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Mena startups raised $267 million in June 2021, pushing Q2 investment to $552 million
Startups in Mena have raised $267 million across 44 deals in June, propelling the second quarter investments to more than $552 million, a 33 per cent increase compared to the first quarter of 2021.
Perhaps one of the most exciting investment deals in June was that of Egypt-based Trella, which attracted $42 million in a debt and equity round led by global shipping giant Maersk. Overall, eight Egyptian startups raised $52 million, ranking the country second in terms of number and value of deals.
Large rounds in the e-commerce sector including those from Floward ($27.5 million) and OpenSooq ($24 million) pushed total investments in the sector to $110.9 million across nine deals, while nine fintech startups raised $71.5 million. The logistics sector raised the third highest amount with $49 million thanks to Trella’s round.
As the leading solar developer with 120MW of solar assets in the Middle East and Pakistan, Yellow Door Energy looks forward to commissioning the solar plant and to bringing affordable and clean energy to more leading businesses in Bahrain that is in line with the Kingdom’s National Renewable Energy Action Plan, said Rory McCarthy, Yellow Door Energy chief commercial officer.
Bahrain plans to reach a renewable energy target of 5 per cent of its total energy mix by 2025. The kingdom plans to increase the capacity of renewables to 10 per cent by 2035 under the Bahrain Economic Vision 2030.
Yellow Door s plant will have 11,600 solar panels that will meet 50 per cent of the mall s energy consumption needs. The clean power project will help offset around 6,300 tonnes of carbon emissions, according to the Dubai-based company.