{"id":616060,"date":"2024-02-28T00:00:00","date_gmt":"2024-02-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/28\/moneyhash-secures-usd-4-5-mn-in-seed-funding-plus-acacia-invests-in-kenyan-startup-tappi-saudis-corevision-acquires-vefund\/"},"modified":"2024-02-28T00:00:00","modified_gmt":"2024-02-28T00:00:00","slug":"moneyhash-secures-usd-4-5-mn-in-seed-funding-plus-acacia-invests-in-kenyan-startup-tappi-saudis-corevision-acquires-vefund","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/28\/moneyhash-secures-usd-4-5-mn-in-seed-funding-plus-acacia-invests-in-kenyan-startup-tappi-saudis-corevision-acquires-vefund\/","title":{"rendered":"MoneyHash secures USD 4.5 mn in seed funding. PLUS: Acacia invests in Kenyan startup Tappi, Saudi\u2019s CoreVision acquires VeFund"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Fintech and e-commerce startups are still hot property for VCs<\/strong> in the Middle East and Africa and \u2014 no surprises here \u2014 local startups are still banging the drum on regional expansion plans in almost every startup press release we get coming our way.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">MONEYHASH SECURES SEED INVESTMENT-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MoneyHash attracts USD 4.5 mn in seed funding from mostly Gulf VCs : <\/strong>The local fintech startup raised USD 4.5 mn in a seed round led by the UAE\u2019s <a target=\"_blank\" href=\"https:\/\/www.cotu.vc\/\" style=\"\" rel=\"noopener\">COTU Ventures<\/a> and Saudi\u2019s <a target=\"_blank\" href=\"https:\/\/suknaventures.com\/\" style=\"\" rel=\"noopener\">Sukna Ventures<\/a>, the company said in a <a target=\"_blank\" href=\"https:\/\/moneyhash.io\/blog\/moneyhash-seed-fundraising-announcement\" style=\"\" rel=\"noopener\">statement<\/a>. Saudi\u2019s <a target=\"_blank\" href=\"https:\/\/rzm.com.sa\/ar\/\" style=\"\" rel=\"noopener\">RZM Investment<\/a> and the UAE\u2019s <a target=\"_blank\" href=\"https:\/\/dfdf.vc\/\" style=\"\" rel=\"noopener\">Dubai Future District Fund<\/a> also participated in the funding round, alongside Greece\u2019s <a target=\"_blank\" href=\"https:\/\/venturefriends.vc\/\" style=\"\" rel=\"noopener\">VentureFriends<\/a> and other investors.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The game plan for the funds: <\/strong>MoneyHash plans to use the proceeds to invest in its technology and to expand its growth across the region.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MoneyHash? <\/strong>Founded by Egyptians Nader Abdelrazik and Mustafa Eid and American Anisha Sekar in 2020, the US-based company\u2019s unified platform allows companies to offer payment and fintech services at checkout as well as collect data and track analytics through a single dashboard. MoneyHash <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0a9139b5-3ae1-4517-9274-94a5bc86d19b\" style=\"\" rel=\"noopener\">launched<\/a> its payments aggregator platform in February 2022, after it raised USD 3 mn in pre-seed funding.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">ACASIA INVESTS IN KENYA\u2019S TAPPI- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Acasia<\/strong><strong> taps Kenyan startup T<\/strong><strong>appi<\/strong><strong>:<\/strong> Egyptian venture capital firm <a target=\"_blank\" href=\"https:\/\/acasia.ventures\/\" style=\"\" rel=\"noopener\">Acasia<\/a><a target=\"_blank\" href=\"https:\/\/acasia.ventures\/\" style=\"\" rel=\"noopener\">Ventures<\/a> tookpart in a USD 1.5 mn pre-seed round for Kenyan e-commerce startup <a target=\"_blank\" href=\"https:\/\/tappi.app\/\" style=\"\" rel=\"noopener\">Tappi<\/a>, the VC said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/2\/2658.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. The round was led by US-based <a target=\"_blank\" href=\"https:\/\/www.mercycorps.org\/what-we-do\/ventures\" style=\"\" rel=\"noopener\">Mercy Corps Ventures<\/a> and Africa-focused VC firm <a target=\"_blank\" href=\"https:\/\/chuivc.com\/\" style=\"\" rel=\"noopener\">Chui Ventures<\/a>, with support from international VC firms and angel investors. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where the money will go: <\/strong>The funding will support Tappi\u2019s expansion of its sales force team and establishing strategic partnerships across Africa, the statement said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tappi?<\/strong> The startup supports the digitization of micro, small, and medium-sized enterprises helping them find customers and build their business reputation through its mobile app. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said: <\/strong>\u201cTappi has gained substantial momentum since it launched just over a yearago, because they offer a compelling digital solution to the critical challenges of MSMEs across the continent,\u201d Acasia Ventures Managing Partner Aly El Shalakany said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">COREVISION ACQUIRES VEFUND<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>CoreVision announces acquisition of VeFund:<\/strong> Saudi-based venture capital firm <a target=\"_blank\" href=\"https:\/\/corevision.sa\/about\/\" style=\"\" rel=\"noopener\">CoreVision<\/a> has acquired a strategic stake in startup evaluation and investor connections platform <a target=\"_blank\" href=\"https:\/\/www.vefund.io\/en\/about-us\/\" style=\"\" rel=\"noopener\">VeFund<\/a>, CoreVision announced in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/2\/2606.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. CoreVision CEO Faisal Al Abdulsalam will take the helm as CEO of VeFund following the acquisition, according to the statement. The acquisition will see VeFund expand into a secondary market for startups in Saudi Arabia, offering a platform for investors to trade safe notes.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>VeFund? <\/strong>VeFund is a software as a service (SaaS) that helps investors and startup founders connect and fundraise using AI and financial evaluation tools. The platform has 1.4k+ registered startups and a network of over 400 angel investors from Egypt, Saudi Arabia, the UAE, and other countries.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MoneyHash plans to use the proceeds to invest in its technology and to expand its growth across the region<\/p>\n","protected":false},"author":1,"featured_media":616061,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7258],"tags":[6801,8414,72,183,125,95,123,8415,8413],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-616060","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-acasia-ventures","tag-corevision","tag-enterpriseam","tag-fintech","tag-investment-watch","tag-startup-watch","tag-startups","tag-tappi","tag-vefund","wpautop","entry"],"acf":{"mongo_id":"514dd07b-313c-4055-9244-e7ffdb888aad","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/2735.jpg","photo_position":"above","homepage_title":"","full_issue_title":"MoneyHash secures USD 4.5 mn in seed funding. PLUS: Acacia invests in Kenyan startup Tappi, Saudi\u2019s CoreVision acquires VeFund","related_issue":[616052],"teaser":"MoneyHash plans to use the proceeds to invest in its technology and to expand its growth across the region","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.0f3823e3-12df-4c21-9315-7e36e1500f22.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>MoneyHash secures USD 4.5 mn in seed funding. 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