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Dubai-based venture capital fund Cotu Ventures has launched its debut USD 54 mn funding platform focused on investing in early-stage startups in the Middle East and North Africa, according to a press release. The platform will look at initial ticket sizes ranging between USD 500k and USD 1.5 mn for startups in their pre-seed and seed stages, without a focus on a particular sector, the press release said.
Where the money’s coming from: The fund’s limited partners include Lunate, Mubadala, Dubai Future District Fund, Arab Bank, and Bupa KSA. General partners include Foundry Group, Tribe Capital, Stride, and family offices.
The fund likes fintech and B2B software in particular, founder and general partner Amir Farha told TechCrunch, though he added that it is open to startups in various sectors. “We are also interested in high-margin industries where technology can play a massive role and capitalize on margin efficiencies,” Farha said.
Background: Cotu has invested in over 20 startups since its launch in 2021, including mortgage platform Huspy, restaurant technology provider Supy, and Saudi warehouse management solutions provider Sirdab.
Cotu + KSA’s Sukna lead funding round for Egypt’s MoneyHash: Egyptian fintech startup MoneyHash raised USD 4.5 mn in a seed round led by Cotu and Saudi’s Sukna Ventures, MoneyHash said in a statement. Saudi’s RZM Investment and the UAE’s Dubai Future District Fund also participated in the funding round, alongside Greece’s VentureFriends and other investors.
The game plan for the funds: MoneyHash plans to use the proceeds to invest in its technology and to expand its growth across the region.
MoneyHash? Founded by Egyptians Nader Abdelrazik and Mustafa Eid and American Anisha Sekar in 2020, the US-based company’s 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 launched its payments aggregator platform in February 2022, after it raised USD 3 mn in pre-seed funding.
OTHER INVESTMENT NEWS-
#1- Hayi secures more funding: Social networking app Hayi secured an undisclosed amount in a seed round led by early-stage venture capital firm Plus VC, according to a press release. The company plans to direct the raised capital to scale up operations and marketing, as well as expand its footprint across the UAE and in other countries, said co-founder Chris Darnell.
About Hayi: Founded in 2020 by Chris Darnell (LinkedIn) and Rene Morgan (LinkedIn), the app connects neighborhood residents to facilitate the exchange of community news and services. In 2021, Hayi raised USD 325k in a pre-seed funding round led by Sarya Holdings and Falak Startups. It has since been selected for Google’s #WeArePlay campaign.
