New Delhi, Sept. 26 -- The Middle East and North Africa (MENA) region saw fewer funding announcements this week compared to the big-ticket fundraises last week.
The activity this week was led by debt financing secured by the Saudi Arabian fintech platform Erad, and a pre-seed fundraise by Moroccan quick commerce platform Done.ma. Meanwhile, Qatar's first independent venture capital firm Rasmal Ventures secured limited partner backing from Tunisia's Anava Fund of Funds for its inaugural investment vehicle Rasmal Innovation Fund I.
In what will further enhance liquidity for the MENA startup ecosystem, US-based PayPal announced that it will deploy $100 million (around Rs 887 crore) across the region through minority investments, acquisitions, PayPal Ventures funding, and technology deployment to scale up digital commerce and support entrepreneurs.
Erad Saudi Arabia-based fintech Erad (also spelt 'erad') has secured $33 million (around Rs 293 crore) in debt financing, led by India's Stride Ventures, to scale up its platform.
Founded in 2022 by Salem Abu-Hammour, Faris Yaghmour, Abdulmalik Almeheini, and Youssef Said, Erad provides Shariah-compliant, data-driven financing to SMEs in Saudi Arabia and the UAE, providing funding access within 48 hours.
The new capital will be deployed towards expanding Erad's operations in Saudi Arabia and the UAE, and scaling its Shariah-compliant platform.
Last April, Erad raised a $16 million Series A funding round, backed by Y Combinator, Nuwa Capital, and other investors.
Done.ma
Morocco's quick e-commerce platform Done.ma secured $2.1 million (around Rs 18.6 crore) in seed funding from local and angel investors as it aims to scale its super app.
Founded in 2024 by Mohamed El Ghaissani, Done.ma offers a unified mobile platform that combines food delivery, e-commerce, quick commerce, ride-hailing, and digital financial services.
It aims to utilize the capital to enhance its platform.
Published by HT Digital Content Services with permission from VC Circle.