Best Performing Startups in September 2020 | Investera | Investment Management Platform

Best performing Startups in September 2020

30September, 2020

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

Faith Capital

25th February 2017 Pre-Seed Seed $1,300,000

Faith Capital

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

HB Investments

27th July 2018

Series C Late Stage Venture $10,700,000

Middle East Venture Partners (MEVP)

25th September 2016

Series B Early Stage Venture $4,600,000

Wamda Capital , Middle East Venture Partners (MEVP)

1st April 2015

Series A Early Stage Venture $2,800,000

Middle East Venture Partners (MEVP)

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

Riyad TAQNIA Fund (RTF)

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