Saudi startup Immensa, Jordan’s Muyawama, Bahrain’s CoinMENA rake in funding

 Saudi startup Immensa, Jordan’s Muyawama, Bahrain’s CoinMENA rake in funding

Immensa founders Fahmi AlShawwa and Omar Abuhabaya

Saudi Arabia-based 3D printing startup Immensa has raised $7 million in a Series A funding round led by the Energy Capital Group and Al Turki Ventures.

Shorooq Partners, Venture Souq and Green Coast Investments also took part in the round. The round was structured by Gate Capital.

Immensa said this is the first investment made in the Middle East region into additive manufacturing and related solutions.

The company said the funding will allow it to expand its business in Saudi Arabia and expand into other countries.

Founded in 2016 by Fahmi Al Shawwa, Immensa provides a digital inventory solution for the energy and utility sector by using machine learning, data digitisation, and industrial 3D printing. It operates in Saudi Arabia and the UAE while serving clients across the Gulf region.

In 2021, Immensa inaugurated its third and largest facility in the region, which is based in Dammam, Saudi Arabia. The company said it is on track to “significantly grow” its footprint in the kingdom over the next 12 months.

Muyawama

Muyawama, a Jordanian marketplace for professional services, has raised $35,300 (JOD25,000) as pre-seed funding from a group of unnamed angel investors.

The startup said it plans to use the funding to finetune its market product fit, marketing and finalise its industrial licensing.

Muyawama was launched earlier this month by Ahmed Zireeni. It connects service providers directly to customers. It offers services such as home maintenance, beauty and hair care, car cleaning, advertising, legal consultancy, and translation.

“Our mission is to empower local professional service providers by enabling them to have a sustainable source of income while allowing users to get reliable, quality services at affordable prices,” said Zireeni, who is also its CEO.

CoinMENA

Bahrain-based cryptocurrency exchange CoinMENA has snagged $9.5 million in seed funding from a bunch of investors including BECO Capital, Kenetic Capital, FTX investment arm Alameda Research and Girnas Capital.

The startup’s other backers include Arab Bank (Switzerland) Ltd., Bunat Ventures and Rua.VC.

CoinMENA was founded earlier this year by Dina Saman, Talal Tabbaa, and Yazan Barghuthi. Licensed by the Central Bank of Bahrain, the exchange allows trading in cryptocurrencies across several Gulf countries including Bahrain, the UAE, Oman, Kuwait and Saudi Arabia.

BECO Capital is a MENA-focussed investment firm that has backed several marquee companies including three unicorns—Careem, Kitopi and Swvl.

Hong Kong-based Kenetic Capital has backed BlockFi, a crypto lending platform, and Securitize, a digital asset securities company.

Aman Malik

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