Welcome to this week’s funding round-up, covering recent investment trends and the latest notable deals in Dubai, United Arab Emirates. July-August 2024 dramatically brings a surge in funding, with huge investments flowing into the FinTech, Web3, foodtech, and other tech sectors. Here’s a detailed look at developments.
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Start-up Investments in MENA Surge
July-August 2024 were the months the MENA startup ecosystem really went to town on funding, up to $355 million. This is an increase of 206% compared to June 2024 and a surge of 260% compared to July 2023. These wonderful numbers underline renewed investor confidence and strong interest in regional startups. Compared to the previous month, this month’s funding differential stood at $340 million, indicating an invigorated investment landscape.
Country-Specific Highlights
Out of the 38 startups that raised funds, UAE led the charts with 12 deals, followed by Egypt and Saudi Arabia with seven each and Jordan with six.
Sector-wise Investment Breakdown
The month belonged to the Fintech sector, ending July at $180.8 million—the clearest expression of unbroken belief in the region’s financial tech solutions.
- Web 3 technologies did not look all that bad themselves, with $85 million going to blockchain and other decentralised technologies.
- Cleantech raised $37 million.
- Deeptech, $20 million.
- E-commerce, $15.7 million—a sign that continuous interest in these sectors exists.
Yuze’s $30 Million Funding Round
A Dubai-based fintech focused on SMEs, Yuze closed a deal worth $30 million that Ostern Investments led. The funds raised are intended for expansion plans and the development of services for SMEs, e-traders, and freelancers across the board. Yuze’s digital platform partners with banks to offer seamless business account and card services to provide hassle-free financial management for small businesses and independent professionals at large.
Strategic Use of Funds
This means that the freshly acquired capital will enable Yuze to accelerate past the UAE and reach one million SME and professional customers in the next five years. The CEO, Rabih Sfeir, emphasised that the firm was committed to overcoming financial hurdles for both SMEs and freelancers, enhancing financial inclusions, and thus contributing positively to the financial ecosystem.
Yuze’s Vision and Goals
Yuze is working to set industry standards, bring accessibility to, and fairness in, financial services. Focusing on the elimination of SME and freelancer obstacles makes Yuze well on its way to impactful progress in financial inclusion and thereby answering current, evolving target market needs.
MealPlanet Secures $6 Million in Seed Round
UAE-based foodtech MealPlanet raised $6 million in its seed funding round led by some of the region’s prominent venture capital firms: Middle East Venture Partners, MEVP, AlTouq Group, Sanabil 500, Faith Capital, and Alturki Ventures. Some notable entrepreneurs participating in this round include Marc Lore and Samih Toukan.
Founded in 2024 by Khalid Baareh, MealPlanet is on a mission to bridge the gap in tech solutions for meal plan delivery services. Consumers can access a wide range of brands that enable seamless lifestyle solutions in discovering, subscribing to, and managing meal plans through the platform.
The funds will be used to drive our expansion plans, continuous development of our proprietary technology stack, which enables enhancement and personalization of the consumer experience, commented Khalid Baareh, Founder and CEO.
MealPlanet has teamed up with over 100 trusted brands, including Prep & Co, Basiligo, PrepHero, and many more. Now, after tasting the pudding, the company is setting its eyes on regional expansion, starting in Saudi Arabia in Q1 2025.
Walid Mansour of MEVP, its co-founder and co-CEO, still expressed optimism about MealPlanet’s prospects to lead the growing meal planning market, stressing an overall rising demand for healthy and convenient eating.
Conclusion
This week’s funding activities clearly express the dynamic character of Dubai’s start-up scene—from the successful seed round of MealPlanet to the general surge in MENA investments, the future shines bright for innovation and growth in this region. With expansion and innovative companies like Yuze at the helm, there is a great deal of promise for startups in the future.
