Funding activity in the Middle East and North Africa (MENA) region slowed down this week due to the ongoing Ramadan season. However, a few startups from Egypt and the UAE still raised early-stage funding. 

Egyptian waste management platform Mrkoon secured bridge funding, while UAE-based startups BILRS, a fintech platform, and FanTV, an AI-powered content platform, raised seed and Series A rounds, respectively. 

Meanwhile, UAE-based Talabat Holding, a quick-commerce and food delivery platform that was listed on the Dubai Financial Market late last year, acquired 100% of Instashop from its German parent company, Delivery Hero, for $32 million. With this acquisition, Talabat Holding aims to strengthen its grocery and retail offerings, as well as expand its partner network across the MENA region. 

Egyptian waste management platform Mrkoon raised bridge funding from its existing local backer, A Ventures, an investment and portfolio management firm. The funding will increase A Ventures’ stake in Mrkoon to 28%. Founded in 2022 by Mohamed Shalabi, Ahmed Mamdouh, and Ahmed Amir, Mrkoon allows enterprises, especially those in industry and manufacturing, to offload surpluses and scraps through a B2B platform. The additional capital will support the startup’s ongoing regional expansion and its plans to enter the Gulf Cooperation Council region.  

UAE-based fintech startup BILRS, which raised pre-seed investment in 2023, has now secured investment from Salica Spring Studios, backed by Al Waha Fund of Funds, to accelerate growth. Founded in 2022 by Rupert Shaw, BILRS offers a single integration platform for retail and digital players in the cross-border space, enabling direct bill payments (electricity, gas, and TV) seamlessly and transparently. The platform connects companies to hundreds of different bill types from over 30 countries. Its clients include Arab Bank, Lulu Exchange, and Careem. With this investment, BILRS aims to scale operations, enhance its technological capabilities, and expand globally. In September 2023, BILRS secured undisclosed pre-seed funding from Haatch, a UK-based strategic pre-seed and seed investor focused on B2B SaaS businesses. 

UAE-based FanTV, an AI-powered content platform, raised $3 million in a Series A round from several investors, including Mysten Labs and Cypher Capital. Other investors included CoinSwitch Ventures and Illuminati Capital. Founded in 2022 by Prashan Agarwal, FanTV is a Web 3.0 content platform that enables creators to upload, create content and earn revenue based on views. The startup plans to use the fresh capital to enhance its AI tools for creators and expand its creator and user base globally.