INFOGRAPHIC: Startup Funding in Africa and the Middle East — Week 50
Here are the venture funding activities we tracked in the Middle East and African region this week – including Wafeq, AlGooru, LAfricaMobile, Billboxx, ZSystems, Eyone, DeChat, The Good People Data, and Konnect.
- UAE fintech company Wafeq banks $7.5M Series A round to expand operations
- Saudi edtech startup AlGooru gets $4M in a pre-Series A round to boost expansion in KSA
- Senegalese cloud communication startup LAfricaMobile lands $2.2M in Series A round to promote AI communication across Francophone Africa
- Nigerian fintech startup Billboxx secures $1.6M in pre-seed to support SMEs in Africa
- Moroccan B2B marketplace ZSystems receives $1.5M Seed to revolutionize Morocco’s FMCG sector
- Senegalese digital health startup Eyone acquires $1M to expand digital health services across West Africa
- UAE Web 3.0 social network DeChat raises $1M to accelerate its growth
- South Africa’s workflow automation and compliance solutions company The Good People Data closes undisclosed funding to boost expansion
- Tunisia’s fintech company Konnect raises undisclosed funding to scale operations.
UAE fintech company Wafeq banks $7.5M Series A round to expand operations
Wafeq, a UAE-based fintech company, has raised $7.5 million (SAR 28 million) in a Series A funding round led by notable investors in the accounting space, including 9900 Capital, with participation from Gary Turner, formerly CEO of Xero’s operations in EMEA, along with existing investors Raed Ventures and Wamda Capital.
This funding builds on the completed Seed round from early 2023, which raised $3 million, with Wamda Capital participating.
Since its inception in 2019 by Nadim Alameddine, Wafeq’s platform has processed over 2 million invoices totaling USD 400 million every month, with 90% of this activity coming from Saudi Arabia.
At its core, Wafeq enables SMEs to manage essential financial operations, such as e-invoicing, taxation, and employee payroll, offering a streamlined online solution tailored to regional business needs.
With the fresh infusion of capital, the company plans to accelerate hiring and ramp up product development by scaling its operations in key markets like Saudi Arabia and the UAE to drive further innovation and adoption of its solutions among the region’s SMEs.
