UAE based Ziina Secures $22 Million in Series A Funding

UAE based Ziina Secures $22 Million in Series A Funding

UAE-based fintech Ziina has raised $22 million in Series A funding. Led by US-based Altos Ventures, this investment also includes notable investors like Fintech Collective, Avenir Growth, Activant Capital, Y Combinator, FJ Labs, MEVP, and Jabbar Internet Group.

Expanding Financial Services

Founded in 2020 by Faisal and Sarah Toukan, Ziina quickly became a major financial player. The app allows users to send and receive payments using just a phone number, eliminating the need for IBANs or Swift Codes. Ziina launched its digital wallet in February 2022. Moreover, the new funding will help Ziina expand from a payment solution to a full-service financial provider. The upcoming ZiiCard will showcase this growth.

Navigating a Challenging Market

Despite a drop in global fintech funding from $144.2 billion in 2021 to $40.7 billion in 2023, Ziina’s success highlights its strong market position and investor trust. Over the past year, Ziina has achieved a tenfold revenue increase and a 34% month-on-month rise in customers. The recent acquisition of the SVF license from the Central Bank of the UAE further boosts its credibility.

Meeting SME Needs

Ziina serves 560,000 SMEs in the UAE, which make up over 94% of businesses and contribute about 60% of the GDP. While 77% of UAE SMEs have adopted digital payments, 50% still face finance and cash flow challenges. Ziina’s solutions, including payment gateways and POS systems, aim to address these issues and support growth.

Driving Innovation and Growth

The $22 million Series A funding will boost Ziina’s tech and innovations. The ZiiCard will streamline business payments, while new features will enhance personal expense management. Faisal Toukan, CEO and Co-Founder, noted, “Ziina’s strong SME demand, SVF license, and investor support will drive fintech evolution in the UAE and beyond.

Attracting Top Talent

Ziina has attracted talent from tech giants like Apple, Uber, Nubank, Klarna, Coinbase, Amazon, FundingCircle, and Yandex. With the new funding, Ziina will also add experts from Revolut and Nubank, who played key roles in scaling their companies to valuations of $45 billion and $70 billion.

UAE-based Myco Secures $10M in Series A Funding

UAE-based Myco Secures $10M in Series A Funding

Myco, the UAE-based Web3 streaming platform, has raised $10 million in the first closing of its Series A funding round. Announced on Tuesday, this milestone highlights strong global interest in Myco’s streaming solutions. The funding attracted prominent venture capital firms from the Middle East, North America, and Europe, reflecting confidence in the company’s vision.

Key Investors and Valuation

The Series A round included influential investors such as Daman Investments, Aptos Labs, B Digital, Mocha Ventures, Art3 Foundation, Ghaf Capital Partners, Mix Media Network, Factor6 Capital Partners, and Enjinstarter. Additionally, 88 accredited investors through Republic.com and several strategic angel investors contributed. As a result, Myco’s post-money valuation has reached $80 million.

Strong Financial Performance

This milestone follows Myco’s first profitable year, with an EBITDA of $1 million and revenues of $7.5 million for the 2023-24 fiscal year. Founder Umair Masoom stated, “Myco has shown our ability to scale in key markets, achieving exceptional metrics in user growth, retention, revenue, and community building.”

Expansion Plans and Partnerships

The new capital will help Myco expand into additional markets with similar demographics. This expansion will be supported by regional partnerships. Recently, Myco announced a significant partnership with the Aptos Foundation. As part of this collaboration, the company plans to relaunch its utility token on the Aptos Blockchain in Q4 2024 and migrate its wallet infrastructure.

Major Broadcasting Rights

Myco’s live streaming division has secured major broadcasting rights through 2025. These include:

  • Cricket: ICC and Pakistan Super League for Pakistan, Willow TV for North America, World Squash Federation, and Egypt Squash Federation.
  • Football: English Premier League rights for Pakistan.
  • Other Sports: Asian Hockey Championship and Brave MMA.

In esports, Myco holds rights for games such as Counter-Strike 2, PUBG, and Valorant across the MENA region.

Future Growth and Expansion

Following recent expansions into North America and Egypt, Myco is exploring new growth territories. The company aims to complete a second closing of its Series A funding by early 2025, further solidifying its global position. For more updates on startups and innovations, stay tuned to our blog and visit Myco’s website

Powder Beauty Secures Pre-Series A Funding to Expand in KSA

Powder Beauty Secures Pre-Series A Funding to Expand in KSA

Powder Beauty, a UAE-based e-commerce platform, successfully closed its pre-Series A funding round. Sophia Collective, founded by Sara and Magnus Olsson, and NKHEL, a fund by Zerodha founders Nithin and Nikhil Kamath, led the round. Several regional angel investors, including Maha Taibah, also contributed.

Empowering a Female-Led Vision

In 2018, Ayat Toufeeq, Amina Grimen, and Marriam Mossalli founded Powder Beauty, the Middle East’s first female-owned e-commerce platform focused on clean beauty. The company curates a selection of cruelty-free, eco-friendly products from both local and international brands. As a result, it quickly became a leader in the clean beauty segment, educating customers on sustainable beauty.

