GFH ups stake in GB Corp; Mindshift Capital, Nama make startup bets

 GFH ups stake in GB Corp; Mindshift Capital, Nama make startup bets

Bahrain-based investment firm GFH Financial Group has raised its stake in local investment bank Global Banking Corp BSC from 50.41% to 62.91% via a $1.7 million share swap deal.

This is the second time since August 2020 that GFH has upped its stake in GB Corp. Two years back, it had raised its holding in the company from 28.6% to 50.4%.

GB Corp was set up in 2007 and provides Shari’a-compliant investment banking services. These include asset and wealth management, private equity, real estate, corporate finance advisory, structured finance and investment placement to wealthy individuals as well as clients across the Gulf region and investors in other countries.

GFH has a diversified portfolio across the Middle East, North America, Europe and Asia across sectors including healthcare, education, real estate and logistics.

Wellbees

Turkey-based employee wellbeing platform Wellbees has raised $2.2 million in a funding round led by 212, with participation from Mindshift Capital, Doha Tech Angels, Assist Ventures, and Sarus Select Capital.

The funding deal will also see 212’s Maher Hakim join the Wellbees board.

Wellbees said it will use the money to expand into countries like the UK, where it recently launched, as well as other international markets. It will also use a part of the proceeds from the funding round to set up a data science team.

Wellbees is led by founder Melis Abacioğlu. It provides a software-as-a-service based platform for employees. The startup claims its platform covers all aspects of wellbeing—mental, physical, spiritual, social, environmental, occupational, intellectual and financial. It says the platform is used by more than 100,000 employees across more than 40 companies in 17 countries.

Nama Ventures

Saudi Arabian venture capital firm Nama Ventures has backed Pakistan-based agritech startup AgriDunya, with an undisclosed amount of funding, as part of a pre-seed round.

Founded in 2021 by Ameet Tarbani, Faiq Hasnain and Rahul Dembani, AgriDunya is a B2B marketplace for agricultural supplies, where farmers can order directly from manufacturers.

Both Ameet, the chief executive officer, and Rahul, the chief technology officer, come from traditional farming backgrounds and also have experience in farm output supply chain management as well as the IT sector respectively.

Faiq, the chief executive officer, is a veteran in the field of corporate management and in managing startups.

“AgriDunya represents our third investment in Pakistan at the pre-seed stage and the first agri-tech startup that we invested in,” said Mohammad Alzubi, Founder and Managing Partner of Nama Ventures.

Aman Malik

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