Twitter Linkedin Facebook Insta
March 1st, 2021
Message from our CEO
Dear Entrepreneurs, Teams, Co-investors, LPs, Media and Friends,

First and foremost, I would like to start by wishing you a better year ahead on all fronts, mainly health and happiness.

“If ever there was a year that illustrated the humbling nature of our profession, this was it.” - Managers of the Sequoia Fund.

Over the past year, we have encountered significant disruptions to our portfolio companies caused by the pandemic, and especially to our Lebanese portfolio companies post the Aug 4 blast.

Nevertheless, the MENA investment scene in 2020 was vibrant as regional startups witnessed a record amount of funding with a total of $1B+ invested and Saudi alone seeing a 55% increase in funding. While the pandemic resulted in a slowdown in some industries like travel and offline retail, it had overall a positive impact on the tech sector as a whole: we saw an acceleration in digitization, the use of online payments instead of cash and the fast growth of several sectors such as e-commerce, edutech and healthtech.

In June 2020 we have celebrated MEVP’s 10th anniversary (Party postponed to 2021) and have restructured our company internally through change in shareholding and governance. Also during 2020 we have expanded our presence in the region and strengthened our ties with local ecosystems across several MENA countries. Our 50+ companies portfolio has mostly benefited from 2020 and has shown unprecedented growth. We have done our best to support them in different ways and only 2 companies struggled but have recently picked up steam.

Post-confinement era has coincided with the start of MEVP’s second decade. With the trust and ongoing support of our stakeholders we have accelerated the pace of investments, follow up rounds and exits.

Looking forward, and as the speed of vaccinations increases, we feel much more confident about 2021, feel blessed to be exposed to high growth sectors in the digital economy and trust that our 2021 performance will be stellar.


Walid Hanna


New Investments
The investment team at MEVP screened over 1450 applications for funding in 2020 that resulted in 8 exciting new investments from MEVF III listed below.
Series A round of
$6M
MEVP led Series A round with participation from Coinbase ($100Bn valuation upon IPO) and Vision VC in leading cryptocurrency platform
Rain is a cryptocurrency exchange and custodian in the Middle East where you can buy, sell, and store cryptocurrency in a regulated, secure, and compliant way.
Series A of
$6M
MEVP co-led with Algebra Ventures and Global Ventures the series A of Egypt’s leading online medication aggregation ordering and digital medical exchange
Yodawy is an aggregation ordering platform and a digital medical exchange platform connecting patients, as well as health insurers, medical providers and pharmacies.
Series B round of
$18M
Co-led with Saudi Technology Ventures (STV) one of Saudi Arabia's fast-growing technology startups’ series B
Nana is a Saudi Arabia based online platform for grocery ordering and delivery.

GMV CAGR: 46%
Series B of
$13M
Participated in their Series B round, along Prosus Ventures (Naspers)
The “Super App” of Pakistan: Bykea is a hyper-local marketplace providing ride-hailing, parcels, food delivery, and cash payments, leveraging a fleet of motorcycle drivers.

Net merchandise value CAGR: 64%
Series A of
$3M
MEVP led the Series A of Basma, the MENA region’s first direct-to-consumer invisible aligners startup
A leading doctor-directed digital healthcare company that provides patients with straighter and healthier teeth. The treatment is done 100% at home and guided remotely by certified orthodontists via Basma's Telehealth platform.
Convertible note, Seed round of $1.2M
Seeded the disruptive cloud kitchen and virtual brands food tech startup
Cloud kitchens and Virtual Brands Food Tech. Startup empowering underutilized kitchens across the U.A.E. by using the latest technology, online marketing, and a creative approach.

CAGR: 254% in GMV growth
Convertible note of $4M, pre-series D
Participated in the GCC's leading Dubai-based luxury marketplace’s series D.
TLC is a fast growing online market platform that buys, sells, and consigns luxury items, mostly pre-owned, at a discounted price maintaining brand and item integrity and the assurance of authenticity.

Net merchandise value CAGR : 85%
Convertible note, bridge to series B of $9.9M
(previously called OneClick) participated in the Last-mile delivery tech company’s $22M series B
Lyve is a technology platform enabling seamless delivery services from local businesses to the consumers’ doorsteps.

No of orders CAGR: 41%

Are you working on a tech company seeking VC funding? Or do you want to refer a promising startup? Apply for funding HERE


Exits
MEVP has recently exited TreasuryXpress- a Fintech portfolio company. With Fintech becoming one of the hottest investment sectors, the recent exit recognises the pioneering role MEVP has taken back in 2013 when it started investing in this sector:
- Nasdaq-listed Bottomline Technologies (EPAY) acquired Treasury Xpress, a leading treasury management solution with offices in France, USA, UK, Dubai and Lebanon. The deal resulted in a 4x cash on cash to MEVP’s first fund, Middle East Venture Fund.
Weathering the Pandemic: How MEVP portfolio companies overcame the pandemic challenges
The pandemic brought unprecedented challenges to businesses globally. Our portfolio companies across the region faced tremendous challenges. Some saw opportunities, and some turned challenge into an opportunity.
Below is a short list of some of the remarkable stories from our portfolio companies:
Bringing telemedicine to millions
Altibbi’s telehealth platform provided online consultations for more than 2M patients in 2020, with a sharp increase in consultations around COVID19.
Altibbi also supported the Lebanese victims of the Beirut Port Blast with free consultations.
Digitizing business with one click
Lyve leveraged its infrastructure of drivers and technology to empower retail and food businesses to reach their customers during the lockdown period.
Supporting in delivering food rations to the needy
Bykea worked with the local governments in different cities in Pakistan to safely distribute food rations to the most vulnerable people. They distributed 10K+ food rations using their bike drivers across the city.
Launching a new product to support restaurants affected by COVID19
In a strong show of support to the restaurant community, Eat App launched 'buy now, eat later' gift vouchers for Dubai and Bahrain. Through this initiative, Eat enabled customers to financially support their preferred restaurants during the coronavirus pandemic.
Launching a product to offer digital events online
With the events business severely affected by the pandemic, Eventtus moved quickly to develop a full offering for online events. Eventtus’ all-in-one virtual events platform delivers an amazing digital events experience to everyone, anywhere.
Our Portfolio Companies in the News
5 January 2021
Dubai's Shuaa Capital invests in music streaming service Anghami

