Tracxn - Geo - MENA Tech Feb 2021

TRACXN MONTHLY REPORT
FEBRUARY 2021
MENA TECH

MENA Tech - February 2021 Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Contents
2
MENA Tech Snapshot 3
Investment Snapshot 4
List of Funding Rounds 5
New Investors 10
Top Funded Business Models - last 1 year 12
New Analyst Picks 13
Acquisitions 16
Recent News 17

MENA Tech Snapshot – February 2021
MENA Tech: Snapshot – February 2021
Note : "Investors" refers to "Institutional Investors" only
3
$775M
24
Overall Geo Stats
20
10
115
25
39
Funding Rounds $ Invested Analyst Picks
Axonius Upgraded
to UNICORN
New Investors
Bizerba USA
JSCapital
Series A+ rounds Active Investors IPOs Acquisitions
InfoFort#@
EndoWays#@
Top Funding Rounds Top Markets Top Investors Top Cities
Monthly Leader Board
Tel Aviv
(15 Rounds, $359M)
Riyadh
(3 Rounds, $31.8M)
Dubai
(3 Rounds, $3.2M)
Cairo
(2 Rounds, $1.1M)
$100M - Series A
Cye (2011, Herzliya, $100M)
$100M - Series D
Axonius (2017, Tel Aviv, $195M)
$75M - Series D
Earnix (2001, Ramat Gan, $97.5M)
$75M - Series C
Personetics (2011, London, $93M)
Insight Venture Partners
(2 Investments)
Sequoia Capital
(2 Investments)
Viola Group
(2 Investments)
Lightspeed Venture
Partners
(2 Investments)
Cybersecurity
Axonius
Banking Tech
Earnix
Internet of Things Infrastructure
Securithings
Food Tech
Redefine Meat
Market Size
Companies Covered 19,011
Funded Companies 5,006
Total Funding $44.4B
Funding in last 12 months $6.6B
Top Exits
IPOs 184
Acquisitions 724
Company Stage
Unicorns 25
Soonicorns 142
Minicorns 410
Editor Picks 1,743
Series A+ 1,398
Series C+ 329
Acqui-Hires 13
Deadpooled 2,568
Top Cities
Tel Aviv (1,821 Rounds, $15.1B)
Dubai (390 Rounds, $3.1B)
Top Investors
500 Startups (88 Investments)
Pitango Venture Capital (82
Investments)

Investment Snapshot
Investment Snapshot of MENA Tech as of February 2021
MENA Tech: Investment Snapshot
4
# Rounds
$ Funding
Investment Trend Top Investments (February 2021)*
Cye
(2011, Herzliya, $100M)
$100M - Series A 83North
Axonius
(2017, Tel Aviv, $195M)
$100M - Series D Stripes
Personetics
(2011, London, $93.0M)
$75.0M - Series C Warburg Pincus
Earnix
(2001, Ramat Gan, $97.5M)
$75.0M - Series D Insight Venture Partners
pliops
(2015, Ramat Gan, $115M)
$65.0M - Series C KDT
PerimeterX
(2014, San Mateo, $149M)
$57.0M - Series D AllianceBernstein
Leadspace
(2007, San Francisco, $102M)
$46.0M - Series D Jerusalem Venture Partners
Granulate
(2018, Tel Aviv, $45.6M)
$30.0M - Series B Red Dot Capital Partners
Redefine Meat
(2018, Ness Ziona, $35.0M)
$29.0M - Series A Happiness Capital
Future Meat Technologies
(2018, Jerusalem, $43.0M)
$26.8M - Series B Tyson Foods
Foodics
(2014, Riyadh, $28.0M)
$20.0M - Series B STV
*Shows only the lead Investors

