Despite the major setbacks that resulted due to the Covid-19 pandemic and its influence on the economy, some Startups in the Middle East bounced back and maintained flexibility and resilience through funds and partnerships. Here are 3 selected Startups that secured major funds and partnerships during September 2020:
JustClean Company Profile
JustClean is a leading laundry technology company in the GCC that offers B2B and B2C services that include: a marketplace application, SaaS (software as a service), full logistics and delivery support.
- Founded: 2016
- Location: Kuwait
- Funding: $20.9M
- Acquired by: Faith Capital
Operated by the brothers and Co-founders Nouri Al Enezi and Athbi Al Enezi. JustClean is a Kuwait-based company that has attracted the attention of many consumers by creating an on-demand marketplace that connects people to trusted laundry services. This service became a hit during the outbreak of COVID-19.
Recent activities
JustClean managed to raise $8M in a Series B financing round by Faith Capital Holding on the 20th of September 2020. It also have raised over $20 million since 2016 and currently operates in Kuwait, Bahrain, UAE, KSA, and Qatar with expansion plans in more regions.
Nouri Al Enezi and Athbi Al Enezi
JustClean’s Funding Rounds:
Total rounds: 4
|
Date |
Funding Type |
Funding Stage |
Money Raised (USD) |
Lead Investors |
| 20th September 2020 | Series B | Early Stage Venture | $8,000,000 | Faith Capital |
|
23rd February 2019 |
Series A |
Early Stage Venture |
$8,000,000 |
Faith Capital |
| 13th March 2018 | Seed |
Seed |
$3,600,000 |
|
| 25th February 2017 | Pre-Seed | Seed | $1,300,000 |
The Luxury Closet Company Profile
The Luxury Closet is the largest marketplace that buys, sells, and consigns luxury items, mostly pre-owned, at a discounted price maintaining brand and item integrity and the assurance of authenticity.
- Founded: 2016
- Location: Dubai
- Funding: $18.1M
Recent activities
The Luxury Closet is the first of its kind in the GCC region in terms of size, market reach, and scalability. It has gained growth with an investment of $11M by Huda Beauty Investments, a private investment office by Huda Kattan and Mona Kattan. The investment strategy aims to increase brand awareness and resale making HB investments a principal shareholder alongside existing shareholders such as: Middle East Venture Partners, Wamda Capital, Knuru Capital and Precinct Partners.
Huda Kattan and Mona Kattan
The Luxury Closet’s Funding rounds
Total rounds: 4
|
Date |
Funding Type | Funding Stage | Money Raised (USD) |
Lead Investors |
|
1st September 2020 |
Venture-Series | Late Stage Venture | $11,000,000 | |
|
27th July 2018 |
Series C | Late Stage Venture | $10,700,000 | |
|
25th September 2016 |
Series B | Early Stage Venture | $4,600,000 | |
|
1st April 2015 |
Series A | Early Stage Venture | $2,800,000 |
Beehive company profile
Beehive is the MENA’s first regulated platform for peer to peer lending. The company directly connects businesses looking for funding through investors, building mutually beneficial partnerships for growth.
- Founded: 2014
- Location: Dubai
- Funding: $15.5M
Beehive’s platform applies the innovative technology of crowdfunding to eliminate the cost and complexity of conventional finance. That way investors gain better returns and businesses rapidly access a lower cost financing.
Recent activities
Beehive and Sharjah Media City (Shams) partnered to provide SMEs in Shams with cheaper funding that can finance up to AED500,000 through Beehive’s platform. This partnership will accelerate the P2P lending process and give SMEs a better chance to grow.
Craig Moore, Founder and CEO of Beehive and H.E Dr. Khalid Omar Al Midfa, Chairman of Sharjah Media City (Shams)
Beehive’s Funding rounds
Total rounds: 4
|
Date |
Funding Type | Funding Stage | Money Raised (USD) | Lead Investors |
|
4th March 2019 |
Series B | Early Stage Venture | $4,000,000 | |
|
1st October 2017 |
Series A | Early Stage Venture | $6,000,000 | Riyad TAQNIA Fund (RTF) |
|
31st July 2015 |
Seed | Seed | $3,000,000 |
– |
| 1st May 2014 | Seed | Seed | $2,500,000 |
– |
