MENA Startups
Algerian Travel-Tech Startup Völz Raises $5M to Scale Airlines Booking Tickets In Local Currency, Mark Public Fund’s First Exit
The travel-tech startup’s locally denominated raise marks a rare liquidity event for Algeria’s young venture ecosystem and signals growing private-sector appetite for tech.
Algerian travel-tech startup Völz has raised 600 million Algerian dinars, roughly $5 million, in a new funding round led by local private investors, marking one of the largest publicly disclosed startup rounds in the country to be priced in local currency. Beyond the headline figure, the transaction carries broader significance: it delivers the first successful exit for the Algerian Startup Fund (ASF), the state-backed vehicle created to catalyze early-stage venture investing in the country.
The round was led by Tell Group, a regional investment firm, with participation from Groupe Industriel Babahoum Algérie (GIBA), a Biskra-based industrial conglomerate best known for its Guedila mineral water brand. For Algeria’s nascent tech ecosystem, the deal represents both capital inflow and proof that early public investment can generate returns attractive enough for private buyers.
A First Exit for Public Venture Capital
Established to address a chronic lack of risk capital in Algeria’s traditionally conservative banking system, the ASF has played an outsized role in financing early-stage startups. Until now, however, the fund had yet to demonstrate a full exit cycle.
According to figures shared during the African Startup Conference in Algiers, the ASF achieved a 3.35x return on its initial investment in Völz. For ASF general manager Anys Rahabi and other ecosystem stakeholders, the exit sends a critical signal that state-backed capital can be recycled and that private investors are willing to acquire early public stakes.
The transaction offers a practical validation of Algeria’s public venture model at a time when founders and policymakers alike are looking for evidence that local startup investing can move beyond grants and long holding periods.
Solving a Local Market Constraint
Founded in 2022 by Mohamed Abdelhadi Mezi and Hacene Seghier, Völz operates as an online travel agency designed specifically around the constraints of the Algerian market. Rather than focusing purely on logistics or pricing, the company built its platform to address structural issues in financial infrastructure.
Strict currency controls make it difficult for many Algerians to pay for international flights using euros or dollars. Völz allows customers to book tickets on global airlines while paying in Algerian dinars, removing a key barrier to outbound travel. To further broaden access, the platform supports cash-on-delivery, a feature that remains essential in a market where banking penetration and trust in digital payments are still limited.
This localization strategy has positioned Völz as a practical alternative to international booking platforms that are often inaccessible to Algerian consumers.
Strategic Capital and Expansion Plans
The company said the new funding will be used to automate backend operations, reduce booking errors, and expand its technical team. Mezi described the round as a catalyst to accelerate Völz’s ambition of making travel more accessible while building a platform capable of operating at continental scale. He framed the company’s longer-term goal as becoming a category-defining African player, while acknowledging that the path remains at an early stage.
Alongside the funding, Völz announced a commercial partnership with Turkish Airlines, granting access to corporate rates and the carrier’s corporate partner program. The move points to a growing focus on B2B travel, a segment that typically offers higher margins and more predictable revenue than consumer bookings.
A Broader Signal for Algeria’s Tech Market
The participation of GIBA is notable in a market where large family-owned industrial groups have historically favored tangible assets over technology investments. Its involvement suggests a gradual shift in how traditional capital views digital platforms, not merely as service providers but as investable assets.
More broadly, the deal highlights a slow but tangible rotation of capital in North Africa from brick-and-mortar industries toward technology. For Algeria’s ecosystem to mature beyond reliance on public funding, continued engagement from private investors and industrial groups will be critical. Völz’s round—and the ASF’s first exit—may serve as an early indicator that this transition is beginning.
MENA Startups
Funding Souq Secures Strategic Investment From Foodics to Expand Embedded SME Financing Across Saudi Arabia and UAE
Funding Souq, a Saudi-based Shariah-compliant crowdfunding and SME financing platform regulated by the Saudi Central Bank (SAMA) and the Dubai Financial Services Authority (DFSA), today announced a strategic investment from Foodics, the leading restaurant operations and financial technology platform in MENA, making Foodics the company’s largest investor. The investment will support Funding Souq’s continued growth and expand embedded financing opportunities for SMEs.
The investment brings together Funding Souq’s regulated financing infrastructure and expertise in SME credit with Foodics’ technology and data capabilities, supporting Funding Souq’s broader growth while creating new opportunities for embedded financing. Within the F&B sector, the collaboration will enable Funding Souq to extend its financing solutions to Foodics’ network of tech-enabled restaurant merchants, using restaurant sales and performance data to support more informed credit assessment and financing better aligned with how these businesses operate.