List of Funding Rounds (1/5)
List of Funding Rounds in MENA Tech in February 2021
MENA Tech: List of Funding Rounds
Note: Seed Stage (Seed, Angel), Early Stage (Series A, Series B), Late Stage (Series C+), PE
5
LATE STAGE
$46.0M - Series D
Leadspace (2007, San Francisco, $102.0M)
Cloud-based provider of customer data platforms
Jerusalem Venture Partners
LATE STAGE
$57.0M - Series D
PerimeterX (2014, San Mateo, $149.0M)
Botnet and non-human attack prevention for website
AllianceBernstein, Vertex Ventures, Scale Venture
Partners, DTCP, GoldenArc, and 4 more
LATE STAGE
$65.0M - Series C
pliops (2015, Ramat Gan, $115.0M)
HPC storage accelerator provider
KDT, Viola Group, SoftBank Ventures Asia, Western
Digital, Expon Capital, and 5 more
LATE STAGE
$75.0M - Series D
Earnix (2001, Ramat Gan, $97.5M)
Financial Services Software
Insight Venture Partners, Israel Growth Partners,
Vintage Investment Partners, Jerusalem Venture
Partners
LATE STAGE
$75.0M - Series C
Personetics (2011, London, $93.0M)
Provider of an AI chatbot for financial advice and
recommendations
Warburg Pincus, Viola Group, Nyca, Sequoia Capital,
Lightspeed Venture Partners
LATE STAGE
$100.0M - Series D
Axonius (2017, Tel Aviv, $195.0M)
Provider of cybersecurity asset management
Stripes, Lightspeed Venture Partners, YL Ventures,
OpenView, Bessemer Venture Partners, and 2 more
LATE STAGE
Series D
Sarwa Capital (2009, Cairo, $56.0M)
Diversified NBFI
EARLY STAGE
$3.5M - Series B
GoTo (2008, Tel Aviv, $22.5M)
App-based platform offering multi-category self-drive
vehicle rental services
EARLY STAGE
$3.8M - Series A
Bio-fence (2018, Ashdod, $4.4M)
Developer of anti microbial coatings for food hygiene

6
EARLY STAGE
$5.0M - Series A
NorthLadder (2017, , $5.0M)
Online platform offering used consumer electronics
products
BECO Capital
EARLY STAGE
$9.0M - Series B
Anzu (2016, Tel Aviv, $17.0M)
Cloud-based In-game advertising solutions provider
Bitkraft, , Alumni Ventures Group, Gaingels Syndicate,
Goal Venture Partners, and 4 more
EARLY STAGE
$9.5M - Series A
Edgybees (2016, Hofit, $15.0M)
Provider of augmented reality obstacle course for
drone pilots
Seraphim Capital, Motorola Solutions, 8VC, Verizon
Ventures, Kodem Growth Partners, and 4 more
EARLY STAGE
$9.5M - Series A
AZOM (2020, Riyadh, $9.5M)
Internet first brand offering electronics products
EARLY STAGE
$10.0M - Series A
Supersmart (2014, Rosh Haayin, $13.0M)
App-based self-checkout solution for offline retailers
Bizerba USA
EARLY STAGE
$10.0M - Series A
Torii (2017, Raanana, $15.0M)
Platform to manage SaaS applications of an enterprise
Wing Venture Capital, Entree Capital, Scopus Ventures,
Uncork Capital, Global Founders Capital
EARLY STAGE
$12.0M - Series B
Candivore (2018, Tel Aviv, $12.0M)
Mobile game developer specializing in PVP casual
games
VGames, Eitan Reisel
EARLY STAGE
$14.0M - Series A
Securithings (2014, Tel Aviv, $17.0M)
Provides real-time security to IOT Applications
Aleph Venture Capital, Firstime
EARLY STAGE
$15.5M - Series B
Oribi (2015, Tel Aviv, $27.9M)
Business Intelligence for Product and Marketing Teams
Ibex Investors, TLV Partners, MORE TECH, Sequoia
Capital, S Capital VC

