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OCTOBER 2021 VENTURE INVESTMENT DASHBOARD

$100 | November 2021
The October 2021 Dashboard provides a condensed overview of the month's startup
and venture investment activity across MENA, Turkey, and Pakistan. It covers
funding evolution, industry overview, top deals and the most active investors in
each market.
The October 2021 Dashboard provides a condensed overview of the month's startup
and venture investment activity across MENA, Turkey, and Pakistan. It covers
funding evolution, industry overview, top deals and the most active investors in
each market.

Q3 2021 EVM TRANSPORT & LOGISTICS VENTURE INVESTMENT REPORT

$399 | October 2021
The Q3 2021 Emerging Venture Markets (EVM) Transport & Logistics Venture
Investment Report is one of MAGNiTT's flagship industry reports that takes a
comprehensive look at the sector’s quarterly performance within the venture
capital and startup ecosystems in MENA, Turkey, and Pakistan.
The Q3 2021 Emerging Venture Markets (EVM) Transport & Logistics Venture
Investment Report is one of MAGNiTT's flagship industry reports that takes a
comprehensive look at the sector’s quarterly performance within the venture
capital and startup ecosystems in MENA, Turkey, and Pakistan.

Q3 2021 EVM FOOD & BEVERAGE VENTURE INVESTMENT REPORT

$399 | October 2021
The Q3 2021 Emerging Venture Markets (EVM) Food & Beverage Venture Investment
Report is one of MAGNiTT's flagship industry reports that takes a comprehensive
look at the sector’s quarterly performance within the venture capital and
startup ecosystems in MENA, Turkey, and Pakistan.
The Q3 2021 Emerging Venture Markets (EVM) Food & Beverage Venture Investment
Report is one of MAGNiTT's flagship industry reports that takes a comprehensive
look at the sector’s quarterly performance within the venture capital and
startup ecosystems in MENA, Turkey, and Pakistan.

Q3 2021 EVM HEALTHCARE VENTURE INVESTMENT REPORT

$399 | October 2021
The Q3 2021 Emerging Venture Markets (EVM) Healthcare Venture Investment Report
is one of MAGNiTT's flagship industry reports that takes a comprehensive look at
the sector’s quarterly performance within the venture capital and startup
ecosystems in MENA, Turkey, and Pakistan.
The Q3 2021 Emerging Venture Markets (EVM) Healthcare Venture Investment Report
is one of MAGNiTT's flagship industry reports that takes a comprehensive look at
the sector’s quarterly performance within the venture capital and startup
ecosystems in MENA, Turkey, and Pakistan.


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Merit Incentives
Total Funding: $5M
Industry: Technology
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Savyour
Total Funding: $3.3M
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Total Funding: $197.5M
Industry: FinTech
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$9.5M SEED FUND FOR COINMENA CRYPTO EXCHANGE

