New Delhi, Feb. 28 -- United Arab Emirates-based fintech startup Flow48 led fundraising activity in the Middle East and North Africa (MENA) region this week, securing growth capital to fuel expansion. Other startups in the region raised early-stage funding. These include Saudi Arabian cybersecurity firm CQR, UAE-based software-as-a-service (SaaS) provider Journify, UAE-based fintech startup Omnispay, and Bahrain-based foodtech startup Lola. Meanwhile, UAE-based venture builder Disrupt.com announced a $100-million commitment to build and back artificial intelligence-first technology ventures globally. It aims to back early-stage startups in five strategic sectors--AI, cybersecurity, Web 3.0, automotive technology, and retail innovation.
Flow48 Fintech startup Flow48 secured $69 million in Series A funding, in a mix of debt and equity, led by European venture capital fund Breega. The latest fundraise comes a little over a year after the startup raised $25 million in a pre-Series A round, which was also a mix of equity and debt, to accelerate its expansion into South Africa.
The latest round saw participation from its existing investors, including Speedinvest and 212. Other investors, including Daphni, Endeavor Catalyst, Evolution Ventures, and Plus VC, also participated in the round. Founded in 2022 by Idriss Al Rifai, Flow48 provides upfront capital to small and medium enterprises under flexible terms.
The UAE-based startup aims to become a full-service fintech solution for small and medium enterprises (SMEs) and expand its insurance, payments, and other financial services offerings. It plans to utilize the additional funding to expand in its two key markets: Saudi Arabia and the UAE.
CQR Saudi Arabian cybersecurity firm CQR secured $3 million in funding to scale its business. The round was led by multi-asset investor Shorooq .
Founded in 2023 by Naser Aldossary, CQR provides businesses AI-driven, product-based cybersecurity solutions. The firm aims to use the funding to accelerate its ability to scale and expand its AI capabilities. Journify UAE-based SaaS provider Journify raised $4 million in funding to accelerate its growth. The round was led by venture capital firm Silicon Badia. It also saw participation from Saudi Arabian venture capital firm RZM Investment and other investors.
Founded in 2023 by Taoufik El Jamali and Amine Chouki, Journify offers an AI-powered SaaS platform that captures, unifies, and activates first-party data in real time. This helps enterprises optimize marketing performance and future-proof data infrastructure for sustainable growth.
The investment will propel Journify's plan to expand its customer base. Omnispay UAE-based fintech startup omnispay raised $1.5 million in a seed funding round, led by Singapore-based venture capital firm Mercatus Capital, to scale the business. The round also saw participation from regional and international investors.
Founded in 2022 by Simanta Das, Vimal Kumar and Praveen Kiran, omnispay simplifies SME cash flow management through its all-in-one collect, pay, and borrow platform. It has already onboarded over 1,600 businesses with rapid month-on-month growth. Lola
Lola, a Bahrain-based foodtech startup, raised $1.3 million in a pre-seed funding round from Plus VC, Vision Ventures, and angel investors to accelerate its expansion in Saudi Arabia and the wider Gulf region.
Founded in 2023 by Othman Janahi, Lola offers a customizable cake-ordering service for customers in Bahrain and Saudi Arabia. It allows customers to design their cake in one minute or less, offering thousands of unique designs, colors, and customized combinations. It recently expanded to the UAE, having launched its services in Dubai in December 2024.
Published by HT Digital Content Services with permission from VC Circle.