7
EARLY STAGE
$16.0M - Series A
AccessiBe (2018, Tel Aviv, $28.0M)
Cloud-based AI-enabled ADA compliance management
solution provider
K1 Investment Management
EARLY STAGE
$20.0M - Series B
Foodics (2014, Riyadh, $28.0M)
Provider of cloud-based restaurant management
system
STV, Sanabil Investments, Derayah Venture Capital
Fund, Endeavor, ELM
EARLY STAGE
$26.8M - Series B
Future Meat Technologies (2018, Jerusalem,
$43.0M)
Produces and supplies lab grown meat
Rich Products Corporation, ADM Capital, Mller Group,
Tyson Foods, Manta Ray, and 3 more
EARLY STAGE
$29.0M - Series A
Redefine Meat (2018, Ness Ziona, $35.0M)
Meat processing company using 3D technology
Happiness Capital, Hanaco Ventures Capital, LOSA
group, K3 Ventures, CPT Capital, and 1 more
EARLY STAGE
$30.0M - Series B
Granulate (2018, Tel Aviv, $45.6M)
Cloud & AI-based application performance
management software provider
Red Dot Capital Partners, TLV Partners, Insight Venture
Partners, Hetz Ventures, Dawn Capital
EARLY STAGE
$100.0M - Series A
Cye (2011, Herzliya, $100.0M)
Provider of security services
EQT, 83North
SEED STAGE
$200.0K - Seed
Sprout (2019, Dubai, $200.0K)
Internet first-restaurants offering ready-to-eat kids
meals
SEED STAGE
$1.1M - Seed
Sakneen (2019, Cairo, $1.3M)
Online real estate platform to buy and sell residential
properties
Algebra Ventures, Hem, Foundation Ventures, Sarwa
Capital
SEED STAGE
$2.3M - Seed
Raqamyah (2018, Riyadh, $2.3M)
Shariah-compliant peer to peer financing platform
Impact46, Al Yusr Leasing and Financing, Vision
Ventures, Mad'a Investment

8
SEED STAGE
$3.0M - Seed
Avenews GT (2016, Tel Aviv, $3.0M)
Trading platform utilizing block chain payment method
for agricultural produce trading
XT Hi-Tech
SEED STAGE
$3.0M - Seed
FlexxPay (2018, Dubai, $4.5M)
Online lending platform for earned wage loans
Target Global, Wamda, DIFC, Arzan Venture Capital,
Sukna Ventures, and 2 more
SEED STAGE
$5.0M - Seed
Anecdotes (2020, Tel Aviv, $5.0M)
Cloud-based data management platform
Aleph Venture Capital, Glilot Capital Partners, Gerhard
Eschelbeck, Ron Zoran
SEED STAGE
$6.0M - Seed
Datomize (2019, Tel Aviv, $6.0M)
Data privacy solutions provider
TPY Capital, F2 Capital
SEED STAGE
$6.0M - Seed
Datomize (2020, Tel Aviv, $6.0M)
Provider of a platform to deploy machine learning
models
TPY Capital, F2 Capital
SEED STAGE
$7.0M - Seed
Acumen (2019, Tel Aviv, $7.0M)
Solutions for software development analytics
Hetz Ventures, 10D, Crescendo Venture Partners, Jibe
SEED STAGE
Angel
elmenus (2011, Maadi, $10.0M)
Online food ordering and delivery platform
David Buttress
SEED STAGE
Seed
Engagesoft (2019, )
AI-base employee engagement platform for
enterprises
SEED STAGE
Seed
Biotax (2020, Givatayim)
Provider of genomic informatics solutions for pharma
companies & others
Illumina
SEED STAGE
Angel
One Moto (2018, Dubai)
Developer of multi-category electric vehicles
Miray Zaki

9
SEED STAGE
Seed
Hazen (2017, )
Provider of an AI-based traffic violation monitoring
solution
Saudi Aramco Entrepreneurship
SEED STAGE
Seed
MyBiotics (2014, Rehovot)
Developer of microbiome-based products to treat
various diseases

