UAE’s Tabby raises $150 mn debt; Procurified, Barakah get early funding

 UAE’s Tabby raises $150 mn debt; Procurified, Barakah get early funding

Tabby, a UAE-based fintech startup, has secured $150 million in debt financing from Atalaya Capital Management and existing investor Partners for Growth (PFG).

This represents the largest credit facility ever secured by a fintech company in the Gulf region, Tabby said in a statement.

The company said it has so far raised a total of $275 million including its Series B extension round earlier this year.

Founded in 2019 by Hosam Arab, Tabby offers users a buy-now-pay-later (BNPL) facility for shopping online and offline.

This facility marks New York-headquartered Atalaya Capital Management’s first deal in the Middle East and North Africa region.

In addition, San Francisco Bay Area-based PFG has upsized its initial $50 million commitment under the new facility.

Procurified

Procurified, a UAE-based construction bid management platform, has raised $1.1 million in a seed round led by UAE-based Aditum Investment Management.

US-based Signal Peak Ventures, Al Hathboor Group, Empede Capital and some angel investors also joined the round.

Founded in 2019 by Marc Lemmens and Rupert Tait, Procurified connects buyers to their vendors to automate the manual excel and PDF-reliant process of project bidding.

The startup said it will use the new money to hire more people. “We are hiring for key roles in product, engineering and sales,” said Tait, adding that the company aims to raise a Series A Round in the next 12-18 months.

Barakah

Saudi Arabia-based food delivery startup Barakah has secured $300,000 in a pre-seed round from Alriyadah Investments.

Founded in 2021 by Rabah Habiss and Munira AlMuammar, Barakah aims to achieve sustainability and tackle food waste by allowing restaurants to list their unsold meals on its surplus marketplace where consumers can find nearby discounted meals.

Aman Malik

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