Participated · Seed · Jan 2022

Penny Software provides a B2B SaaS platform that digitizes the entire source-to-pay process, including vendor management, spend analysis, and contract management. The company operates a marketplace facilitating B2B sourcing across multiple sectors. Penny positions itself to improve spend efficiency, governance, and compliance for enterprise procurement. The founders—Iyad Aldalooj, Majid Aldalooj, and Mohamad Ibrahim—launched the business in 2020. The company says it will use new funds to fuel regional and global expansion. Penny frames its mission as building a global business platform to rebuild and simplify trade. Penny Software offers a cloud-based procure-to-pay system that digitizes and manages the full procurement cycle from request to approval. The platform handles RFQs, RFPs, RFIs, quotation comparison, purchase orders, and payments, consolidating organizational spending into one intelligent system. Founded in 2020 by Iyad Aldalooj, Majid Aldalooj, Mohamad Ibrahim, and Hemadri Seelamsetty, Penny also operates a B2B marketplace in Saudi focused on digitizing sourcing and procurement for the construction sector. The company has been recognized by ProcureTech and Kearny Consulting as one of the top 100 most innovative procurement solutions globally. Penny has stated plans for global expansion. In January 2022 it raised $5.0M in a seed round.

Led · Seed · Nov 2021

YallaMarket is a Dubai-based grocery delivery service run by founders originally from Russia. The company's core offering is grocery delivery in Dubai. The article reports that YallaMarket attracted an investment from Fedor Ovchinnikov. The piece does not provide details on the size of the investment, valuation, or the financing instrument. No operating metrics, past funding rounds, founding year, or explicit future plans are mentioned in the article. The vc.ru article included 38 reader comments reflecting varied reactions. YallaMarket is a Dubai-based quick-commerce startup operating dark stores to offer 15-minute delivery of groceries and everyday goods. Since formally launching last month it has two operational dark stores, plans two more within weeks, and aims to add an additional 100 dark stores across Abu Dhabi and Dubai to expand U.A.E. coverage. The company runs its own delivery unit using e-scooters and bicycles and sources inventory directly from brands and large distributors, allowing it to make a profit on each item sold. Average basket size is about $15 (55 AED), with fruits, dairy and drinks among the most popular items. YallaMarket plans to begin producing ready-to-eat meals available via its app and is investing in a behavior-prediction system to personalize offers and speed up ordering. It intends to use the $2.3 million raised in a pre-seed round to fund U.A.E. expansion and is targeting entry into Saudi Arabia and Qatar next year.

Participated · Series B · Oct 2021

BitOasis operates as a digital asset exchange serving the MENA region, positioning itself as a leading crypto platform for the Middle East. The company focuses on building a trusted consumer-facing cryptocurrency platform and scaling adoption across the region. Following its Series B, leadership says the firm will expand its regional presence and refine product offerings in existing markets. BitOasis emphasizes working proactively with regulators and plans to acquire licenses where available to ensure high standards of regulatory compliance. The team also intends to build strategic partnerships with the public sector to raise awareness around crypto safety. The company frames the recent capital infusion as a means to bring more people into the crypto ecosystem, including first-time crypto users.

Participated · Equity · Sep 2021

Founded in 2018 by Mounir Nakhla, MNT-Halan is a fintech and non-bank financial services platform that provides digital lending, payments, e-wallets, investments, and e-commerce services. The company operates across Egypt, Türkiye, Pakistan, and the UAE. MNT-Halan has disbursed more than $15.5 billion in loans and served over 8 million customers globally. It has achieved unicorn status with a reported valuation of $1.4 billion following the recent strategic investment. The proceeds from the current investment are intended to support expansion in Egypt and to fund regional growth. The company continues to grow its footprint through additional funding rounds, with the current round still ongoing after this first closing.

Participated · Equity · Mar 2021

Now Money provides digital banking and payroll services aimed at closing the financial inclusion gap for low-income and migrant workers in Gulf Cooperation Council countries. The company offers multilingual mobile applications that enable bill payments, savings accounts, remittances and complements digital services with in-person financial literacy training. It positions itself as a low-cost, secure option for underserved workers and has emphasized product and technology development. The recent funding will be used to expand operations across the region and to improve its technology product offerings. Leadership highlighted the investment as validation of Now Money’s vision and its potential socio-economic impact. The company previously underwent an acquisition in 2023 by Mark Nutter and Nicolas Andine, and continues to scale its inclusion-focused product set. Now Money provides a digital banking solution for low-income migrant workers, featuring accounts, low-cost remittance, and contactless-enabled Visa cards. The company partners with employers to deliver an end-to-end digital payroll solution via a payroll portal that lets companies transfer salaries and financial rewards directly to employees' NOW Money app. Founded in 2016 by Katharine Budd and Ian Dillon and based in Dubai, the fintech serves migrant workers in the UAE. Now Money plans to expand its digital banking solution into the Kingdom of Saudi Arabia, starting with strategic hires and local infrastructure in Riyadh. It also intends to further develop its service offering and continue growth in the UAE. Recently it secured $7M in funding to support these plans. NOW Money uses mobile banking technology to deliver accounts, financial inclusion, and low-cost remittance options to low-income migrant workers across the GCC. The company aims to provide affordable financial services at scale and improve outcomes for the 26 million unbanked in the region. In the last 12 months it has won six awards and its co-founders speak and are featured regularly at FinTech events and publications. A year after an initial seed funding round that helped expand the team and develop the technology and brand, NOW Money secured a further investment of $700,000. With this latest capital—part of its seed round—the team plans to launch service across the UAE and expand into other GCC countries. The company presents a socially focused, digital-first neobank model targeting migrant-worker remittances and financial access.