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UAE-based fintech company baraka has closed a $20 million Series A round led by Valar Ventures. This is the venture capital firm’s first investment in the region.
Valar Ventures, backed by PayPal co-founder Peter Thiel, also participated in the round from investment firm Knollwood.
Founded in 2021 by Feras Jalbout, baraka is a platform that offers commission-free investing in over 6,000 US stocks and exchange-traded funds (ETFs). The fintech firm is currently working with local stock exchanges and regulators to enable access to local market trades on its app.
With this new investment, Barakah will double down on its presence in the Gulf region and Egypt and drive customer acquisition. The company will continue to improve its app and expects to roll out new services over the next 12 months, including features such as access to dividend reinvestment plans and extended trading hours.
Baraka is a Y Combinator-backed company and part of Hub 71, Abu Dhabi’s global tech ecosystem. Its investors include regional and global venture capital firms such as Class 5 Global, Global Founders Capital and VentureSouq.
Valar Ventures has previously invested in global fintech unicorns such as Wise, N26 and BitPanda.
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Venture capital firm Knuru Capital said it will provide a $5 million seed investment in UAE-based healthcare fintech startup KLAIM via a securitization financing structure to help scale up its receivables purchase business.
KLAIM, which provides working capital to small and medium-sized healthcare providers, said it plans to raise the round to more than $30 million through a group of Shariah-compliant investors.
It will use the funds to support KLAIM’s medical claims receivable purchase solution, which allows healthcare providers to generate working capital by selling their insurance claims that are pending payment and typically settle between 60 and 112 days .
data index
Saudi Arabia-based productivity platform DataLexing has raised $3 million in a seed round led by Sadu Capital, with participation from Impact46 and unnamed investors.
Founded in 2018 by Rayan Alfaheid and Abdulelah Alganas, DataLexing helps organizations and individuals access data without relying on technologists by bringing insights, apps, notifications, forms, and forms together in one place.
The startup will use the funding to expand its regional operations and product development.
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