13 hours ago
Interested in more data on startup investments? Access our data on 7,490+
startup funding rounds Bahrain-headquartered CoinMENA has secured $9.5M in its
first SEED funding round. The round recorded participation from top regional and
international investors in the crypto and venture space including BECO Capital,
Kenetic, Arab Bank Switzerland, Bunat Ventures, Alameda Research, Rua Growth
Fund, and Girnas Capital alongside a number of select global angel investors.
Launched in early 2021 by Dina Saman, Talal Tabbaa, and Yazan Barghuthi,
CoinMENA was built primarily to address a market gap that existed for easy and
safe access to crypto investing. Today, as a fully regulated, onshore crypto
exchange licensed by the Central Bank of Bahrain, CoinMENA’s sign-up process
takes less than a minute and can be performed on its simple, seamless, and
highly intuitive mobile app, which is designed for both beginners and
professional traders. As recorded in our Q3 2021 EVM FinTech Venture Investment
Report, a remarkable part in FinTech’s 100% YoY growth in funding across MENA
was played by pioneers in Blockchain technology, Open Banking, Cryptocurrency,
and international exchange platforms. VCs seems interested in backing this
FinTech exploration into the world of virtual currencies and decentralizing
accessible investment opportunities, with major rounds closed by the likes of
Fintech Galaxy, BitOasis, Tarabut Gateway, Sarwa, and Baraka in 2021 YTD.
CoinMENA has not only successfully bridged the gap but has also become the go-to
exchange, known for its prompt transactions, wide variety of assets, excellent
customer service, and easy-to-use mobile app. Most recently, CoinMENA entered
into an agreement with the Dubai World Trade Centre to build the next blockchain
and crypto hub in the UAE. Commenting on the investment, CoinMENA’s co-founders
stated “With growing awareness about crypto-assets and their transformative
potential, appetite from both retail and institutional investors in the MENA
region is growing at a rapid pace. Our strategic capital partnerships provide
support for our vision to increase the adoption of crypto assets in the region
in a regulated and seamless manner. We believe that this is a positive outlook
for the crypto assets sector over the coming years both locally and globally.”
The exchange’s services are currently available to residents of Bahrain, United
Arab Emirates, Saudi Arabia, Kuwait, and Oman, with a view to expanding to other
countries in the MENA region. Jehan Chu, Founder of Kenetic highlighted the
formidable potential for the Bahrain-based blockchain pioneer “CoinMENA is
positioned for explosive growth, and Kenetic is excited to lend our extensive
experience and deep network to support them as they provide superior crypto
liquidity and user experience in a new era of digital finance throughout the
MENA region.” CoinMENA’s investor BECO Capita,l the technology-focused venture
capital, has been keen on spotting major innovations with a track record of
backing MENA’s 3 Unicorns Swvl, Kitopi, and Careem. With this investment and the
insurmountable experience onboarded by the network of partners and stakeholders,
CoinMENA will be able to expand its market presence across the MENA region. Dany
Farha, Co-Founder and Managing Partner of BECO Capital concluded “We had been
searching for a while for the combination of the strength of the team and depth
of vision that the team at CoinMENA set out to build. We are very excited to
partner with this stellar team in delivering financial inclusion, investing, and
saving in a crypto native manner, in a hyper-local manner, all whilst being
regulated and adhering to the highest levels of governance and compliance for
all stakeholders.” Looking to grasp this startup landscape? Browse 1,700+
FinTech startups in EVMs
Interested in more data on startup investments? Access our data on 7,490+
startup funding rounds Bahrain-headquartered CoinMENA has secured $9.5M in its
first SEED funding round. The round recorded participation from top regional and
international investors in the crypto and venture space including BECO Capital,
Kenetic, Arab Bank Switzerland, Bunat Ventures, Alameda Research, Rua Growth
Fund, and Girnas Capital alongside a number of select global angel investors.
Launched in early 2021 by Dina Saman, Talal Tabbaa, and Yazan Barghuthi,
CoinMENA was built primarily to address a market gap that existed for easy and
safe access to crypto investing. Today, as a fully regulated, onshore crypto
exchange licensed by the Central Bank of Bahrain, CoinMENA’s sign-up process
takes less than a minute and can be performed on its simple, seamless, and
highly intuitive mobile app, which is designed for both beginners and
professional traders. As recorded in our Q3 2021 EVM FinTech Venture Investment
Report, a remarkable part in FinTech’s 100% YoY growth in funding across MENA
was played by pioneers in Blockchain technology, Open Banking, Cryptocurrency,
and international exchange platforms. VCs seems interested in backing this
FinTech exploration into the world of virtual currencies and decentralizing
accessible investment opportunities, with major rounds closed by the likes of
Fintech Galaxy, BitOasis, Tarabut Gateway, Sarwa, and Baraka in 2021 YTD.
CoinMENA has not only successfully bridged the gap but has also become the go-to
exchange, known for its prompt transactions, wide variety of assets, excellent
customer service, and easy-to-use mobile app. Most recently, CoinMENA entered
into an agreement with the Dubai World Trade Centre to build the next blockchain
and crypto hub in the UAE. Commenting on the investment, CoinMENA’s co-founders
stated “With growing awareness about crypto-assets and their transformative
potential, appetite from both retail and institutional investors in the MENA
region is growing at a rapid pace. Our strategic capital partnerships provide
support for our vision to increase the adoption of crypto assets in the region
in a regulated and seamless manner. We believe that this is a positive outlook
for the crypto assets sector over the coming years both locally and globally.”
The exchange’s services are currently available to residents of Bahrain, United
Arab Emirates, Saudi Arabia, Kuwait, and Oman, with a view to expanding to other
countries in the MENA region. Jehan Chu, Founder of Kenetic highlighted the
formidable potential for the Bahrain-based blockchain pioneer “CoinMENA is
positioned for explosive growth, and Kenetic is excited to lend our extensive
experience and deep network to support them as they provide superior crypto
liquidity and user experience in a new era of digital finance throughout the
MENA region.” CoinMENA’s investor BECO Capita,l the technology-focused venture
capital, has been keen on spotting major innovations with a track record of
backing MENA’s 3 Unicorns Swvl, Kitopi, and Careem. With this investment and the
insurmountable experience onboarded by the network of partners and stakeholders,
CoinMENA will be able to expand its market presence across the MENA region. Dany
Farha, Co-Founder and Managing Partner of BECO Capital concluded “We had been
searching for a while for the combination of the strength of the team and depth
of vision that the team at CoinMENA set out to build. We are very excited to
partner with this stellar team in delivering financial inclusion, investing, and
saving in a crypto native manner, in a hyper-local manner, all whilst being
regulated and adhering to the highest levels of governance and compliance for
all stakeholders.” Looking to grasp this startup landscape? Browse 1,700+
FinTech startups in EVMs

