New Delhi, April 11 -- Early-stage startups led the fundraising activity in the Middle East and North Africa (MENA) region this week, amid otherwise subdued investment momentum. Notable raises included Moroccan fintech PayTic and Bahrain-based social commerce platform Sellou, which both closed seed rounds. Meanwhile, Saudi Arabian AI language intelligence startup STUCK? and UAE-based proptech platform Rentify secured six-figure pre-seed investments. In a major regional development, Saudi B2B marketplace Sary announced a merger with Bangladesh's ShopUp, forming SILQ Group, which raised $110 million. The round was led by Sanabil Investments--a firm owned by sovereign wealth fund Public Investment Fund (PIF)--alongside Peter Thiel's Valar Ventures.
Sellou Bahrain-based social commerce startup Sellou raised a seed funding round for an undisclosed value at a valuation of $3 million to support its regional expansion. Founded in 2020 by Salman Al Khalifa, Sellou offers a video-first marketplace focused on social sharing for sellers. The new funds will be used to enhance its platform and grow its footprint across MENA.
PayTic Moroccan fintech PayTic raised $4 million in a round led by investment firm AfricInvest to drive its expansion into North and Sub-Saharan Africa. The round also saw participation from Build Ventures, Axian Group, Mistral, Island Capital Partner, and Concrete. Founded in 2020 by Imad Boumahdi, PayTic offers software-as-a-service (SaaS) solutions that automate complex processes such as reconciliation and chargeback management for card issuers. With a presence in Canada, Morocco, and the UK, PayTic plans to scale its operations across the African continent. It serves banks, credit unions, fintechs, and other payment providers, aiming to boost operational efficiency and streamline backend program management.
STUCK? Saudi Arabia-based AI-driven language intelligence platform STUCK? secured a six-figure pre-seed round led by the UK's Mena Technology Fund. The round also saw participation from KAUST Innovation Fund and Saudi angel investors, including Maha Taibah, founder of RUMMAN, and Basma Bushnak, co-founder and CEO of Emkan Education (now PwC). Founded in 2022 by Asmaa Naga, STUCK? offers on-demand language services powered by AI for English and Arabic content. The startup has gained traction with major corporate clients and has secured a partnership with a Saudi Giga Project, following early backing from 500 Global Sanabil.
Rentify UAE-based proptech and fintech startup Rentify has secured $500,000 in pre-seed funding from undisclosed investors to scale its operations. Founded this year by Rashed Hareb and Rajneel Kumar, Rentify enables tenants to manage rental instalments with landlords. The platform currently supports over $408 million worth of signed rental properties.
With the new funding, the company plans to accelerate growth, onboard additional properties and further develop its technology.
Published by HT Digital Content Services with permission from VC Circle.