INFOGRAPHIC: Startup Funding in Africa and the Middle East — Week 39
Here are the venture funding activities we tracked in the Middle East and African region this week – including SHIFT, Zeno, Coral, Userguest, Kwiks, UmrahCash, and Farid.
- Saudi Arabia mobility startup SHIFT receives $82.8M investment to spur its growth
- Kenyan e-mobility startup Zeno secures $9.5M seed funding to transform Africa’s energy and transport landscape
- UAE’s climate-tech company Coral lands $3M seed round to expand operations
- Moroccoʼs SaaS provider Userguest banks $2.4M seed fund to fuel rapid expansion and product innovation
- Moroccan HRtech startup Kwiks raises $827,000 investment to revolutionize recruitment in the country
- Saudi Arabian fintech startup UmrahCash closes $500,000 funding to expand its operations
- Egyptian ed-tech company Farid secures $250,000 pre-seed to expand its platform to other countries
Saudi Arabia mobility startup SHIFT receives $82.8M investment to spur growth
SHIFT, the UAE-based leading mobility company, has closed a $82.8 million investment round led by Merak Capital.
This funding from Merak Capital aligns with the kingdom's 2030 objectives of developing the economy by implementing innovative programs in tourism, transportation, logistics, and other sectors.
Established by Khalid Alsulaiman in 2017, SHIFT Inc. is a comprehensive platform headquartered in Jeddah that specializes in providing tech-driven mobility solutions to people and goods, with its current operations spanning across 57 cities in the Kingdom.
The new investment will bolster and accelerate SHIFT’s tech-driven innovations to enhance efficiency, sustainability, and connectivity across the Kingdom's mobility and logistics ecosystem.