New Investors (1/2)
List of New Investors in MENA Tech in February 2021
MENA Tech: List of New Investors
10
Investor Company Info Round Amount Round Name
Bizerba USA
1 portfolio companies | Provider of industrial weighing and labelling solutions
Supersmart
$10.00M Series A
JSCapital
12 portfolio companies | Investment bank & advisory firm
PerimeterX
$57.00M Series D
GoldenArc
1 portfolio companies | Venture capital firm investing in seed stage to pre-IPO
stage tech startups
PerimeterX
$57.00M Series D
Rich Products Corporation
6 portfolio companies | Multi category bakery snacks manufacturer and brand
$26.75M Series B
Sarwa Capital
1 portfolio companies | Diversified NBFI
Sakneen
Online real estate platform to buy and sell residential properties
$1.10M Seed
Jibe
1 portfolio companies | Recruiting technology solutions
Acumen
$7.00M Seed
Sweetwood Capital
1 portfolio companies | Sweetwood Capital | Israel
pliops
$65.00M Series C
AllianceBernstein
29 portfolio companies | Private debt fund focused on multiple sectors
PerimeterX
$57.00M Series D
Stereo Capital
11 portfolio companies | Growth stage tech-focused VC firm funding companies
in the US
PerimeterX
$57.00M Series D
Gaingels Syndicate
27 portfolio companies | Tech and life sciences focused VC firm investing
primarily in the US and Europe
Anzu
$9.00M Series B

New Investors (2/2)
List of New Investors in MENA Tech in February 2021
MENA Tech: List of New Investors
11
Investor Company Info Round Amount Round Name
EQT
25 portfolio companies | PE & VC firm focused on multiple sectors
Cye
Provider of security services
$100M Series A
Hem
1 portfolio companies | Restoring Historic Properties – Durham, NC | Hem +
Spire
Sakneen
Online real estate platform to buy and sell residential properties
$1.10M Seed
Illumina
20 portfolio companies | Developer of sequencing and array-based hardware
and software technologies
Biotax
Provider of genomic informatics solutions for pharma companies &
others
Undisclosed Seed
K3 Ventures
13 portfolio companies | VC firm investing in early-stage tech startups
Redefine Meat
Meat processing company using 3D technology
$29.00M Series A
Mller Group
1 portfolio companies | Müller Group: Startseite
$26.75M Series B
Expon Capital
17 portfolio companies | Early-stage centric tech-focused venture capital firm
investing globally
pliops
$65.00M Series C
thetelcargroup.com
1 portfolio companies | Contract Furnishings & Facility Solutions | NY | The
Telcar Group
GoTo
App-based platform offering multi-category self-drive vehicle rental
services
$3.50M Series B
Refinery Ventures
6 portfolio companies | Venture capital firm focused on multiple sectors
Edgybees
Provider of augmented reality obstacle course for drone pilots
$9.50M Series A
fa-holding.com
1 portfolio companies | F.A. Holding
Sprout
Internet first-restaurants offering ready-to-eat kids meals
$200K Seed
Goal Venture Partners
1 portfolio companies | Venture capital firm investing in impact-driven games,
media, and entertainment sectors
Anzu
$9.00M Series B

Top Funded Business Models - last 1 year
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1
year.
12
Rank Business Model $ Funding # Rounds Top Funding Round
1 ▲123
Cybersecurity > Network Security > Secure Access Service
Edge as a convergence (SASE)
$253M 4 Cato Networks | $131M | Series E
2 ▲178 Network Routing Software $208M 1 DriveNets | $208M | Series B
3 ▲36 IoT Device Security $208M 6 Axonius | $100M | Series D
4 ▲313 Digital Wallets $203M 5 stc pay | $200M | Series D
5 ▲24 Voice Analytics $200M 1 Gong | $200M | Series D
6 ▲24
Sales Force Automation > Sales Analytics > Revenue
Forecasting
$200M 1 Gong | $200M | Series D
7 ▲19 Cloud Infrastructure Security $195M 7 Wiz | $100M | Series A
8 ▲176 Cloud Security $176M 7 Wiz | $100M | Series A
9 <> 0 Fraud Detection in Financial Services $165M 2 BioCatch | $145M | Series C
10 ▲92 Enterprise Mobility Management (EMM) $158M 2 Axonius | $100M | Series D