INTRODUCING THAKAA CENTER: SAUDI’S LATEST INNOVATION SPACE

13 hours ago
Interested in more data on startup investments? Access our data on 7,490+
startup funding rounds On the backdrop of a record-breaking year for the Saudi
VC space, observed a 167% YoY growth in capital backing local startups driven by
a 40%YoY increase in transactions closed by Q3 2021, we have also observed a
striking dip in Early-Stage deals. In Saudi Arabia and in similar Emerging
Venture Markets across MENA, Early-Stage deals fluctuating poses a challenge for
future deal flow and new venture generation. Even though capital and investor
interest seem to be as present as ever, where the average round size in
early-stage deals in KSA has increased from $0.2M in 2018 to $1M by Q3 2021,
Early-Stage funding rounds accounted for only 26% of all deals this year. As
Early-stage startups are crucial for the ongoing advancement of the ecosystem,
key players in Saudi Arabia have been pushing for early growth opportunities
where Public-funded investors like Sanabil Investments and private equity
investors like Wa’ed have kept a healthy pipeline of early-stage rounds in their
portfolios this year. However, to capitalize on the tremendous access to
capital, world-class technologies, and global networks in the Saudi VC
ecosystem, the local talent should be able to match the burgeoning
opportunities. In their latest of these attempts, the General Authority for
Small and Medium Enterprises, Monshaat, has opened its latest specialized
innovation space, Thakaa Center. Here’s how they’re raising the bar and creating
a talent-filled ecosystem: Learn all about Thakaa Center // Join their community
on Slack Thakaa Center is the first specialized innovation center to serve both
entrepreneurs and small and medium enterprises in Saudi Arabia as part of the
General Authority for Small and Medium Enterprises (Monshaat). The center’s main
focus is to support startups, improve existing SMEs, and empower entrepreneurs
in utilizing emerging technologies such as Artificial Intelligence, Data
Sciences, Internet of Things, and Cyber Security, allowing them to benefit from
the latest Tech tools and the most successful projects to enhance their
performance and competitiveness not only in the region but also globally. Thakaa
Center’s vision is built around three main goals: · Supporting SMEs by providing
them with the necessary technologies and tools to gain a strong competitive
advantage in the market. · Empowering entrepreneurs by providing the resources
they need to launch their projects and marketplace products. · Stimulating the
ecosystem through innovation camps, challenges, training workshops, and
consultations to increase the proficiency of the national human resources and
prepare them for future market trends. In order to expand the circle of support
and create the greatest impact, Thakaa Center is keen to present a variety of
programs in different forms: Thakaa consultations Personalized advisory sessions
with experts and specialists to answer questions and help with the challenges
that the beneficiaries might face in realizing their ideas or building their
facilities. Thakaa opportunities With the maturity and advancement of IoT and
cybersecurity technologies, the opportunities for business development have
risen. The center presents a set of ideas that can be developed as products
based on technologies while supporting talents by enabling them to build and
launch smart solutions to real market problems to increase the number of
technical facilities in the Saudi market. Thakaa challenges Believing in the
great value of collective innovation; Thakaa Center seeks to link the owners of
complex challenges (from large companies or government entities) with
entrepreneurs and talents to produce innovative solutions. Rowad Thakaa Program
To develop pioneering facilities, in any field, through an intensive program
designed to support business owners in digital transformation and to find the
latest technologies and tools to raise the level of their technical ability and
competitiveness. Thakaa Library The centre aims to enrich the Arabic content of
learning resources in the fields of technology and entrepreneurship in the forms
of: · Recorded workshops specifically for entrepreneurs and owners of SMEs,
designed to develop their skills in using modern technology to expand their
opportunities. · Guidebooks containing the most important concepts explained in
a simplified manner. · Useful links for students, entrepreneurs, or business
owners, carefully selected by professionals to be of help in management, data
science, and artificial intelligence. · Real data prepared for use in developing
data analysis skills, with the possibility of using it to reveal promising
investment opportunities. · Technical Articles & infographics carefully selected
by our experts in AI and DS, suitable for non-specialists. · Templates designed
specifically for entrepreneurs and SMEs to develop their skills in presenting,
planning, and introducing their ideas and facilities. Thakaa community The
center has set forth to build a conscious technical society with high
capabilities; Therefore, they bring the latest topics related to AI and DS and
share them with the community. The center provides opportunities for individuals
to participate and exchange knowledge through group meetings, as well as hosting
influencers and experts in the fields of technology and entrepreneurship. At the
core of their community, the center aims to form a link between entrepreneurs,
investors, and SMEs as well as those wishing to invest in the public and private
sectors by joining their network as service seekers or providers, to form a
self-sufficient community that provides comprehensive services to all
beneficiaries. Thakaa Center opens up to host a platitude of tie-ups in
different forms including advisory support in the partners’ specialization,
investing in startups and launching their products, sponsoring programs,
providing services and consultations depending on the partners’ fields. Learn
all about Thakaa Center Join their community on Slack! Looking for a platform to
