News

Revibe Has Raised $2.3 Million For Planned MENA Expansion

The Dubai-based online marketplace for refurbished electronics plans to expand across the region while contributing to the circular economy.

Published

1 year ago

July 10, 2023

Nour Nasir

Revibe

Dubai-based startup Revibe has raised $2.3 million in a seed funding round that will allow it to expand its product portfolio across the MENA region, while enhancing the refurbished electronics platform’s contribution to the circular economy.

The investment was led by Egypt’s Flat6Labs and French-based venture capital fund Resonance, plus several other angel investors. Revibe, which primarily sells refurbished smartphones, laptops, and tablets, will now be able to scale its supply chain and diversify its portfolio to include other categories of electronics later this year.

The company was able to grow 500% within seven months across the Gulf countries, with a particular focus on the UAE and Saudi Arabia.

“Our success has come from always meeting our pledge to customers. But we are expanding all the time, and our goal is to gradually introduce all categories of electronics,” explained Hamza Iraqui, co-founder of Revibe.

Revibe’s strategy aligns with the concept of the circular economy — an economic system that focuses on reducing the use of new natural resources and minimizing waste.

Also Read: Dubai-Based Startup Alfii Raises $2.5 Million In Seed Funding

“Refurbished electronics represents a massive opportunity, especially in this time of economic challenges and growing climate awareness, where consumers are more mindful of their carbon impact while facing decreased purchasing power,” noted Maxime Le Dantec, partner and co-founder at Resonance.

Revibe was founded in 2022 and uses a business-to-consumer selling model that offers refurbished electronics at 30-70% less than brand-new items. The company’s team of engineers makes a 50-point check on all products listed on the marketplace and uses artificial intelligence to monitor quality and meet its strict selling standards.

News

Mamo Completes $3.4M Funding Round To Enhance Fintech Services

The startup will use the influx of cash to expand into Saudi Arabia and across the wider GCC while improving its product offering.

Published

1 day ago

July 25, 2024

Nour Nasir

Mamo

UAE-based fintech Mamo has announced the completion of a $3.4 million funding round that will help the startup extend its market presence and improve its product offering. Investors included 4DX Ventures, the Dubai Future District Fund and Cyfr Capital.

Mamo’s platform offers “payment collection, corporate cards and expense management” to help small and medium-sized businesses consolidate and streamline their operations. With the latest influx of capital, Mamo will further develop its comprehensive suite of services and begin testing its product lines in Saudi Arabia, further extending its footprint across the GCC.

Imad Gharazeddine, co-founder and CEO of Mamo, stated: “We’ve been in the market for a while now and are incredibly proud of what our team has achieved. The holistic and expansive nature of our product offering has helped us continue to grow sustainably. This additional funding will allow us to reach our medium-term goals even faster. The support from new and existing investors is a testament to our strong expertise and the ability to deliver on our customer promise”.

Daniel Marlo, General Partner of lead investor 4DX Ventures, added: “We have immense trust in Imad’s vision, leadership and Mamo’s innovative approach to provide a user-friendly and comprehensive financial solution for SMEs that makes financial management more accessible and efficient. We are proud to partner with them and support their mission”.

Also Read: A Guide To Digital Payment Methods In The Middle East

Amer Fatayer, Managing Director of Dubai Future District Fund’s investment team, also commented: “Mamo’s localized product lines serve as an infrastructure for SME payments and spend management in UAE, a segment that is underserved by the country’s current banking infrastructure. The team has taken a product-first approach to consolidating SMEs’ financial journeys and building a fintech solution deeply embedded in a business’s core operations”.

To date, Mamo has raised around $13 million in investment funding and now boasts a team of 30 people. The company’s intuitive financial services platform has allowed over 1,000 businesses to consolidate their financial operations and significantly reduce payment fees.