1. Kema (🇦🇪 UAE), a fintech startup providing a SaaS platform that helps B2B SMEs accelerate and automate cash flow, has raised $2 million in pre-Seed funding led by Speedinvest with participation from the Dubai Future District Fund (DFDF).

2. ‘Right Calories’ (🇧🇭 Bahrain), a foodtech startup that provides accurately calculated nutrition, high quality, and affordable meals through A La Carte, meal planning & prep, and catering services, has raised $265,000 from Hope Ventures.

3. Motolines (🇧🇭 Bahrain), an e-commerce platform connecting customers with vendors in the automotive parts and services industries, has raised $82,000, from Hope Ventures.

🌍 Say hello to Globivest! They’re a women-led VC firm based in Lebanon, that just achieved a first closing for their Fund II for an undisclosed sum!

• Founded in 2016 by Jasmine Busson, Globivest started as a family office targeting tech investments, but has since transitioned to to a VC firm deploying capital in companies where impact meets profit.

• The Globivest family office fund has a portfolio that includes over 50 companies, such as Yoco, Lifebit, Legacy, Eight Sleep, and Karma Check.

💰 Fund size: Reached two-thirds of their $25-30 million fund goal in six months.

⚙️ Break it down 

In late 2022, Jasmine Busson (a recent Kauffman Fellow) transitioned the Globivest family office into Lebanon's first women-led fund, Fund II, aimed at external LPs with a focus on impact-driven investing.

This fund targets early-stage startups in social inclusion, education, health, and the environment, from pre-seed to Series A stages.

Aligning with the WHO's "One Health" approach, Globivest invests in companies that promise financial returns and positive impacts in health and the environment.

🔥 Fighting forest fires

Globivest Fund II's first investment, Vibrant Planet, raised $15M in a Series A round in October 2023.

Led by Allison Wolff, the company aims to use AI and data for wildfire mitigation, promoting ecosystem restoration through the introduction of "good fire" to the land.

• The round saw participation from Ecosystem Integrity Fund, Microsoft’s Climate Innovation Fund, Citi Ventures, Day One Ventures, and SIG Climate.

🔮 Flashforward: 

Heading into its second closing in early 2024, Globivest remains committed to merging impactful investments with financial returns.

🚀 Introducing Logidoo! A Morocco-based startup streamlining cross-border e-commerce logistics in Africa, offering freight, customs, and delivery services.

And did we mention they've just secured $1.55 million in investment? 

Their largest seed funding to date!

• Founded in 2019 by Tamsir Ousmane Traore, Logidoo quickly scaled from its initial setup and now serves more than 400 clients, with a presence in 8 countries across Africa. 

💰 Investor lowdown: This recent investment round was led by Maroc Numeric Fund II and included contributions from 216 Capital (Tunisia), Kalys Ventures (Morocco), Gullit VC (Ethiopia), Founders Factory Africa (Nigeria) and Sunny Side Venture Partners (Egypt/Japan).‍

🌍 The cross-border conundrum

The African e-commerce market is projected to grow significantly, with annual revenues expected to reach $46.1 billion by 2025. However, the continent's logistics infrastructure, largely fragmented and underdeveloped, is not keeping pace with this growth. 

Compared to regions like the EU and Asia, the intra-trade is relatively low. 

The reality of this? A complex web of customs regulations, poor road networks, and a lack of standardized logistics solutions across borders.

With Africa's e-commerce market projected to surge, addressing these logistical hurdles is crucial. 

‍🌐 One place for it all

Enter Logidoo with their unified digital platform that aggregates a network of over 3,000 logistics providers!

Benefits of this single platform? Logidoo claims to simplify the complex customs process and improve road network utilization, facilitating smoother cross-border transactions. 

Sounds good, but how do we know it works? The platform's efficiency is evidenced by its completion of more than 100,000 operations. 

This, coupled with achieving EBITDA positive status since January 2023, underscores its financial stability too. 

Their approach is contributing significantly to the realisation of the African Continental Free Trade Area's vision. 

🔮 Flashforward

Logidoo will use the fresh funding to solidify its presence across Africa, focusing on expanding to new markets. 

🇯🇴 Jordan-based Innovative Startups and SMEs Fund (ISSF) has allocated $5 million to MSA Novo, a venture capital firm with a focus on the Mena region. Established in 2019 and headquartered in China, MSA Novo specialises in investing in the tech sector of emerging markets, boasting a portfolio of over 50 companies across the Middle East, Latin America, Africa, and South Asia.

• This investment is strategically aimed at catalysing growth for Jordanian startups by providing essential funding to help them expand and compete on a global scale.

🇦🇪 Abu Dhabi's tech hub, Hub71, has joined forces with Stride Ventures to support local startups, combining resources to offer capital and mentorship. Stride Ventures will serve as a financial ally to Hub71, supplementing equity investments with venture debt and guidance for entrepreneurs.

• Established in 2019 with backing from Abu Dhabi's government and Mubadala Investment Company, Hub71 aims to foster homegrown tech success stories.

• Stride Ventures, an Indian venture debt fund, specializes in providing flexible financing to innovative startups.

🇯🇴 Jordan's Sowt Media, an Arabic audio content network founded in 2012 by Hazem Zureiqat, has purchased UAE podcast producer, Rising Giants Network (RGN), launched in 2019 by Basel Anabtawi, for an undisclosed amount.

• This acquisition will enable Sowt to broaden its offerings in both Arabic and English audio content.

🇨🇳 China's MSA Capital, supported by Saudi Arabia's Public Investment Fund (PIF), aims to raise $1 billion in 2024 to invest in startups based in the Middle-East.

• With $2.5 billion assets under management and backing from PIF's Jada Fund of Funds, MSA Capital is currently discussing its plans with regional investors.

• The firm was an early investor in companies such as Tabby and Kitopi.

🇹🇳 180 employees of Expensya, a Tunisian-French expense management software startup, shared $10 million following its acquisition by Sweden's Medius, an Accounts Payable automation company, in a deal exceeding $100 million in 2023 - according to a recent Techcrunch interview with one of the company’s co-founders, Karim Jouini.

• Here comes the boom. Does Mena’s proptech sector still have room for growth?

• Not so prime. Amazon hides cheaper items with faster delivery, lawsuit alleges

• Here today, gone tomorrow. Story of a fake CEO: The actor behind a $1.3 billion crypto scam

• Out of this world. Varda Space Industries finally gets approval to bring its drug manufacturing spacecraft back to Earth

👋 Message from the team

STEP Conference kicks off next week - are you heading?

Thanks for reading!

Enjoying the newsletter? Share it with a friend!

Have a question or any feedback? Just hit reply, or provide a rating below.

Was this forwarded to you? Sign up here.