Meet the Highest Funded Tech Startups in the UAE

For some time, the United Arab Emirates (UAE) has been one of the most flourishing business hubs in the Middle East and North Africa (MENA), holding its best position in H1 2019 by representing 26% of all arrangements and 66% of all financing in the area. 

Besides funding, the nation has seen other success stories with the two biggest exits in the region. This incorporates the primary unicorn exit ever, with Dubai-based ride-hailing application Careem being obtained by Uber for $3.1B, just as the milestone securing of Souq.com by worldwide online business monster Amazon for $580M. 

Let’s take a look at the topmost funded startups headquartered in the UAE to review our insight into the funding landscape.

1. Careem 

It’s not a surprise to anyone that Careem is the top subsidized startup in the UAE, even in the wake of being gained by Uber for $3.1B recently. Having raised a sum of $771.7M in seven funding rounds, the Dubai-based ride-hailing administration has gotten the top supported startup in both the UAE and the whole MENA region. 

The organization offers its types of assistance in various Middle Eastern, North African, and South Asian nations, including its extending product offering, numerous activities, for example, Careem NOW for food delivery. 

2. Souq 

Established in 2005 by Ronaldo Mouchawar, Souq has become one of the most notable e-commerce business sites in the district, working its own e-commerce business and giving a commercial center to outsider merchants in the Middle East North Africa region. Altogether, Souq brought $425M up in subsidizing.

3. Developing Markets Property Group (EMPG) 

Besides the ride-hailing and e-commerce business, the land has consistently been a major industry in the UAE. The Emerging Markets Property Group (EMPG) hopes to gain from this enormous industry. It has raised an aggregate of $160M to work out its different property entryways around the Middle East and past, incorporating Bayut.com in the UAE. 

Outside the UAE, EMPG claims the main property portals and gives solutions that make the property looking through quicker and simpler in developing business sectors worldwide, for example, the Middle East and South Asia. Besides Bayut in the UAE, EMPG is the parent organization of B property in Bangladesh, Zameen in Pakistan, and Mubawab in Morocco, the last of which was late obtained Egypt’s Jumia House to extend their quality in the nation. 

4. PropertyFinder 

Another notable property portal in the region is PropertyFinder, which raised a $120M funding in 2018, with which its complete funding arrived at $142M. Established in 2005, it is the biggest land entry for discovering private and business property for lease or deal across the Middle East and North Africa. 

It works with merchants to list properties on a solitary stage, making it simpler for individuals to get to the entirety of the data about properties. The site likewise gives real estate news, home exhortation, and aides. 

Like EMPG, PropertyFinder has hoped to extend its neighborhood impression through a few acquisitions throughout the long term, including Bahrain Property World, just as Dubai-based eSimSar and JRD Group. 

5. Starzplay 

Starzplay, one of the biggest entertainment players in the region, has raised $125M. The organization gives a diversion site established in 2014, which offers its clients from 19 nations across the Middle East and North Africa an excellent review insight of movies, TV shows, narratives, and substance from the worldwide level studios. 

Starzplay is lined up with the worldwide business financial specialists ‘Starz,’ owned by Lionsgate. Different organizations have shown interest in Starzplay to incorporate the world’s third-biggest asset manager, State Street Global Advisors (SSGA), just as media and innovation speculation firms SEQ Capital Partners and Delta Partners. 

6. Wadi

Established in 2015, Wadi is an online grocery shopping portal with a wide scope of items accessible in the UAE and Saudi Arabia. Since its origin, the organization has figured out how to raise an aggregate of $97M, of which $67M was brought up in its Series A financing round in 2016, driven by Saudi-based Al Tayyar Travel Group. It was the biggest Series A financing made sure about by a startup throughout the entire existence of the Middle East. 

After its speedy development, Wadi got procured for the current year by Dubai-based Majid Al Futtaim. This Emirati holding organization owns and operates hotels, shopping centers, and numerous organizations across the Middle East, Africa, and Asia. 

Anosua Chakraborty
A writer and a life-long learner are what describe Anosua the best. She holds immense educational experience with her Mass Communication (M.A) degree and ongoing PhD in Media & Communication. Professionally, Anosua has 5 years of experience in curating and strategizing corporate and academic content, which is the result of her passion for writing and creativity. Her expertise as a writer includes copywriting, content designing, content strategy, and developing e-learning modules & course curriculum.

Latest articles

spot_imgspot_img

Related articles

Leave a reply

Please enter your comment!
Please enter your name here

spot_imgspot_img