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Six MENA startups raise $125,000 in funding rounds

Six MENA startups raise $125,000 in funding rounds
Odiggo is the most anticipated out of the six startups

Mubasher: Four Egyptian startups as well as two Morocco-based enterprises have combined secured $125,000 in seed funding rounds led by Y Combinator, according to Magnitt.

This followed a late entry by Egypt-based SaaS startup Pylon, with the funding rounds by the six startups being either a natural continuation to their funding track after closing Pre-Seed rounds, with startups like Amenli. The other way was being an additional booster to expansion and acquisitions with startups like Odiggo and Chari.

On-demand auto-part marketplace Odiggo is the most anticipated out of the six startups after securing a $2.2 million investment led by Y Combinator, 500 Startups, and Plug and Play Ventures, in addition to regional venture capital (VCs) like Seedra Ventures and LoftyInc Capital taking part.

According to Magnitt’s “MENA H1 2021 Venture Investment" report, rounds sized $3 million and below witnessed a decline in both volume and funding during the first six months of 2021, when MENA-based startups saw a move away from early-stage to later-stage investment.

Morocco-based B2B marketplace Chari also secured a Pre-Seed funding round led by Y Combinator in addition to Plug and Play Ventures. The VC arm of French telecom operator Orange Digital Ventures, Chari acquires FinTech startup Karny.ma to integrate credit solutions in its offerings.

Other startups included Cairo-based startup ShipBlu which raised a Pre-Seed round led by Nama Ventures, online insurance marketplace Amenli, and Morroco-based collaborative SaaS value chain platform Freterium.