WOMENA, a Middle East based angel group has recently completed two more investments in companies Bayzat and Souqalmal, bringing the total amount invested since launch to $462,000. With these two deals, WOMENA has increased the value of investments made in 2016 by 400% compared to 2015’s investments.
Bayzat is a cloud-based platform that targets the UAE’s $9.1 billion insurance industry by offering a technology solution that simplifies the process of finding the most suitable medical insurance. WOMENA joined in on a $3.5 million funding round led by VC firm, Beco Capital.
Souqalmal is the Middle East’s leading financial comparison website, allowing users to compare a wide range of products and services from credit cards to nurseries. WOMENA participated in Souqalmal’s bridge round.
Speaking about WOMENA’s new investments, WOMENA co-founder Elissa Freiha commented, “WOMENA and its investors are very proud of our participation in these new rounds, not only because they are both great companies situated in fast growing markets, but also because they are the latest stage deals that we’ve participated in this far. These investments demonstrate our maturing investor base, and gives us confidence that we’ll continue to increase the number and value of our investments in 2017.”
The urgent need for angel investors in MENA’s ecosystem has been recently been highlighted in MAGNITT’s finding that 47% of registered startups are looking for angel funding, a need which WOMENA aims to meet through its membership platform, regular pitch meetings and investor education events.
WOMENA is a UAE based group of investors working to support innovation diversity and economic growth in the MENA region through encouraging women to invest in early stage tech companies. WOMENA hosts an angel investment membership platform that provides high net worth women and investors a supportive, professional network and dependable guidance to invest where we facilitate the investment process from sourcing to close. Our goal is to change the trend and empower Middle Eastern women to become investors rather than consumers.