The investment comes from major regional and global VC firms including Shorooq Investments, Middle East Venture Partners (MEVP), 500 Startups, Dubai-based Women's Angel Investor Network, Hala Ventures from Saudi, and Saned Partners from Lebanon.
The event aims to provide a comprehensive look at the latest developments in MENA's fintech industry through deep-dives into select sectors and technologies.
The startup aims to utilize the funding proceeds to further build on their accomplishments, and is looking at making focused investments in the areas of product research, operations management, and talent.
The deal is expected to lead to an increase in the number of the fleet of Tawseel's delivery vehicles enabling them to provide faster services to customers, and expand to new markets to cover the UAE, KSA, other Gulf nations, and globally.
Existing investors Tenmou, Pinnacle, and 500 Startups also took part in this round, and with this, the total funds raised by Eat are now at US$3.4 million.
The investment came from KSA-based Saudi Technology Ventures (STV), a $500 million VC fund anchored by Saudi Telecom, as lead investors, with the participation of UAE-based early-stage funding platform, VentureSouq.
This is the second investment round for Syarah, founded in 2015 by Saudi Arabian entrepreneurs Salah Sharef and Fayez Alanazi, with the company closing a seed round of $600,000 from BECO Capital and Raed Ventures in 2016.
To help you assess the different forms of business finance in the UAE, we list a few options for entrepreneurs looking to take their startup or SME to the next level.
The latest transaction saw Abraaj Capital's Riyada Enterprise Development fully exit The Entertainment, while Benton continues as one of the key shareholders and executive management.
The upcoming AIM (Alternative Investment Management) Summit in Abu Dhabi can offer you an opportunity to understand and discuss the developments in the world of alternate investments and asset classes.
MAGNiTT founder and CEO Philip Bahoshy on the company's recent fundraising round, led by 500Startups, with investors Middle East Venture Partners (MEVP), KISP Ventures, Financial Horizon Group, and iNet.
THE LIST brings curated luxury products from global boutiques to the Middle East- thus enabling customers to shop straight from the streets of Paris, London, Milan, New York, Moscow or Tokyo.
Initial coin offerings (ICOs) are exploding in popularity, but both offerers and investors need to understand the regulatory landscape to avoid getting burned, write Latham & Watkins' Brian Meenagh, Lee Irvine, and Eyad Latif.