UAE startups receive most of regional funding

Cairo: Leading UAE fintech startup Tabby has raised $58 million in Series C funding from international investors, valuing the company at $660 million.

Founded in 2019, Tabby offers users the option to buy now and pay later to facilitate an affordable online and offline shopping experience.

In an exclusive interview with Arab News, Tabby CEO and founder Hosam Arab said the company will use the funding to increase its product offerings and expand existing products into new markets.

“We hope to expand our Tabby Card product to other operating markets outside the UAE. We are also developing consumer financial products to help people do more with their money,” he said.

The Tabby Virtual Card is a Visa card that allows shoppers to split their purchases into four payments at select in-store locations.

Tabby managed to issue more than 150,000 cards in six months, and in-store sales now account for 10% of total sales.

The company’s virtual card will apparently launch soon in Saudi Arabia, where 85% of its sales occur.

In September 2022, Abdulaziz Saja, general manager of Tabby Saudi Arabia, told Arab News that the company plans to launch the virtual card in Saudi Arabia after witnessing the success of the product in the UAE.

“Tabby will continue to lead the transition towards fair and transparent financial products in the MENA region, with each new product tailored to the needs of its clients,” Arab said.

The company works with more than 10,000 brands, including 9 of the top 10 retail groups in the MENA region. It recently launched noon, one of the largest e-commerce marketplaces in the region.

The round, with participation from Sequoia Capital India, STV, Mubadala Investment Capital, Arbor Ventures, Endeavor Catalyst and PayPal Ventures, marks its first investment in the GCC region.

“We are excited to grow with an incredible group of investors who believe in the opportunity to create healthier money relationships for consumers in a region ripe for change,” Arab said.

The company operates in the UAE, Saudi Arabia, Kuwait and recently expanded to Egypt, with plans to expand further and cover the rest of the GCC region.

Last year, Tabby attracted more than 3 million active shoppers on its platform and saw a five-fold increase in revenue from the previous year.

One Moto raises $150 million to fuel UK expansion

UAE-based electric vehicle startup and last-mile delivery provider One Moto has secured $150 million in funding from an undisclosed investor in the UK to expand into the country.

Founded in 2019, the company aims to be a one-stop platform for electric vehicles for last-mile delivery, with operations in China, Sri Lanka, Ethiopia and Nepal.

“Backed by a financing agreement, we expect to deploy up to 30,000 vehicles in the UK by the first half of 2023. This leverages our dialogue with UKTI to open the first European assembly plant,” said One Moto Chief Executive Officer executive Adam Ridgawy said in a statement.

The company will use its funding round to expand into the UK to help address the decarbonisation challenge of last mile delivery.

Alaan raises $4.5M for regional expansion

UAE-based B2B fintech startup Alaan has raised $4.5 million in pre-Series A funding from Presight Capital and Y Combinator to fuel regional expansion.

Founded in 2020, the company provides a platform for businesses to issue physical and virtual cards to manage business expenses, transactions, subscriptions, vendor payments, government services and in-store purchases.

The company plans to use its funds to expand its operations in the UAE and expand into new GCC markets while enhancing its product offerings.

Parthi Duraisamy, CEO and co-founder of Alaan, said: “With this new funding, we are excited to further strengthen our offerings and expand our presence in new markets as we continue to help businesses improve efficiency, productivity and productivity through Alaan. employee experience.” .

The company currently has more than 100 businesses in the UAE, benefiting more than 5,000 employees, with an average monthly growth rate of 500% until 2022.

Metaverse startup Numi raises $20 million

UAE metaverse startup Numi has raised $20 million in funding from Venom Ventures Fund, a $1 billion venture capital fund for blockchain and Web3 projects.

Founded in 2021, Numi aims to build a global entertainment ecosystem of VR users, influencers and creators.

The company plans to release a mini-game experience called Visual Novel in 2023 with a variety of special rewards. Venom has become the first blockchain to come under the jurisdiction of the regulator after receiving official permission from the Abu Dhabi Global Market to issue utility tokens.

Flyby closes $1 million seed round

UAE last-mile startup Flyby has raised $1 million in a seed round led by Silicon Valley’s FHS Capital and London’s VN2 Capital.

Founded in 2022, the company offers customers smart delivery boxes that incorporate tracking and road safety technology, in addition to digital advertising space.

The company will use its funds to deploy a fleet of Flyby smart boxes in Dubai, while expanding and developing its technology side.

Flyby’s smart delivery box contains a series of embedded sensors, and real-time telemetry data including GPS position, speed, acceleration and inclination can measure and monitor driver behavior.

EV charging company partners with fuel industry

UAE-based EV charging company Regeny has teamed up with its California counterpart, EvGateway, to provide EV charging solutions to the emerging industry.

The partnership plans to deploy 10,000 electric vehicle charging stations across the UAE by 2030, ranging from AC and DC fast charging hardware to charge management technology.

According to a press release, the UAE is expected to have approximately 42,000 electric vehicles by 2030 and is among the top 10 countries committed to electric vehicles, with 44% of residents willing to switch to electric vehicles.