launch? Browse and Access 460+ Enablers in MENA
Interested in more data on startup investments? Access our data on 7,490+
startup funding rounds On the backdrop of a record-breaking year for the Saudi
VC space, observed a 167% YoY growth in capital backing local startups driven by
a 40%YoY increase in transactions closed by Q3 2021, we have also observed a
striking dip in Early-Stage deals. In Saudi Arabia and in similar Emerging
Venture Markets across MENA, Early-Stage deals fluctuating poses a challenge for
future deal flow and new venture generation. Even though capital and investor
interest seem to be as present as ever, where the average round size in
early-stage deals in KSA has increased from $0.2M in 2018 to $1M by Q3 2021,
Early-Stage funding rounds accounted for only 26% of all deals this year. As
Early-stage startups are crucial for the ongoing advancement of the ecosystem,
key players in Saudi Arabia have been pushing for early growth opportunities
where Public-funded investors like Sanabil Investments and private equity
investors like Wa’ed have kept a healthy pipeline of early-stage rounds in their
portfolios this year. However, to capitalize on the tremendous access to
capital, world-class technologies, and global networks in the Saudi VC
ecosystem, the local talent should be able to match the burgeoning
opportunities. In their latest of these attempts, the General Authority for
Small and Medium Enterprises, Monshaat, has opened its latest specialized
innovation space, Thakaa Center. Here’s how they’re raising the bar and creating
a talent-filled ecosystem: Learn all about Thakaa Center // Join their community
on Slack Thakaa Center is the first specialized innovation center to serve both
entrepreneurs and small and medium enterprises in Saudi Arabia as part of the
General Authority for Small and Medium Enterprises (Monshaat). The center’s main
focus is to support startups, improve existing SMEs, and empower entrepreneurs
in utilizing emerging technologies such as Artificial Intelligence, Data
Sciences, Internet of Things, and Cyber Security, allowing them to benefit from
the latest Tech tools and the most successful projects to enhance their
performance and competitiveness not only in the region but also globally. Thakaa
Center’s vision is built around three main goals: · Supporting SMEs by providing
them with the necessary technologies and tools to gain a strong competitive
advantage in the market. · Empowering entrepreneurs by providing the resources
they need to launch their projects and marketplace products. · Stimulating the
ecosystem through innovation camps, challenges, training workshops, and
consultations to increase the proficiency of the national human resources and
prepare them for future market trends. In order to expand the circle of support
and create the greatest impact, Thakaa Center is keen to present a variety of
programs in different forms: Thakaa consultations Personalized advisory sessions
with experts and specialists to answer questions and help with the challenges
that the beneficiaries might face in realizing their ideas or building their
facilities. Thakaa opportunities With the maturity and advancement of IoT and
cybersecurity technologies, the opportunities for business development have
risen. The center presents a set of ideas that can be developed as products
based on technologies while supporting talents by enabling them to build and
launch smart solutions to real market problems to increase the number of
technical facilities in the Saudi market. Thakaa challenges Believing in the
great value of collective innovation; Thakaa Center seeks to link the owners of
complex challenges (from large companies or government entities) with
entrepreneurs and talents to produce innovative solutions. Rowad Thakaa Program
To develop pioneering facilities, in any field, through an intensive program
designed to support business owners in digital transformation and to find the
latest technologies and tools to raise the level of their technical ability and
competitiveness. Thakaa Library The centre aims to enrich the Arabic content of
learning resources in the fields of technology and entrepreneurship in the forms
of: · Recorded workshops specifically for entrepreneurs and owners of SMEs,
designed to develop their skills in using modern technology to expand their
opportunities. · Guidebooks containing the most important concepts explained in
a simplified manner. · Useful links for students, entrepreneurs, or business
owners, carefully selected by professionals to be of help in management, data
science, and artificial intelligence. · Real data prepared for use in developing
data analysis skills, with the possibility of using it to reveal promising
investment opportunities. · Technical Articles & infographics carefully selected
by our experts in AI and DS, suitable for non-specialists. · Templates designed
specifically for entrepreneurs and SMEs to develop their skills in presenting,
planning, and introducing their ideas and facilities. Thakaa community The
center has set forth to build a conscious technical society with high
capabilities; Therefore, they bring the latest topics related to AI and DS and
share them with the community. The center provides opportunities for individuals
to participate and exchange knowledge through group meetings, as well as hosting
influencers and experts in the fields of technology and entrepreneurship. At the
core of their community, the center aims to form a link between entrepreneurs,
investors, and SMEs as well as those wishing to invest in the public and private
sectors by joining their network as service seekers or providers, to form a
self-sufficient community that provides comprehensive services to all
beneficiaries. Thakaa Center opens up to host a platitude of tie-ups in
different forms including advisory support in the partners’ specialization,
investing in startups and launching their products, sponsoring programs,
providing services and consultations depending on the partners’ fields. Learn
all about Thakaa Center Join their community on Slack! Looking for a platform to
launch? Browse and Access 460+ Enablers in MENA