New Analyst Picks (1/3)
Interesting Companies identified by Analysts in MENA Tech in February 2021
MENA Tech: Analyst Picks
13
Upgraded to UNICORN
Axonius (2017, Tel Aviv, $58.0M, Series C)
Provider of cybersecurity asset management
Vertex, E-Merge, Western Technology Investment and
10 other Investors
Upgraded to UNICORN
Earnix (2001, Ramat Gan, $13.5M, Series C)
Financial Services Software
Israel Growth Partners, Insight Venture Partners, Viola
Credit and 7 other Investors
Upgraded to SOONICORN
Personetics (2011, London, Undisclosed, Series B)
Provider of an AI chatbot for financial advice and
recommendations
Lightspeed Venture Partners, Nyca, Sequoia Capital
and 6 other Investors
Upgraded to SOONICORN
pliops (2015, Ramat Gan, Undisclosed, Series B)
SoftBank Ventures Asia, Expon Capital, Viola Group and
13 other Investors
Upgraded to MINICORN
Securithings (2014, Tel Aviv, $14.0M, Series A)
Provides real-time security to IOT Applications
Firstime, VentureOut, Microsoft Accelerator and 2
other Investors
Granulate (2018, Tel Aviv, $30.0M, Series B)
Cloud & AI-based application performance
management software provider
Hetz Ventures, Red Dot Capital Partners, Ophin
Ventures and 4 other Investors
Candivore (2018, Tel Aviv, $12.0M, Series B)
Mobile game developer specializing in PVP casual
games
Eitan Reisel,VGamesand
FlexxPay (2018, Dubai, Undisclosed, Seed)
Online lending platform for earned wage loans
Sukna Ventures, Arzan Venture Capital, Wamda and 6
other Investors

14
Supersmart (2014, Rosh Haayin, $10.0M, Series A)
Bizerba USA,Nathan Lowand
Anecdotes (2020, Tel Aviv, $5.0M, Seed)
Cloud-based data management platform
Aleph Venture Capital, Glilot Capital Partners, Gerhard
Eschelbeck and 1 other Investors
Datomize (2020, Tel Aviv, $6.0M, Seed)
Provider of a platform to deploy machine learning
models
Taya Ventures,TPY Capital,F2 Capitaland
AZOM (2020, Riyadh, $9.5M, Series A)
Internet first brand offering electronics products
Acumen (2019, Tel Aviv, $7.0M, Seed)
Hetz Ventures, Crescendo Venture Partners, Jibe and 1
other Investors
Added to Editor's Pick
Hakbah (2018, Riyadh, Undisclosed, Seed)
Internet first retail bank
DIFCand
OCON Medical (2011, Modiin, Undisclosed, Series A)
Developer of nitinol based contraceptive devices for
women's health
Rhia Ventures, RMI Partners, Docor and 3 other
Investors
Pocket Worlds (2001, Tel Aviv, $8.3M, Series A)
Mobile game developer focusing on casual games
BoxGroup, GFR Fund, Sweet Capital and 2 other
Investors
Alef Education (2015, Abu Dhabi, Unfunded)
AI-based learning management system for students
and teachers

15
AIO (2019, Tel Aviv, Undisclosed, Grant (prize money))
KYC solutions for banks
BIRD Foundationand
NorthLadder (2017, , $5.0M, Series A)
Online platform offering used consumer electronics
products
BECO Capitaland
Cydome (2016, Tel Aviv, $2.2M, Seed)
Stealth Mode: Location aware data security solution
for enterprise
VentureIsraeland
GoCash (2020, Amman, $300K, Seed)
Online cash withdrawal solutions
DilenyTech (2018, Giza, $160K, Grant (prize money))
Provider of an AI based medical imaging and cancer
diagnostic tool for radiologists and healthcare
professionals
ITIDAand
5 freelancers (2020, Unfunded)
Freelancer marketplace for multiple industries
CNME (1995, Sharjah, Unfunded)
IT Suite Services provider
CYREBRO (2012, Tel Aviv, Unfunded)
Cloud-based threat analytics and management solution

