**Middle East**: In a remarkable week for venture funding, startups such as Quantum Machines and Flow48 secured significant investments, reflecting growing confidence in sectors like quantum computing and fintech, while expansion and innovation promise to reshape the regional landscape.
In a significant surge of venture funding across the Middle East and African region, various startups have secured substantial investments this week, marking a pivotal moment for industries such as quantum computing, fintech, cybersecurity, and agritech.
Israel-based Quantum Machines stands out by raising an impressive $170 million in an oversubscribed Series C funding round, led by PSG Equity. This injection of capital is indicative of increasing investor confidence in the potential of quantum computing technology, allowing Quantum Machines to accelerate its advancements and solidify its competitive edge in the burgeoning quantum sector.
Following closely, Flow48, which focuses on embedded finance and small to medium enterprise (SME) lending, has successfully raised $69 million in its Series A round. This funding round was supported by Breega, among other investors, and will be directed towards expanding into vital markets and enhancing the inclusion of businesses within the digital financing ecosystem.
West Africa witnessed significant developments as well, with Gozem, a super app that evolved from a taxi service in Togo, securing $30 million in a Series B funding round that comprises both equity and debt from Sàrl and Al Mada Ventures. This capital will enable Gozem to amplify its digital service offerings across Francophone Africa. Additionally, the fintech landscape in Israel has also seen activity, with B2B billing and revenue management startup Vayu acquiring $7 million in seed funding from Flint Capital and The Garage, which will support the growth of its operations.
Sustainable agriculture remains a focal point of investment, particularly with Kenya’s SunCulture receiving $4 million from British International Investment. These funds will be used to extend its solar-powered irrigation solutions. Over in the United Arab Emirates, Journify, a Software as a Service (SaaS) provider, has gathered $4 million from Silicon Badia and other investors aimed at enhancing its customer acquisition strategies.
In the realm of cybersecurity, Saudi-based CQR has captured attention by securing $3 million from Shorooq Partners to enhance its artificial intelligence-driven security solutions. Similarly, UAE’s Omnispay raised $1.5 million in seed funding from Mercatus Capital, focusing on streamlining payment solutions for SMEs.
Bahrain’s startup scene has also showcased potential with cake-ordering platform Lola acquiring $1.3 million in pre-seed funding, targeted at scaling operations throughout the Gulf region. Moreover, Ghana’s fintech startup Oze, backed by major stakeholders including Visa and DEG, raised an undisclosed sum intended for the enhancement of its lending solutions directed at small businesses.
Concurrent with these developments, agritech firm Wami Agro has attracted new investment from Acumen to bolster support for smallholder farmers, further highlighting a significant confidence among investors in Africa’s agricultural sector.
As funding continues to flow into various sectors across the Middle East and Africa, the landscape appears primed for an extensive wave of innovation and growth. The evolving dynamics will present a competitive field, leaving the question of which startups will establish themselves as key players in their respective markets hanging in the air.
Source: Noah Wire Services
- https://www.quantum-machines.co/press-release/quantum-machines-raises-170-million-in-series-c-funding/ – This URL supports the claim that Quantum Machines raised $170 million in a Series C funding round, led by PSG Equity, to accelerate advancements in quantum computing.
- https://quantumcomputingreport.com/quantum-machines-raises-170m-to-scale-quantum-control-systems-for-large-scale-quantum-computing/ – This URL corroborates the information about Quantum Machines’ funding and its role in the quantum computing industry, highlighting its hybrid control technology.
- https://www.jpost.com/business-and-innovation/article-843887 – This URL provides additional details on Quantum Machines’ Series C funding, emphasizing its significance in the quantum sector and the company’s position as a central player.
- https://www.noahwire.com – This URL is the source of the article discussing various startups’ funding across the Middle East and Africa, including those in quantum computing, fintech, cybersecurity, and agritech.
- https://www.britishinternationalinvestment.co.uk – This URL could provide information on British International Investment’s activities, such as its investment in SunCulture for sustainable agriculture solutions.
- https://www.shorooqpartners.com – This URL relates to Shorooq Partners, which invested in Saudi-based CQR for enhancing AI-driven security solutions.
- https://news.google.com/rss/articles/CBMimgFBVV95cUxObF9ieFd1amZseExCVUJYRkFtYjlLbXYzZk44YTlJSTh4V0g0U1lTMVlkYktaajNRamUtSUw0cDF0QllSM2R3emZZR0c2RWhkOGs1RlFCT1ZoV3JhZkR2N1RUUlB0aW5NTlR6ZjRjVXJ3SF83TnhMbDUyd3FXYjlIZHIwUWI3YjVJdDJtbW94Yk9DeTZ4S0VGWDZB0gGfAUFVX3lxTE9TVUd6R1JuNG5TbDJJOXZmVTZFS0VBdDZpcHRrV3pEWktvMkZJLTVNMDFvWkdVV1N3ajZoeXkteGY3N1lRUGhaRF9MTk8xT1h4RW9XSUI4ZlZjR3NkNnFWeWQxVGo4VGl4NE1kc2RpYlE2QmstcENtMklZNzBPOU1CWEdBUVoweVRjcXJsckt2NkZEQ2t2alIzdTVPSHdlVQ?oc=5&hl=en-US&gl=US&ceid=US:en – Please view link – unable to able to access data
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The narrative mentions recent funding rounds and does not appear to reference outdated information. However, specific dates for these funding rounds are not provided, which could indicate that the content might be based on recent press releases or news.
Quotes check
Score:
10
Notes:
There are no direct quotes in the narrative, which means there is no risk of misattributed or recycled quotes.
Source reliability
Score:
6
Notes:
The narrative originates from a news aggregator, which does not provide explicit information about the original source’s reliability. However, it discusses well-known companies and investors, suggesting a level of credibility.
Plausability check
Score:
9
Notes:
The claims about venture funding in various sectors across the Middle East and Africa are plausible, given the current interest in these regions and technologies. However, specific details such as the exact dates of funding rounds are not provided.
Overall assessment
Verdict (FAIL, OPEN, PASS): OPEN
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
The narrative appears to be based on recent events and discusses plausible investments in emerging sectors. However, the lack of specific dates and the absence of a clear original source reduce confidence in its overall accuracy.
