Biggest Acquisitions of MENA's Startups

Published October 14th, 2021 - 07:00 GMT
MENA startups acquisitions
(Photo by Rami Khoury/ Albawaba)

Despite the numerous economic challenges facing the Middle East region, many of its startups and businesses have been able to achieve remarkable success in different sectors, that it has been recognized on a global level.

Startups

For years, startups created and developed in the Middle East have been gradually growing and gaining global acknowledgment, especially tech-focused ones that have been in the lead of digital transformation in the region.

Moreover, the COVID19 pandemic has boosted the technological sector to unprecedented levels of activity and success, which has drawn the attention of many international unicorns who have been acquiring the region's finest business startups at an increased pace.

6 Biggest Startups Acquisitions in MENA

1. Mumzworld

After a successful investment in 2018, the Saudi-based Tamer Group specialized in health care services decided to acquire the region's leading parents-oriented online shopping website Mumzworld. 

Details of the 2021 deal have not yet been disclosed as to how much it had cost Tamer Group to acquire the Dubai-based website, but Mumzworld had just raised $50 million in funding at the beginning of the year.

2. Connect Ads

Last July, the Miami-based online media company Aleph Holding announced acquiring 86% of stakes in the well-known Egyptian advertising platform Connect Ads.

3. Careem

In 2019, the MENA-developed car-hailing app Careem closed a historic acquisition deal with its international rival, Uber, for $3.1 billion.

4. Eventtus

The Egyptian-developed in-person and virtual events platform Eventtus was acquired by the globally renowned Bevy in July 2021.

5. Souq

This is probably one of the most famous acquisition deals in the MENA region, as a 2017 deal enabled the world's leading online shopping website Amazon to take over the Emirati e-commerce pioneer Souq.com for $580 million.

6. Edmatrix

Another deal that was closed in July 2021 held the names of Jordanian educational technology company Abwaab which acquired the Pakistani platform Edmatrix, making Pakistan Abwaab's fifth country of operation.


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