17 January 2021
Coinbase, MEVP Invest in Crypto-Asset Startup Rain


23 December 2020
UAE's 'Uber for trucks' eyes expansion as it seeks further funding
16 November 2020
Sarwa Unveils Next Gen Sarwa X and Announces Partnership with Saxo Bank:
3 October 2020
With $23.5M In Funding, Egypt’s Halan Turns To Microfinance To Become The Region’s Next Super-App
30 September 2020
Pakistan’s on-demand platform Bykea raises $13 M in Series B funding:
2 September 2020
The Luxury Closet receives investment from Huda Beauty Investment (HBI), championing resale Economy and Sustainability in the Luxury resale Marketplace Industry
17 August 2020
Jordanian telehealth solution to provide free medical access for Beirut residents




25 March 2020
Saudi Arabia's leading online grocery platform Nana (نعناع) raises USD 18M in Series B financing co-led by MEVP and STV


23 March 2020
GCC's leading fintech platform for modest-income migrants raises seven-figure investment led by MEVP
Selected Portfolio Companies Updates
- Halan launched new verticals, including fast-food delivery, an e-payment solution for bills, an e-commerce platform, and peer-to-peer delivery
- Delivered 1M+ orders since launch accounting for $80M+ in GMV
- Expanded across KSA to cover 14 cities
- Onboarded 150+ partners in 2020
- Rebranded from Oneclick to Lyve
- Delivered 14M+ orders since launch
- Closed a $22M series B round
- The team is growing at a rapid pace, with over 150 employees and over 7500 delivery specialists
- Closed a $10M convertible note round with existing investors in August
- 250M+ appointments booked
- Available in 120+ countries
- 50k+ partner businesses
- Relocation of HQ to Abu Dhabi
- Raised a round from Shuaa capital and MUCH bigger plans ahead
- The Luxury Closet has raised funding from Huda Beauty Investments, as part of an ongoing $11M round with $18M in total financing to date
- In the last 12 months TLC has listed 80,000 items from 5,000 sellers worth $120M
- Launched new market, Bahrain, in August. Now active in 4 countries: KSA, UAE, Egypt and Bahrain
- Has raised a $10 M strategic venture debt from San Francisco-based specialty lending firm Partners for Growth
- Had a V-shaped recovery and recovered the entirety of revenues by September and the transactions by November
- In December, the two numbers reached 2x and 1.25x of their pre-pandemic levels
- Catering to more than 300M arabic speakers worldwide
- 650k new users in KSA only
- Created more than 60k new job opportunities for doctors in the MENA Region
- Expanded across the region to reach 12 Arab countries and processed 20x incremental demand without any disruptions
- Crossed $120M+ in monthly volume
- Finalized beta for Advanced Trading Platform, pilot to be launched in Q2 2021
- Scaled the team from 15 to 100+ members
- Launched flagship payment product christened Xare in Nov-20
- Completed more than 2.6 M orders
- Under the process of raising its Series B
- Grew AUMs by more than 5x in 2020
- Launched new account type following the migration to Saxobank (supports free local transfers )
- Received fintech experimental permit from CMA to launch in Saudi
- Reached 280k+ app downloads
- Year on year growth of 60%
- Launched in Kuwait with support from new partners, Faith Capital
Expansion
MEVP is pleased to announce its physical expansion across the MENA region with new offices in Cairo (Greek Campus) Riyadh (Astrolabs) and Abu Dhabi (Hub71).
MEVP has appointed Makhoul Mikael Hajjar as a scout to source Sub-Saharan Africa investment opportunities. Makhoul manages P1 Ventures, a Seed-stage panafrican fund that has investments in countries such as Nigeria, Kenya, Cote d'Ivoire and Senegal.

MEVP Regional Offices

Team Updates
We are pleased to announce that the following team members were promoted for their valuable contributions in 2020:

● Riyad Abou Jaoudeh: Promoted to Junior Partner
● Jad El Boustani and Hala Rouphael: Promoted to Managing Director
● Rawad Khalife: Promoted to Executive Director

Our Partner Walid Mansour is changing his role within the MEVP group. He will be stepping down from the day to day operations of the CIO responsibilities. Walid will join the MEVF III Investment Committee, will remain an Equity Partner, and will retain a Venture Partner role with 20% of his time committed to MEVP.
We wish Walid all the best in his future endeavors as he wished to embark on a new chapter of building tech ventures and we look forward to investing in his ventures.


New Team Members
MEVP is happy to have new team members join its growing family:
Romy
Romy Abou Khalil

Junior Legal Counsel

(Beirut Office)
gaelle
Gaelle Yammine

Analyst

(Beirut Office)
Romy
Germine Bouchnack

Associate-Operations Manager

(Cairo Office)

Connect with us on
Twitter Linkedin Facebook Facebook
© MEVP 2021. All Rights Reserved.
Click here to unsubscribe.