Startup fundraising activity in the Middle East and North Africa region slowed this week compared to the previous week, when fintech unicorn Tabby had grabbed $160 million in fresh funding. 

Some key startups that raised early-stage funding this week include the UAE crypto trading app Blum, Tunisian peer-to-peer fashion marketplace Dabchy and Egyptian B2B SaaS startup Qme.  

Besides, Dubai-based self-storage services provider The Box raised debt financing and the Dubizzle Group, a UAE-based online classifieds platform, acquired Egyptian online car marketplace Hatla2ee. 

Meanwhile, data collated by Wamda showed that MENA startups raised $863 million in January across 63 rounds, a 210% increase over the previous month. However, excluding debt, there was a 64% month-on-month drop in January.  

Blum, a UAE-based fintech platform, raised $5 million in pre-seed and seed funding led by investors including Gumi Cryptos Capital, Spartan, No Limit Holdings, YZi labs and OKX Ventures. 

Founded in 2024 by Gleb Kostarev and Vladimir Smerkis, Blum is a decentralised exchange offering universal token access through gamification within a Telegram mini-app.  

With the funding, Blum aims to scale its infrastructure, improve trading functionalities, and expand its operations across multiple blockchain networks. It plans to focus on developing its intelligent trading bot, which has attracted over 1 million users, according to the company. 

The Box, a Dubai-based self-storage services provider raised $12.5 million in debt financing, led by Shorooq, a multi-asset investment firm, to facilitate expansion.  

Founded in 2007 by Wadih Haddad, The Box offers personal storage and record management facilities, as well as moving services. It aims to utilize the additional capital to expand and develop new flagship storage facilities.   

The Tunisian fashion marketplace secured pre-Series A funding of undisclosed value to enhance its product offerings. The round was led by Janngo Capital, a Francophone Africa-focused venture capital firm that backs tech-based small and medium enterprises. Angel investors also participated in the round, including Karim Beguir, founder of InstaDeep.  

Founded in 2016 by Ameni Mansouri, Ghazi Ketata and Oussama Mahjoub, Dabchy is an e-commerce marketplace for second-hand fashion. The startup plans to use the investment to expand into new markets, including Egypt, broaden its product offerings, and enhance its platform for a growing user base.   

The Dubizzle Group acquired Egyptian online car marketplace Hatla2ee to scale its business. The deal value remained undisclosed. Dubizzle said it will integrate its advanced technology and resources into Hatla2ee’s platform.  

Established in 2016, Hatla2ee is an online platform where users can buy and sell new and used cars. Dubizzle was founded in 2005. It has brands like Dubizzle, Bayut and Drive Arabia in its portfolio. 

This would be Dubizzle Group’s second acquisition within a year. It had acquired Drive Arabia, a UAE-based automotive-focused media and reviews platform, in May 2024.   

Egypt-based B2B SaaS startup Qme raised $3 million in seed funding round led by AHOY, a multisector technology company, to expand its operations. The round also saw participation from a group of angel investors. 

Founded in 2022 by Maged Negm, Qme is an AI-based digital infrastructure integrating booking, queuing, analytics, and payment solutions. It plans to use the funding to enhance its technology stack, expand its operational reach, and forge deeper partnerships.