INFOGRAPHIC: Startup Funding in Africa and the Middle East — Week 28
Here are the venture funding activities we tracked in the Middle East and African region this week – including NALA, Cytactic, Endoron Medical, NuRAN Wireless, and Maalexi.
- Tanzanian Fintech NALA Raises $40M to Grow its B2B Payment Platform
- Israel Cybertech Cytactic Raises $16M to Expand its Operations and Development Efforts.
- Israel Medtech Endoron Medical Secures $10M to Accelerate the Clinical Validation of its Flagship Product
- African Teltech NuRAN Wireless Secures $5M to Enhance Site Operations in Cameroon and the Democratic Republic of Congo
- UAE Agritech Maalexi Secures $1M to Accelerate its Growth Plans and Boost its Operational Capabilities
Tanzanian Fintech NALA Raises $40M to Grow its B2B Payment Platform
- Tanzanian Fintech NALA has raised $40 million in a Series A round led by Acrew Capital. Other participating investors include DST Global, Norrsken22, and HOF Capital.
- Founded in 2017, the remittance startup enables customers in the European Union, United Kingdom, and the United States to send money across 249 banks and 26 mobile money services in 11 African markets, including Nigeria, Tanzania, Kenya, and Rwanda.
- With the new funds, NALA will transcend remittances, extending its reach beyond Africa and building a robust payments ecosystem. It will also enhance its infrastructure, ensuring reliable, low-cost payments for all.
Israel Cybertech Cytactic Raises $16M to Expand Operations and its Development Efforts
- Israel Cybertech Cytactic has raised $16 million in a seed round led by Evolution Equity Partners, an investment firm focused on making bets in the cybersecurity market.
- Founded in 2022, the market-leading SaaS platform is an innovation-forward, holistic, intuitive solution that consolidates crisis readiness, response, and recovery tailored to versatile business profiles and risk landscapes.
- The startup also empowers organizations to handle the mounting threat to their business in case of a cyber crisis with a simplified, orchestrated, step-by-step methodology involving all relevant stakeholders and roles.
- With the new funds, Cytactic will expand operations and its development efforts.
