Valeo Health, a UAE-based healthtech platform that delivers personalised real-time insights and tailored wellness solutions, led funding activity in the Middle East and North Africa this week.
At least three fintech startups raised early-stage funding, including Saudi Arabian platforms Arabian Pay and Nayla Finance and the UAE-based payment solutions provider enza. Besides, the UAE-based generative AI startup Lumi AI also secured seed funding to scale its platform.
The UAE-based healthtech platform Valeo Health raised $12 million in a Series B funding round, led by Flintera, to accelerate business growth. The round also saw participation from Nuwa Capital, FJ Labs, Oryx, and Mindshift Capital, as well as new investors like Oraseya and Eirad.
Co-founded by Sundeep Sahni, Nadine Karadag, and Ankur Majumder in 2021, Valeo is a personalised, data-driven healthcare platform. With the latest round, Valeo Health’s total funding to date stands at $20 million.
Lumi AI
The UAE-based generative artificial intelligence startup Lumi AI secured $3.7 million in seed funding from new and existing investors to scale its platform. While the funding round was led by AgFunder, it also saw participation from Forum Ventures, Abu Dhabi sovereign wealth fund ADQ, Qora71 syndicate, and other angel investors.
Founded in April 2023 by Ibrahim Ashqar and Tudor Boiangiu, Lumi allows retail businesses to use AI generative models to digitise their supply chain, enabling them to generate custom reports and run statistical models using plain language. To put it simply, it develops data analyst AI software designed for end business users working in retail and supply chain.
It aims to utilize the fresh capital to expand its conversational analytics platform. In August 2023, Lumi AI raised its first funding round from Forum Ventures and Annex Investments alongside strategic angels.
Nayla Finance
Saudi Arabia-based fintech Nayla Finance secured $4 million in seed funding, led by Sanabil Venture Studio by Stryber, to expand its business.
Founded in 2024 by Shaqran Alyahya and Khalid Naili, Nayla offers microfinance solutions to small businesses.
The startup plans to use the capital to fuel product and business expansion.
enza
The UAE-based fintech enza raised a $6.75 million seed equity round, co-led by Algebra Ventures and Quona Capital, to strengthen its geographical presence in new markets in Africa.
Founded in 2023 by Hany Fekry, enza’s payment solutions allow banks and fintechs to provide locally relevant payment capabilities, including cards, wallets, and real-time payments.
The startup, which already has a presence in Egypt, Nigeria, and South Africa, aims to use the funding to strengthen its presence across other key markets on the continent.
Arabian Pay
Saudi Arabian fintech platform Arabian Pay raised a pre-seed round of an undisclosed value as part of Al Bassami Holding Group.
Founded in 2023 by Mohammed Rashid Alabdullatif, Arabian Pay offers buy now, pay later (BNPL) services for SMEs and startups. The startup plans to use the capital to enhance its market presence, accelerate the development of its platform, and expand its partnerships.
