INFOGRAPHIC: Startup Funding in Africa and the Middle East — Week 48
Here are the venture funding activities we tracked in the Middle East and African region this week – including eyewa, Hydrobox, Sylndr, Solarbox, PTS, and Raknida.
- UAE eyewear retailer eyewa receives $100M series C fund to solidify and expand operations
- Kenyan energy startup Hydrobox gets $9M debt funding to support hydro projects in Kenya
- Egypt’s online automobile marketplace Sylndr closes $7.5M capital facility to boost customer experience
- Senegal’s e-mobility and energy solutions startup Solarbox lands $1M pre-seed funding to drive solar-powered e-mobility solutions
- Moroccan fintech startup PTS bags $500,000 investment for equity stake
- Nigerian art-tech startup Raknida banks $100k grant to expand into the US
UAE eyewear retailer eyewa receives $100M series C fund to solidify and expand operations
eyewa, a UAE-based eyewear retailer recently closed a $100 million Series C funding round, led by General Atlantic with participation from Badwa Capital and Turmeric Capital.
This funding follows an undisclosed investment from General Atlantic last May after eyewa secured $21 million in its Series B round in 2021, co-led by Kingsway and Nuwa Capital along with other investors.
Established in 2017 by Mehdi Oudghiri and Anass Boumedien, eyewa is the region's fastest-growing online eyewear retailer, with headquarters in Riyadh and Dubai. The company combines e-commerce with physical stores to meet the customers' needs while simultaneously nurturing sub-brands such as The Optical Club, which offers simplified, affordable eyewear options.
The recent funding is timely, as the company will use the investment to open a pioneering production hub in Riyadh in the first quarter of 2025, featuring a large warehouse, a fulfillment center, and a state-of-the-art lens manufacturing unit.