Acquisitions
List of Acquisitions in MENA Tech in February 2021
MENA Tech: Acquisitions
16
Acq. Date Company Acquirer Deal Size
04 Feb 2021
InfoFort(1997, Dubai)
Information management solutions
08 Feb 2021
EndoWays(2017, Or Yehuda, $0.8M)
Developer of robotic-assisted microcatheter
ascendum-capital.com
09 Feb 2021
Saudi Gamer(2008, Riyadh)
Online platform publishing content focusing on Games
Webedia Arabia
10 Feb 2021
Performance Revenues(2011, Tel Aviv)
Fraud detection, conversion rate optimization, and performance
marketing solutions
Zoomd
12 Feb 2021
3oudotcom(2008, Kuwait City)
Online news portal focused on Kuwaiti women's lifestyle
TAMDEEN
15 Feb 2021
H2PRO(2019, Caesarea, $3.5M)
Developer of a technology for producing hydrogen from water
Premier Tech
22 Feb 2021
Farm Dog(2015, Tel Aviv, $0.9M)
Farm activity management software
Deveron UAS $1.0M
23 Feb 2021
Protected(2014, Tel Aviv)
Cyber security for solving advertisement fraud
Flashtalking
24 Feb 2021
MyHeritage(2003, Yehud, $49.0M)
Web/ Mobile family oriented social network & genealogy portal
Francisco Partners $600.0M
28 Feb 2021
IDEA(1977, Lod)
Provider of suite solution for eCommerce and retailers
Priority Software $42.8M

Recent News (1/2)
Recent News in MENA Tech in February 2021
MENA Tech:News
17
Exit News
.
● REE Automotive’s $3.1 Billion Merger With 10X Capital Venture Acquisition
Corp Global Legal Chronicle
.
● Rapid 7 acquires the Israeli Alcid at a value of $ 50 million People & Computers
.
● Hillrom Buys EarlySense's Contact-Free Continuous Monitoring Tech mpo-
mag.com
.
● Planview Completes Acquisitions of Clarizen and Changepoint Business Wire
.
● Data automotive startup Otonomo to go public via SPAC TechCrunch
.
● DarioHealth Announces Acquisition of Leading Digital Musculoskeletal
Company Upright Technologies and $70 Mill... PR Newswire
.
● Stratasys Acquires RPS, Provider of Best-in-class Stereolithography 3D Printers
Business Wire
.
● Fiverr Acquires Online Staffing Platform For Creative Workers Staffing Industry
Analysts
.
People News
.
● Yahsat Announces New Board Appointments and Chief Executive Officer
AlBawaba
● DouxMatok Appoints a U.S. Based Executive Team to Accelerate Introduction
of Incredo® Sugar, a Sugar Reduction... Business Wire
.
● Tufin appoints new senior executives, expands India business territory Business
Wire
.
Company News
.
● CLEW Medical Receives FDA Clearance for AI-Based Predictive Analytics
Technology to Support Adult ICU Patient ... AiThority

Explore more on Tracxn
Explore more about MENA Tech on Tracxn Platform
MENA Tech: Explore more on Tracxn Platform
18
Companies
Recent Companies Covered
Funded Companies
Editor's Pick
Soonicorn Club
SaaS Companies in MENA
AI Companies in MENA
Fintech Companies MENA
Consumer Digital in MENA
Company Due Diligence
Detailed profile of Gett
Competitors of ironSource
Cap Tables of INSIGHTEC
Investment Activity
Recent Investments
Investment Trend of last 10 years
Mega Investments Rounds
Investors
Most Active Investors
Most Active Angel Investors
Unicorn Investors
Exits
IPO'd Companies
Recent Acquisitions
Most Active Acquirers
Recent Acquihires
News & Events
Recent News
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