$3.3M FOR PAKISTANI CASHBACK PIONEER SAVYOUR

17 hours ago
Interested in more data on startup investments? Access our data on 7,490+
startup funding rounds Pakistan-based FinTech and developer of the country’s
first cashback app and pay-per-sale affiliate marketing network, Savyour has
successfully raised $3.3M in its latest funding round. The SEED round was co-led
by Global Founders Capital and Zayn Capital. The round also recorded
participation by Fatima Gobi Ventures, Disrupt.com, Rally Cap Ventures, +92
Ventures, Suya Ventures, as well as angel investors Mir Aamir, former CEO of
Quotient Technologies and Pere Hospital, co-founder of Secways. Launched in
August 2020 by Umair Gadit and Saad Gadit, the fintech startup set forth to
revolutionize the shopping experience in Pakistan on a holistic level for both
consumers and merchants. Savyour is driving financial inclusion by incentivizing
transactions regardless of the mode of payment. The Pakistan-based FinTech aims
to empower consumers to buy better brands at the best prices while enabling
brands, retailers, and e-tailers to grow their business on a pay-per-sale model.
More than double the deals in 2021 YTD backing Pakistan-based FinTech startups,
drove the industry’s funding growth beyond the 1,800%YoY in a sudden shift
recorded in our Q3 2021 EVM FinTech Venture Investment Report. FinTech startups
raised 5x the amount of funding in the past 4 years collectively by the third
quarter of this year alone, which marks a positive inclination and a newfound
investor interest for this Emerging Venture Market. It was local and global
investors like UK-based Zayn Capital, i2i Ventures, Fatima Gobi Ventures,
US-based HOF Capital, and China-based MSA Capital that drove the impeccable
backing of innovative digital infrastructures in the FinTech & E-commerce spaces
this year. Fund, lunch, and build your new venture. Get funded by 360 Nautica
What sets Savyour’s cashback app apart from other rewards platforms is that
users are able to redeem the amount saved in their Savyour wallets directly into
their bank accounts or digital wallets, regardless of the mode of payment. The
platform’s ‘triple-stacked savings’ offering means that cashback is applicable
on top of any deals, vouchers, and bank discounts that users may utilize at the
time of checkout. Partner brands only need to pay commissions for every
successful transaction done through Savyour, making it a marketing platform
driven purely by returns on investment. Umair Gadit, Co-Founder and Chief
Executive Officer of Savyour highlighted “Over 64% of Pakistan’s population is
below 30, which means you have a new wave of shoppers who are demanding,
tech-savvy and seek more value for their money to counter inflation. Savyour
acts as the ultimate shopping companion for buyers by providing them with the
best rewards and curation of local brands. “Pakistan’s commerce sector faces a
number of challenges; the lack of consumer trust and confidence, being dominated
by SMEs that lack both talents and resources to grow, and having no dedicated
discovery platform. Digitizing this space will open up new opportunities and
help level the field, for both consumers and businesses,” Gadit added. In less
than a year, Savyour has processed more than 200,000 orders and onboarded over
250 partner brands including leading players such as Daraz, foodpanda, Bata,
Baggallery, elo, Naheed.pk, and Pizza Hut. Overall, Savyour has seen 52%
month-over-month growth since its launch and disbursed over PKR 100M in cashback
to their users. Savyour’s user base extends across 58 Pakistani cities, and the
startup plans to funnel its newly acquired funds into accelerating Savyour’s
online expansion and launch of their in-store feature for the platform. Apart
from their extensive network and ingenious Tech stack, it is their pioneering
position in a fast-growing E-commerce industry that attracted investors’
attention. Tito Costa, Partner at Global Founders Capital elaborated “We believe
in Savyour’s mission to deliver savings to online shoppers while driving revenue
growth for retailers, making it an essential building block for the e-commerce
ecosystem in Pakistan.” While Faisal Aftab, Co-Founder & Managing Partner of
Zayn Capital’s Frontier Fund concluded “ Savyour’s offerings come at a crucial
time when online and offline users are seeking deals and cash rewards to meet
their monthly budgets, against the backdrop of a global monetary environment
where consumers’ purchasing power is increasingly eroded.” Want to grasp this
startup landscape? Access real-time data on FinTech Startups in Pakistan
