Mubadala to invest in Rodenstock; iKcon, Abwaab snag funding

 Mubadala to invest in Rodenstock; iKcon, Abwaab snag funding

Mubadala Investment Company, a sovereign wealth fund of Abu Dhabi which manages assets worth more than $232 billion, will invest in German ophthalmic lens manufacturer Rodenstock Group.

Mubadala said it will become a minority shareholder in Munich-based Rodenstock, which is being acquired by private equity firm Apax Partners. It didn’t disclose the amount it is investing or the size of the stake it is buying.

Rodenstock, founded in 1877, manufactures “biometric intelligence glasses” that it says enhance the field of vision and offer better sharpness than normal glasses. The UK-based Apax announced Rodenstock’s acquisition last week.

Mubadala’s investment in the German company will expand its exposure to Europe’s healthcare sector. Just last week, the wealth fund inked an agreement with the UK government to invest £800 million (about $1.1 billion) in British life sciences companies.

iKcon funding

Dubai-based iKcon, a startup that offers a ‘cloud-kitchen-as-a-service’ platform, has raised $20 million in Series A funding. The company received the capital from investors that included the Mohamed Yousuf Naghi Group, AlTouq Group, Derayah Ventures, B&Y Venture Partners, AbdulMohsin Al Houkair Holding Group, and Nazer Group.

With the latest fundraise, iKcon has netted $32 million in funding so far since it was founded in 2019 by Khalid Baareh and Kareem Abughazaleh.

iKcon manages 14 cloud kitchens that help restaurants and other food and beverage service providers grow their networks across Dubai and Abu Dhabi. It buys raw materials and also helps these restaurants make deliveries.

The startup hopes to grow its network 50 kitchens and is looking to expand to Jeddah and Riyadh in Saudi Arabia, and Sharjah in the UAE.

Baareh, who is also the startup’s CEO, said the company is focused on developing its technology to accelerate the evolution of data analytics, process automation, and artificial intelligence as a key differentiator in how it operates.

Abwaab seed funding

Jordanian online learning startup Abwaab has secured $5.1 million in a seed funding round to grow its business across the Middle East and North Africa region, beginning with Egypt.

The ed-tech company got the money from 4DX Ventures, BECO Capital, EQ2 Ventures, Foundation Ventures, GSV Ventures and Spartech Ventures.

Abwaab was set up in 2019. It provides online learning services to Arabic-speaking school students in Jordan. It had previously mopped up $2.4 million in a pre-seed funding round from EQ2 Ventures and other investors.

Aman Malik

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