark Tester, Iyris specializes in SecondSky greenhouse covers and nets technology, which reduces heat stress on plants and improves crop resistance to salinity, heat, and drought, increasing crop yield. 
  • This fund will bolster Iyris's international sales pipeline for SecondSky greenhouse nets and covers as well as expand their sales coverage.

Saudi Arabia fintech SiFi closes $10M fund to enhance spend management solutions

  • Simplified Financial Solutions Company (SiFi), a Saudi Arabia-based fintech, has raised $10 million in seed funding led by Sanabil Investments, and RAED Ventures, with notable investors including anb seed, Rua Ventures, Byld, and KBW Ventures. Previous investors in the investment round include Khwarizmi Ventures, Seedra Ventures, and Tech Invest Com.
  • Established in 2021 by Ahmed Alhakbani, SiFi, a B2B expenditure management platform provides solutions such as smart corporate cards, real-time insights into corporate spending, and automated expense management procedures.
  • This infusion of capital will allow SiFi to expand its capabilities and solidify its position as the preferred spend management solution in Saudi Arabia.