Interested in more data on startup investments? Access our data on 7,490+
startup funding rounds Pakistan-based FinTech and developer of the country’s
first cashback app and pay-per-sale affiliate marketing network, Savyour has
successfully raised $3.3M in its latest funding round. The SEED round was co-led
by Global Founders Capital and Zayn Capital. The round also recorded
participation by Fatima Gobi Ventures, Disrupt.com, Rally Cap Ventures, +92
Ventures, Suya Ventures, as well as angel investors Mir Aamir, former CEO of
Quotient Technologies and Pere Hospital, co-founder of Secways. Launched in
August 2020 by Umair Gadit and Saad Gadit, the fintech startup set forth to
revolutionize the shopping experience in Pakistan on a holistic level for both
consumers and merchants. Savyour is driving financial inclusion by incentivizing
transactions regardless of the mode of payment. The Pakistan-based FinTech aims
to empower consumers to buy better brands at the best prices while enabling
brands, retailers, and e-tailers to grow their business on a pay-per-sale model.
More than double the deals in 2021 YTD backing Pakistan-based FinTech startups,
drove the industry’s funding growth beyond the 1,800%YoY in a sudden shift
recorded in our Q3 2021 EVM FinTech Venture Investment Report. FinTech startups
raised 5x the amount of funding in the past 4 years collectively by the third
quarter of this year alone, which marks a positive inclination and a newfound
investor interest for this Emerging Venture Market. It was local and global
investors like UK-based Zayn Capital, i2i Ventures, Fatima Gobi Ventures,
US-based HOF Capital, and China-based MSA Capital that drove the impeccable
backing of innovative digital infrastructures in the FinTech & E-commerce spaces
this year. Fund, lunch, and build your new venture. Get funded by 360 Nautica
What sets Savyour’s cashback app apart from other rewards platforms is that
users are able to redeem the amount saved in their Savyour wallets directly into
their bank accounts or digital wallets, regardless of the mode of payment. The
platform’s ‘triple-stacked savings’ offering means that cashback is applicable
on top of any deals, vouchers, and bank discounts that users may utilize at the
time of checkout. Partner brands only need to pay commissions for every
successful transaction done through Savyour, making it a marketing platform
driven purely by returns on investment. Umair Gadit, Co-Founder and Chief
Executive Officer of Savyour highlighted “Over 64% of Pakistan’s population is
below 30, which means you have a new wave of shoppers who are demanding,
tech-savvy and seek more value for their money to counter inflation. Savyour
acts as the ultimate shopping companion for buyers by providing them with the
best rewards and curation of local brands. “Pakistan’s commerce sector faces a
number of challenges; the lack of consumer trust and confidence, being dominated
by SMEs that lack both talents and resources to grow, and having no dedicated
discovery platform. Digitizing this space will open up new opportunities and
help level the field, for both consumers and businesses,” Gadit added. In less
than a year, Savyour has processed more than 200,000 orders and onboarded over
250 partner brands including leading players such as Daraz, foodpanda, Bata,
Baggallery, elo, Naheed.pk, and Pizza Hut. Overall, Savyour has seen 52%
month-over-month growth since its launch and disbursed over PKR 100M in cashback
to their users. Savyour’s user base extends across 58 Pakistani cities, and the
startup plans to funnel its newly acquired funds into accelerating Savyour’s
online expansion and launch of their in-store feature for the platform. Apart
from their extensive network and ingenious Tech stack, it is their pioneering
position in a fast-growing E-commerce industry that attracted investors’
attention. Tito Costa, Partner at Global Founders Capital elaborated “We believe
in Savyour’s mission to deliver savings to online shoppers while driving revenue
growth for retailers, making it an essential building block for the e-commerce
ecosystem in Pakistan.” While Faisal Aftab, Co-Founder & Managing Partner of
Zayn Capital’s Frontier Fund concluded “ Savyour’s offerings come at a crucial
time when online and offline users are seeking deals and cash rewards to meet
their monthly budgets, against the backdrop of a global monetary environment
where consumers’ purchasing power is increasingly eroded.” Want to grasp this
startup landscape? Access real-time data on FinTech Startups in Pakistan

