1. Fundbot (🇦🇪 UAE), a fintech startup that automates corporate lending and payments between banks, buyers, and sellers, has raised $1.5 million in its seed round.

2. Pala De 7 (🇸🇦 KSA), a sports startup aiming to serve the padel community with a user-centric platform offering seamless field registration, easy booking, and AI powered game matching, has raised $1 million in funding.

3. Naeem (🇸🇦 KSA), a SaaS platform for the personal care sector, has closed a pre-Seed round for an unknown amount, led by Lunment and a group of angel investors.

4. Lychee Egypt (🇪🇬 Egypt), a health-oriented food and beverage brand has secured a Series A investment round led by Beltone Venture Capital, to facilitate its entry into the Saudi market.

5. Midori Network (🇦🇪 UAE) a climate tech start-up specialising in mobile recycling modules, has raised $200,000 in pre-Seed funding from Kirill Veselov, an angel investor and former investment director of venture capital firm Mint Capital.

6. HyveGeo (🇦🇪 UAE), a climatetech start-up that utilises microalgae technology for soil regeneration and carbon removal, has raised an undisclosed pre-Seed funding round led by SystemaNova.vc.

   Trends (🇦🇪 UAE), a DIFC-based start-up that provides an innovative AI-backed business intelligence platform has raised $1 million to expand across the Middle East and Africa.

📱 Introducing Nearpay, the Saudi fintech start-up simplifying touchless payments, by offering businesses a secure and seamless way to accept transactions across various devices, including phones, tablets, kiosks, and handhelds.

And, they just secured a $14 million Series A funding round!

• Co-founded in 2020 by Mohamed Aleban and Hamza AlFarhan, Nearpay allows banks, payment service providers, and fintech startups to implement card present payments quickly, securely, and with easy integration into their existing systems.

💰 Investor low-down: The Series A round was led by Sanabil Investments, with participation from stc Corporate Investment Fund, Vision Ventures, Hala Ventures, and Arzan Ventures.

• Nearpay previously secured $3.6 million in a pre-Series A round back in October 2022.

🏦 The unbanked

A staggering number of individuals and businesses globally lack access to traditional banking services, creating a significant gap in the financial ecosystem.

This is particularly pronounced in regions with high mobile penetration but low banking infrastructure, leaving a vast portion of the population underserved.

🔑 Simplicity is key

Nearpay is all over addressing this gap.

Its payment solutions, tailored to underserved markets, put simplicity and security first.

How? Nearpay's SoftPOS transforms every device with NFC (near field communication) into a secure payment terminal, eliminating the need for extra hardware.

📈 Benefits

• 1️⃣ Enables quick and easy payment acceptance on various devices

• 2️⃣ Attracts a wider customer base with its versatile payment solutions

• 3️⃣ Reduces operational costs by eliminating the need for additional hardware

The result? Businesses can experience increased efficiency, reduced overheads, and enhanced customer satisfaction.

🔮Flashforward

The fresh funding will enable Nearpay to expand globally, advance its technology, and enhance its payments infrastructure, focusing on card-present transactions.

🌱 PepsiCo, SABIC, AstroLabs, and their strategic partners have announced the launch of the Mega Green Accelerator to invest in startups developing solutions for regional and global sustainability challenges.

• Investment partners Dubai Future District Fund, Venture Souq and Shurooq Partners will provide platforms for investment opportunities, mentorship in raising capital, and networking opportunities.

♻️ The Dubai Future District Fund (DFDF) has announced that it will dedicate Dh200 million from its Dh1 billion fund to support companies developing sustainable technologies and solutions for decarbonisation.

🇧🇭 Bahrain's Investcorp has launched a $750 million climate solutions platform, focusing on growth-stage companies in North America, Europe, the Middle East, and Asia.

• It will target companies offering decarbonisation and climate change solutions, with plans to invest in 10-15 climate tech firms over the next 4-5 years, allocating $50-$75 million per company.

🚀 DIFC Innovation Hub hosted its annual Investor Day at the DIFC Atrium on the 13th December, showcasing 19 FinTech Accelerator start-ups and 10 AccelerateHer participants, all mentored by leading regional financial institutions, to the investor community. More here →

🔋 Here’s Terra! The UAE-based e-mobility company providing an electric vehicle lineup and battery-swapping/recharging network to facilitate efficient last-mile delivery and promote environmental sustainability.

Did we mention they just raised $2 million in their seed funding round?

• Established in 2021 by Husam Zammar, Terra launched its first fleet of electric motorbikes earlier this year, shortly after the completion of its pre-Seed round.

💰 Investor lowdown: This funding round was backed by a group of strategic angel investors. 

• A series A funding round is on the cards for the first half of 2024. 

🌍 The e-commerce surge

The rapid rise of e-commerce means more delivery vehicles and, unfortunately, more emissions. 

The World Economic Forum estimates a 36% increase in delivery traffic by 2030. This surge poses a risk of escalating carbon emissions and worsening urban air quality. 

🛵 Terra's smart solutions

Terra’s zero-emission EVs are specifically designed for last-mile delivery, with continually enhanced performance and efficiency to meet the sector's evolving demands.

The innovation? Its battery-swapping technology that enables riders to swiftly exchange batteries at its network stations, thus reducing EV charging downtime and improving delivery efficiency

• Terra state that they’ve established MENA’s inaugural swapping station.

• Their plan is to expand this network across the UAE, ensuring accessibility and convenience for all users.

To further streamline the delivery process, they’re also enhancing their rider mobile app and operator cloud-fleet management dashboard.

It’ll offer real-time data on battery levels, swapping stations, and route optimisation, along with comprehensive insights for fleet managers on performance and environmental impact.

🔮 Flashforward

Terra will use this funding to source its next batch of electric motorbikes, enhance battery technology and secure patents for their unique designs and processes. 

By 2030, their goal is to replace 50% of existing two and three-wheelers with their bikes.

👋 Message from the team

Thanks for reading! Have a terrific weekend and we’ll see you all again on Tuesday.

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