New Delhi, Nov. 7 -- Dealmaking activity in the Middle East and North Africa region was led by early-stage fundraises by tech startups. These included a Series A round raised by Saudi Arabia-based AI-powered customer engagement platform Bonat.

Other deals included early-stage rounds by Saudi Arabian fintech Stream, Moroccan fintech Chari, Saudi quick commerce platform Doos, and Tunisian traveltech firm WildyNess.

Further, Moroccan superapp ORA Technologies acquired a local logistics e-commerce player Cathedis to scale its offerings.

Overall, MENA startups saw total funding drop 77% month-on-month to $784.9 million across 43 deals in October. However, this represented a sharp growth on a year-on-year basis. Startup funding recorded a 395% growth compared to October last year, signalling investment recovery in the region, according to data compiled by Wamda.

Chari

Moroccan fintech startup Chari secured investment from Egypt-based VC firm DisrupTech Ventures to scale its business.

Founded in 2020 by Ismael Belkhayat and Sophia Alj, the Y Combinator-backed startup enables small retailers to order FMCG products and access embedded financial services.

Last month, Chari had closed a $12 million Series A round, led by SPE Capital and Orange Ventures, with participation from over a dozen global investors.

Chari has recently secured a payment institution licence from Bank Al-Maghrib, allowing it to issue IBANs and debit cards, process domestic and international transfers, and offer micro-insurance.

Doos

Doos, a Saudi Arabia-based quick commerce platform, secured a strategic investment from Jahez to support its nationwide expansion strategy.

Founded in 2023 by Tala Al Sahsah, Doos operates cloud stores in Jeddah and Riyadh, and offers a locally tailored shopping experience, featuring supermarket essentials, fresh produce, beauty products, gifts, and lifestyle items.

The startup aims to use the investment to expand beyond food delivery and strengthen its presence in Saudi Arabia.

Bonat

Saudi Arabia-based AI-powered customer engagement platform Bonat raised $6 million in a Series A round led by STC Group's corporate venture capital arm Tali Ventures.

The round also saw participation from ANB Seed Fund, Rua Growth Fund, RZM Investments, and a network of angel investors.

Founded in 2019 by Saud Binsaeed, Bonat offers AI-driven analytics to retailers and F&B brands, enabling them to convert walk-ins into loyal customers through behaviour-based marketing automation, and digital wallet integrations.

The platform currently supports thousands of retailers and F&B brands across Saudi Arabia, connecting with over six million users.

The startup aims to use the fresh funding to fuel AI product development, and expand across Saudi Arabia and the wider GCC.

WildyNess

WildyNess, a Tunisian travel tech platform that offers a travel marketplace, raised a pre-seed funding round to fuel regional expansion.

The round, for an undisclosed amount, was co-led by the Bridging Angels network and the African Diaspora Network.

Founded in 2021 by Achraf Aouadi and Rym Bourguiba, WildyNess is a B2B2C travel marketplace that connects travellers with authentic local experiences co-created with micro-entrepreneurs in tourism.

It aims to use the funding to drive regional expansion into Algeria, Saudi Arabia, Oman, and the UAE, and strengthen its technology infrastructure.

Stream

Saudi Arabian fintech startup Stream raised $4 million in seed funding led by Outliers VC to facilitate business growth.

The round also saw participation from BYLD Ventures and angel investors, including Careem's co-founder Abdullah Elyas.

Founded in 2024 by Ibrahim Aldlaigan, Stream helps businesses automate billing and payments, right from invoicing and scheduling to reconciliation, with full visibility and flexible payment options.

The startup plans to use the funding to support product development, compliance, and user experience.

ORA Technologies x Cathedis

Moroccan superapp ORA Technologies and Azur Innovation Fund acquired a local logistics e-commerce player Cathedis, to scale its e-commerce value chain.

This follows a $7.5 million Series A fundraise in July this year, led by the Azur Innovation Fund.

In March, it had raised $1.9 million in a pre-Series A round, led by Witamax and Azur Innovation Fund. That followed a $2.5 million seed fundraise from local private investors to launch its e-wallet.

Founded in 2023 by Omar Alami, the ORA app offers multiple features, including peer-to-peer transactions, an e-commerce platform, on-demand services, chat functionality, social networking, and a digital wallet, to be launched soon.

The acquisition positions ORA to offer last-mile connectivity as part of its plans to integrate fintech, foodtech, and logistics.

Published by HT Digital Content Services with permission from VC Circle.