Corporate venture capital (CVC) deals declined on the whole in terms of number and volume in the first half of 2022, though the average deal size increased to US$35 million in the second quarter of the year.
This is according to European corporate venture builder Stryber’s bi-annual Corporate Venturing Report for MENA, which also found Israel, Saudi Arabia and Egypt to lead in terms of deal volume.
Two fintech companies—Saudi Arabia’s Foodics and Bahrain’s Rain—were among the three largest CVC funding rounds in the region during the period.
UAE, Israel and Bahrain led in terms of M&A deal volume by country, while ADQ’s Further Ventures was the most active corporate-backed venture builder in the region with two disclosed fintech investments.
Eight fintech companies were among the top 20 funding rounds with CVC participation in the MENA region in the first half of 2022.
Foodics (Saudi Arabia)
Foodics is a a cloud-based restaurant management system and point of sale solution. Amsterdam-based investment group Prosus participated in the company’s US$170 million Series C.
Rain (Bahrain)
Rain is a licensed crypto platform and custodian. Coinbase’s corporate venture arm Coinbase Ventures participated in the company’s US$6 million Series A.
Nexite (Israel)
Nexite is a data analytics and experience platform for retailers providing real-time sales funnel analytics. Intel Capital participated in the company’s US$100 million Series C.
Pecan (Israel)
Pecan is a deep learning platform designed to build predictive analytics models for revenue and operations teams. Dell Technologies Capital participated in its US$66 million Series C.
Paymob (Egypt)
Paymob enables merchants to accept digital payments online and in-store. PayPal Ventures participated in the company’s US$50 million Series B in mid-2022.
Khazna (Egypt)
Khazna offers corporate employees financial solutions and benefits through a mobile app. Commercial International Bank’s CVentures participated in the company’s US$38 million Series A.
HyperPay (Saudi Arabia)
HyperPay is a payment gateway provider. Mastercard participated in the company’s US$36.7 million funding round in mid-2022.
Retailo (Saudi Arabia)
Retailo is an online regional B2B marketplace for SME retailers. Agility Ventures participated in the company’s US$36 million Series A in early 2022.