$5M FOR REWARDS PLATFORM MERIT INCENTIVES

19 hours ago
Interested in more data on startup investments? Access our data on 7,490+
startup funding rounds The UAE-based SaaS startup and rewards program solutions
provider Merit Incentives has successfully raised $5M in its latest funding
round. The Series A round was led by Riyadh-based venture capital fund Impact46
along with Tech Invest Com, Arzan VC, Hambro Perks Oryx, and several regional
angel investors. Founded back in 2011, Merit Incentives started as a B2C gifting
solution only to expand to become one of the most engaging technology and
consulting firms specialized in developing the latest B2B user-engagement tools
and technologies, building seamless and exciting reward programs for businesses.
Currently, Merit offers its B2B2C services to a diverse portfolio of large
enterprises, including Riyad Bank, Vodafone, Mubadala, Adidas, and Amazon. As
most recently recorded in our MENA Q3 2021 Venture Investment Report, MENA-based
enterprise software startups as well as MENA-based IT solutions have observed
major breakthroughs in funding this year. In Q3 2021, major rounds in IT
solutions and a $125M Series B megaround by B2B communication solutions provider
Unifonic led industry funding to grow by 1,059% YoY. From the enterprise
software funding by in 2021, AI-driven HR solutions provider Leena AI led the
biggest round, with UAE-based online banking platform NOW Money, and KSA-based
E-commerce builder Zid also driving the industry's 328% YoY growth in capital
deployed across MENA by Q3 2021. Fund, lunch, and build your new venture today.
Get funded by 360 Nautica Merit Incentives’ products include Rewardsby, a
Software as a service (SaaS) loyalty and rewards marketplace made up of nine
distinctive engaging redemption modules, and GiftCardsby an ingenuous SaaS
digital gift card platform on the market, enabling instant sales and redemptions
from retailers. In light of this platform scaling investment Julie
Barbier-Leblan, CEO and Founder of Merit Incentives commented “We are thrilled
to have received strong support from such prominent investment firms. While we
had the option of securing international investors our ambition has always been
to raise funds from within the region, as this is where our business first
launched. We believe in the Middle East’s fast-growing market which allows us to
serve our international clients’ needs with agility and efficiency.” The
engagement start-up operates its own rewards network of 5,000 partner brands
across 100+ countries, with 500+ retailers and merchants in the GCC alone
further solidifying its principle of ‘thinking globally, acting locally'. In a
very positive indicator of growth, Merit Incentive recently surpassed a landmark
milestone of 20 million end-users globally “We are amid a new era where users
require unique yet meaningful experiences with companies they like and trust. It
has now become imperative for businesses to engage directly with their
customers, and internally with their employees, to create a constant dialogue
and emotional bond at every touchpoint.” Barbier-Leblan continued. Merit
Incentives plans to use this funding for the growth of their team into new
territories, and further investment in technology, building on the existing
artificial intelligence and machine learning capabilities of its solutions. In
addition to its headquarters in Dubai, the company has offices in Saudi Arabia,
Kuwait, Egypt, Jordan and UK, along with a technology lab and development team
located in Pakistan. With a strong focus on in-house development, Merit expects
to triple its research and development resources across offices by the end of
2022. Basmah Al Sinaidi, partner at Impact46 concluded with high hopes for the
team’s potential and ingenuity of their solutions “With the team led by Julie
and talented individuals from various backgrounds in tech, banking, & retail.
Merit is set to tackle a great opportunity within the business engagement
technology sector. The company has been able to expand within the GCC with a
global mindset while maintaining a good grasp of the local enterprise and SME
market.” Dial in on the data. Browse 1,780+ relevant startups across MENA
