1. WEE Marketplace (🇦🇪 UAE), an e-commerce marketplace offering fast delivery services, has raised $10 million comprising equity and credit facilities, from SIG Investment.

2. bluworks (🇪🇬 Egypt), a HRtech offering businesses HR and SaaS solutions to help them optimise costs while leveraging data for decision-making, has closed a $1 million pre-Seed investment round, led by Khawarizmi Ventures and joined by Camel Ventures, Acasia Ventures, and other angel investors.

3. Waffarha (🇪🇬 Egypt), an online lifestyle platform that offers discounted coupons to customers in various fields, has raised a seven-figure Seed round by Value Makers Studio (VMS).

💸 Here’s bokra! An Egyptian fintech aiming to democratise wealth management in MENA by offering goal-based investment and savings products through asset-backed securities.

• Founded in 2023 by Ayman El-Sawy, they’ve just closed a $4.6 million pre-Seed round.

💰 Investor lowdown: The investment round was led by DisrupTech Ventures, and SS Capital, among other investors.

🇪🇬 The unbanked

In Egypt, where about 67% of the population is unbanked, Bokra's mission is crucial as it offers goal-based and asset-backed securities to transform the industry and improve the lives of millions.

This fintech tackles key challenges for retail and SME investors, such as personalised investment planning, unifying fragmented asset classes, transparent fee structures, and making high-value physical assets accessible.

⚙️ Break it down

Set to launch in Q2 2024, the Bokra app offers a tailored and straightforward user experience. Users complete a detailed questionnaire to establish their risk profile, investment period, and monthly contributions. They are then matched with a diversified investment portfolio suited to their goals.

• Additionally, the app includes tools for forecasting investment returns and a dashboard for tracking financial objectives efficiently.

🔮 Flashforward

The funds will be used to launch the Bokra app, expand the range of investment products, and scale operations across MENA.

👋 Say hello to Shorages! A UAE-based startup that offers logistics and warehouse management solutions to help merchants efficiently scale their online and offline sales across the region.

• Launched by Rayan Osseiran in 2019, they’ve just secured $1 million in pre-series A funding!

💰 Investor lowdown: The round was led by Joa Capital, as part of their S3 Ventures Fund. This new funding comes after a $700,000 seed round for Shorages in 2022. 

💸 Why now? Shorages is capitalising on the explosive growth of e-commerce in the GCC, with the sector expected to reach $50 billion by 2025. 

With this rapid expansion, merchants face significant challenges in managing logistics and distribution efficiently. This is where Shorages steps in!

💡 What do they offer?

• Their platform offers real-time insights into stock levels and order statuses, making inventory management a breeze.

• Integrating seamlessly with platforms like Shopify, Sala, and WooCommerce, it connects merchants directly to major marketplaces including Amazon and Noon.

⚙️ Break it Down

For merchants? They gain a partner in scaling their operations both locally and internationally, with the infrastructure to support both B2B and B2C channels. 

• They can also utilise Shorages’ advanced warehouse management system to streamline logistics.

🔮 Flashforward

Shorages will use this funding for international expansion, with plans to open more warehouses across the GCC, and bridge logistical gaps between the UAE and KSA.

💻 ADQ and Oman Investment Authority are combining to launch the $180 million Jasoor Fund in an effort to boost the tech sector in Oman and the wider MENA region.

• The fund will target high-growth tech companies, spanning fintech, edtech, healthtech, cleantech, and more.

💡 Ten Egyptian startups have won awards in the VMS Bridge programme, a joint Saudi-Egyptian initiative designed to support startups in Egypt and Saudi Arabia.

• The programme aims to provide opportunities for growth and expansion locally, regionally, and internationally, bridging the gap between the entrepreneurial ecosystems in Egypt and Saudi Arabia.

• Five startups, including Amanleek, Farhy, Sprints, Career180 and Jamaykaa, have won a 4-day visit to Saudi Arabia, where they will have the opportunity to meet with Saudi investors and explore investment opportunities.

🚧 Startups Without Borders will launch the fifth edition of its annual summit, which will take place on May 10-11 at Kamelizer Spaces in Cairo.

• Launched under the theme “Break Borders, Build Global Horizons," the summit will bring together 3,000 innovators from around the world alongside key players in the tech industry.

• Total recall. The Cybertruck's failure is now complete

• Social web. Why Meta is looking to the fediverse as the future for social media

• Chopping block. Spotify CEO Daniel Ek surprised by how much laying off 1,500 employees negatively affected the streaming giant’s operations

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