Fueling Expansion in Saudi Arabia

With this new funding, Powder Beauty plans to scale its operations in Saudi Arabia. The clean beauty market in the region is valued at $8.7 billion, with projections to grow to $39 billion by 2033. Powder Beauty intends to introduce exclusive brands to the region and expand its product categories, including skincare, haircare, makeup, and wellness.

Closing the Gender Gap in MENA Entrepreneurship

This investment directly addresses the gender gap in entrepreneurship within the MENA region. Sara Salhab, founder of Sophia Collective, highlighted that female-founded startups received only 1% of Middle East VC funding in 2023. By supporting Powder Beauty, Sophia Collective aligns perfectly with its mission to empower female founders and close the investment gap.

Redefining Beauty Standards

Co-founder and CEO, Ayat Toufeeq, expressed excitement about the company’s future. She stated, “We aim to build on our leading position in this fast-growing market.” Powder Beauty’s mission extends beyond profit, as it strives to shift beauty industry standards and make ethical, sustainable beauty products accessible across the Middle East.

Moreover, co-founder and CMO, Marriam Mossalli, emphasized the need for female representation in the beauty industry. She noted, “The multi-billion-dollar beauty industry sells primarily to women, yet men still run most of its biggest companies. I’m eager to see more female investors become owners within the beauty industry, transitioning from consumers to shareholders.”

Conclusion

In summary, with strong industry backing and a clear mission, Powder Beauty is set to lead the clean beauty movement in the Middle East. This pre-Series A funding marks a pivotal moment in the company’s journey, laying the foundation for continued growth and innovation.


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E Daddy Raises $15M for Electric Mobility

E Daddy Raises $15M for Electric Mobility

UAE-Based Startup E Daddy Drives Innovation in Sustainable Transportation

E Daddy, a pioneering force in the electric mobility sector, has recently secured a notable $15 million investment. This crucial funding will not only drive the startup’s growth but also significantly accelerate its mission to deliver cutting-edge, sustainable transportation solutions.

Leading the Charge in Electric Vehicle Innovation

To begin with, E Daddy is setting new benchmarks with its electric vehicles. The company’s latest models, which feature advanced self-diagnostic systems and a double-layer cooling system, ensure optimal performance and reliability. Specifically, these innovations guarantee that the vehicles operate effectively, even in extreme temperatures. By integrating such technologies, E Daddy demonstrates its unwavering commitment to revolutionizing electric mobility.

Expanding Reach and Influence

Furthermore, with this new investment, it is poised for substantial expansion. The startup plans to extend its operations beyond the UAE to GCC countries and the African continent. Consequently, a wider audience will gain access to sustainable transportation solutions. This growth, therefore, aligns perfectly with E Daddy’s goal of making eco-friendly transportation accessible to a broader audience.

A Vision for a Sustainable Future

Moreover, Yasmeen Jawahar Ali, Co-founder and COO of E Daddy, expressed enthusiasm about the company’s future. She stated, “Our investment will help us achieve a vision of a future powered by clean, sustainable energy. We are dedicated to making eco-friendly transportation accessible to all.” Clearly, this vision underlines the company’s commitment to advancing sustainable transportation.

Conclusion

In conclusion, E Daddy’s latest funding round marks a significant milestone in its journey. With ambitious plans for expansion and a clear vision for a greener future, E Daddy is set to make a substantial impact on the world of sustainable transportation. Hence, the future looks bright for this innovative startup.

For more startup news, read the previous blogs 

MealPlanet Secures $6 Million Seed Funding

MealPlanet Secures $6 Million Seed Funding

In a significant development for the foodtech industry, MealPlanet, a UAE-based startup, has successfully secured $6 million in Seed funding. This substantial investment, led by prominent venture capital firms MEVP, AlTouq Group, Sanabil 500, Faith Capital, and Alturki Ventures, positions MealPlanet for accelerated growth and innovation.

Moreover, the participation of renowned entrepreneurs Marc Lore and Samih Toukan underscores the company’s potential to revolutionize the meal planning landscape.

A Transformative Meal Planning Solution

Founded in 2024 by Khalid Baareh, MealPlanet has introduced a groundbreaking app that redefines how people approach meal planning. By connecting users with a diverse array of meal brands, the platform offers unprecedented convenience and customization. Consequently, users can effortlessly discover, subscribe to, and manage their preferred meal plans.

Strategic Partnerships Fuel Expansion

MealPlanet has cultivated strategic partnerships with over 100 trusted brands, including industry stalwarts such as Prep & Co, Basiligo, and PrepHero. Furthermore, the company is poised to expand its footprint into the lucrative Saudi Arabian market, commencing operations in the first quarter of 2025. This strategic move will undoubtedly solidify MealPlanet’s position as a regional leader in the meal planning sector.

A Bright Future Ahead

The infusion of capital, coupled with the support of industry luminaries, positions MealPlanet for substantial growth. The company is steadfast in its commitment to delivering exceptional value to customers through innovative solutions. As a result, MealPlanet is well-positioned to become a dominant force in the foodtech industry.

By combining a user-centric approach with cutting-edge technology, MealPlanet is reshaping the way people think about meal planning. The company’s vision of a world where healthy, convenient, and personalized meals are readily accessible is rapidly becoming a reality.

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