INFOGRAPHIC: Startup Funding in Africa and the Middle East — Week 34
Here are the venture funding activities we tracked in the Middle East and African region this week – including, Resal, Waza, Workpay, Yalla Plus, Mithu, and Asas.
- UAE e-gifting startup Resal receives $9M funding to expand operations within the Kingdom
- Nigerian international payment startup Waza raises $8M in Equity and Debt Funding to transform B2B payments
- Kenyan HR and payroll startup Workpay closes $5M Series A fund to solidify expansion across Africa
- Saudi foodtech Yalla Plus closes $2.7M Seed round to expand its reach
- UAE loyalty platform Mithu secures $500,000 pre-seed to revolutionize loyalty programs
- Saudi IT service provider Asas closes $320,000 pre-seed to propel Resquad AI platform development
UAE e-gifting startup Resal receives $9M funding to expand operations within the Kingdom
Resal, a Saudi Arabia-based e-gifting platform, has secured a $9 million Series A funding from Derayah Ventures Fund, Al-Wafrah AlThanya Investment Company, Venture Souq FinTech Fund, ADDiriyah Asset Management, Nomad Holdings, Bugshan Investment Group, and several family offices, along with other angel investors.
Founded in 2016 by Fouad Alfarhan and Hatem Kameli, Resal specializes in a range of digital solutions and products aimed at creating a large network that connects merchants, companies, and individuals by providing a platform that helps manage the exchange of loyalty points, prepaid cards, and vouchers from various sources.
So far, Resal has doubled in sales and increased the number of beneficiaries of its solutions to more than 1.5 million users with over 1,000 entities and organizations across 15 sectors.
With the new investment, Resal plans to expand its business growth within the Kingdom by increasing its partner network and infrastructure across multiple industries and launching new technological products for alternative payment solutions, loyalty programs, and rewards.
