Key Startups, Acquisitions, and Funding Highlights of H1 2023: Fintech, Foodtech, Gaming, and More 

JANUARY:

1. Tabby Raises $58M in Series C Funding: Tabby, the MENA shopping and financial services app, secured $58 million in a Series C funding round. Led by Sequoia Capital India, STV, and PayPal Ventures, the round also saw participation from Mubadala Investment Capital, Arbor Ventures, and Endeavor Catalyst. This funding will enable Tabby to expand its product line and support its growing operations, solidifying its position as a leading startup in the region.

FEBRUARY:

2. FreshToHome's $104M Series D Funding: FreshToHome, a fully integrated online consumer brand for fresh fish and meat, successfully closed a $104 million Series D funding round. Amazon Smbhav Venture Fund led the round, with participation from existing investors such as Iron Pillar, Investcorp, and Investment Corporation of Dubai. New investors, including E20 Investment Ltd, Mount Judi Ventures, and Dallah Albaraka, also joined this round. The funds raised will fuel FreshToHome's expansion plans and further strengthen its market presence.

MARCH:

3. G42 Acquires Stake in ByteDance: Abu Dhabi investment firm Group 42 (G42) acquired a $100 million stake in ByteDance, the Chinese internet company behind the popular social media app TikTok. This acquisition was completed at a valuation of $220 billion, underlining G42's commitment to the technology industry and expanding its investment portfolio.

4. COFE App Raises $15M in Series B Funding: COFE App, a leading coffee marketplace in the MENA market, secured $15 million in a Series B funding round. This significant funding round solidifies COFE App's position in the rapidly growing USD 44 billion MENA coffee market. The company aims to leverage the investment to strengthen its presence and offerings in the region.

APRIL:

5. Qlub Raises $25M in Funding: UAE-based fintech company Qlub raised $25 million in a fresh round of funding, co-led by existing investors Cherry Ventures and Point Nine. The round also saw participation from STV, Raed Ventures, Heartcore, Shorooq Partners, FinTech Collective, and angel investors. This funding brings Qlub's total seed capital to $42 million, enabling it to further enhance its fintech solutions.

6. Savvy Games Acquires Scopely for $4.9B: Savvy Games Group, a Saudi Arabia-based gaming platform backed by the country's sovereign wealth fund, Public Investment Fund (PIF), acquired game developer and publisher Scopely for a staggering $4.9 billion. This strategic acquisition strengthens Savvy Games' ability to deliver innovative gaming products to the global community, contributing to the kingdom's ambition of becoming a major gaming hub.

7. e& has announced its plans to acquire a majority stake in Careem's Super App spinout. The binding agreement was signed with Uber Technologies, Inc. (Uber) and its subsidiary, Careem. Under this agreement, e& will take on a major ownership position in the Careem Super App, while Careem's ride-hailing business will remain fully owned by Uber.

MAY:

8. Tarabut Gateway Closes $32M Series A Round: Tarabut Gateway, a fintech company founded in Bahrain and based in the UAE, successfully closed a $32 million Series A funding round. Led by Pinnacle Capital, the round saw participation from Aljazira Capital, Visa, Tiger Global, and other investors. This funding will support Tarabut Gateway's growth initiatives and the development of cutting-edge financial technology solutions.

9. Deliverect Acquires ChatFood: Belgium-based food delivery software provider Deliverect acquired UAE-based foodtech company ChatFood. This acquisition enables Deliverect to extend its offerings, including social media integration, dine-in QR, and direct channel ordering. It further strengthens Deliverect's presence in the Middle East, positioning it as a leader in the foodtech industry.

The first half of 2023 has been a period of notable achievements and milestones for various startups. These funding rounds and acquisitions highlight the growing potential and dynamism of the startup ecosystem, particularly in sectors such as fintech, foodtech, e-commerce, gaming, and consumer services.