Interested in more data on startup investments? Access our data on 7,490+
startup funding rounds The UAE-based SaaS startup and rewards program solutions
provider Merit Incentives has successfully raised $5M in its latest funding
round. The Series A round was led by Riyadh-based venture capital fund Impact46
along with Tech Invest Com, Arzan VC, Hambro Perks Oryx, and several regional
angel investors. Founded back in 2011, Merit Incentives started as a B2C gifting
solution only to expand to become one of the most engaging technology and
consulting firms specialized in developing the latest B2B user-engagement tools
and technologies, building seamless and exciting reward programs for businesses.
Currently, Merit offers its B2B2C services to a diverse portfolio of large
enterprises, including Riyad Bank, Vodafone, Mubadala, Adidas, and Amazon. As
most recently recorded in our MENA Q3 2021 Venture Investment Report, MENA-based
enterprise software startups as well as MENA-based IT solutions have observed
major breakthroughs in funding this year. In Q3 2021, major rounds in IT
solutions and a $125M Series B megaround by B2B communication solutions provider
Unifonic led industry funding to grow by 1,059% YoY. From the enterprise
software funding by in 2021, AI-driven HR solutions provider Leena AI led the
biggest round, with UAE-based online banking platform NOW Money, and KSA-based
E-commerce builder Zid also driving the industry's 328% YoY growth in capital
deployed across MENA by Q3 2021. Fund, lunch, and build your new venture today.
Get funded by 360 Nautica Merit Incentives’ products include Rewardsby, a
Software as a service (SaaS) loyalty and rewards marketplace made up of nine
distinctive engaging redemption modules, and GiftCardsby an ingenuous SaaS
digital gift card platform on the market, enabling instant sales and redemptions
from retailers. In light of this platform scaling investment Julie
Barbier-Leblan, CEO and Founder of Merit Incentives commented “We are thrilled
to have received strong support from such prominent investment firms. While we
had the option of securing international investors our ambition has always been
to raise funds from within the region, as this is where our business first
launched. We believe in the Middle East’s fast-growing market which allows us to
serve our international clients’ needs with agility and efficiency.” The
engagement start-up operates its own rewards network of 5,000 partner brands
across 100+ countries, with 500+ retailers and merchants in the GCC alone
further solidifying its principle of ‘thinking globally, acting locally'. In a
very positive indicator of growth, Merit Incentive recently surpassed a landmark
milestone of 20 million end-users globally “We are amid a new era where users
require unique yet meaningful experiences with companies they like and trust. It
has now become imperative for businesses to engage directly with their
customers, and internally with their employees, to create a constant dialogue
and emotional bond at every touchpoint.” Barbier-Leblan continued. Merit
Incentives plans to use this funding for the growth of their team into new
territories, and further investment in technology, building on the existing
artificial intelligence and machine learning capabilities of its solutions. In
addition to its headquarters in Dubai, the company has offices in Saudi Arabia,
Kuwait, Egypt, Jordan and UK, along with a technology lab and development team
located in Pakistan. With a strong focus on in-house development, Merit expects
to triple its research and development resources across offices by the end of
2022. Basmah Al Sinaidi, partner at Impact46 concluded with high hopes for the
team’s potential and ingenuity of their solutions “With the team led by Julie
and talented individuals from various backgrounds in tech, banking, & retail.
Merit is set to tackle a great opportunity within the business engagement
technology sector. The company has been able to expand within the GCC with a
global mindset while maintaining a good grasp of the local enterprise and SME
market.” Dial in on the data. Browse 1,780+ relevant startups across MENA


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