Adtech startup ArabyAds closes USD 30 mn pre-Series B round
Egypt-born adtech startup ArabyAds secured USD 30 mn in a pre-Series B round from pan-African investment platform AfricInvest, it said in a press release (pdf). The company will use the funds to develop its tech and increase its head count, according to the statement.
About ArabyAds: Founded in 2013 by Mahmoud Fathy (LinkedIn) and Mohammad Khartabil (LinkedIn), the Egypt-born company is currently headquartered in the UAE and has offices in Egypt, Tunisia and Jordan. ArabyAds offers online and in-app marketing and data insight tools in more than six countries, according to its website, and last year acquired influencer marketing agency Dmenta, which also operates in Egypt.
This is the eighth investment by AfricInvest’s Maghreb Private Equity Fund IV. The EUR 194 mn fund reached its final close in 2018 and targets North African SMEs operating in sectors including IT, healthcare, education, logistics, agribusiness, and services. It is backed by development finance institutions including the African Development Bank, the European Bank for Reconstruction and Development, and the European Investment Bank.