The investment brings together Funding Souq’s regulated financing infrastructure and SME credit expertise with Foodics’ technology and extensive market reach. Within the restaurant and hospitality sector, Funding Souq will extend its financing solutions to Foodics’ customer network, using restaurant sales and performance data to assess creditworthiness and offer financing better suited to their operating needs.
This also comes as Foodics expands its financial services offering through Capital 2.0, its automated financing solution for restaurants. The company intends to deploy USD 100 million in financing through Capital 2.0 in its first year, with the launch and investment reflecting its broader push to embed access to capital within its restaurant technology ecosystem.
Martin Jaouni, Founder and CEO of Funding Souq, said: “We’re delighted to partner with Foodics. Together we have created Saudi Arabia’s first fully automated business loan, bringing Foodics’ deep reach across the restaurant and hospitality sector together with our regulated financing infrastructure to deliver capital to merchants the moment they need it. It also marks an important acceleration of our embedded finance journey, one we intend to extend across every sector where SMEs are underserved, in both Saudi Arabia and the UAE.”
Anas AlGhanim, VP, Investments & Corporate Development at Foodics, said: “Funding Souq has built a strong financing platform with significant potential to scale and serve a broader segment of SMEs. We see this investment as an opportunity to support the company’s next phase of growth, while also bringing together Funding Souq’s financing capabilities and Foodics’ technology ecosystem to expand financing services and make access to capital more seamless for our customers.”
The investment also forms part of Foodics’ longer-term ambition to evolve beyond restaurant technology into a broader financial services platform, with the company ultimately aspiring to become the future bank for restaurants and the hospitality sector.
Funding Souq has built a community of more than 10,000 investors on its platform and is on track to facilitate USD 1 billion in financing for SMEs over the next three years, as it continues to scale its Shariah-compliant financing offering.
About Funding Souq
Funding Souq is a dual-regulated SME financing platform across Saudi Arabia and the UAE. The platform operates across two verticals: a Marketplace connecting SMEs with institutional and retail private credit investors, and an Infrastructure vertical, providing a regulated gateway to finance SMEs in Saudi Arabia. Funding Souq offers term loans, invoice and supplier finance,— through Shariah-compliant structures. Since inception, it has delivered market-leading net returns to private credit investors with a low single-digit default rate.
About Foodics
Foodics is the leading restaurant operations and financial technology platform in MENA, offering an integrated cloud-based ecosystem that brings together restaurant operations, payments and financial services. Founded in 2014, Foodics serves businesses across the restaurant and hospitality sector, from traditional dine-in restaurants, cafés, quick-service restaurants, bakeries and food trucks to cloud kitchens and non-food micro-retailers. The company has processed more than 6 billion orders through its platform and raised a record US$170 million in its Series C round, making it one of the leading SaaS companies in the region.
MENA Startups
UAE-Based Ice Cream Brand Mama Booza Launches Mama Pops Fruit Pop Range, Attracting Interest From Over 30 Countries
With real fruit, unexpected flavour combinations and a new squeeze-style format, the homegrown Dubai ice cream brand is bringing a familiar frozen favourite to a wider audience
Artisanal ice cream maker Mama Booza is putting a fresh spin on the classic fruit pop with Mama Pops, a new range created with adults in mind, combining real ingredients, refreshing flavour combinations and a convenient squeeze-style format. Available in seven flavours, strawberry, mango, mandarin, lemon mint, black cherry, pomegranate and cocktail, each Mama Pop contains fewer than 100 calories and is made with real fruit, no added sugar or artificial ingredients.
The launch reflects Mama Booza’s continued focus on developing frozen products that combine familiar flavours with a contemporary approach to ingredients and format.
Drawing inspiration from familiar popsicle formats that have long been part of the region’s frozen treat culture, Mama Pops bring a more contemporary design to a nostalgic format. The squeeze-style packaging gives the classic fruit pop a distinctive new look, while the range of flavours offers a more grown-up take on a format traditionally associated with childhood.
Since its introduction, Mama Pops has generated interest well beyond the UAE, with requests and enquiries coming in from more than 30 countries. The range has also attracted international media attention, reflecting the growing appeal of the format beyond its home market.
“Mama Booza has always been about taking something familiar and looking at it differently,” said Wael El Ariss, Co-Founder and CEO of Mama Booza. “With Mama Pops, we saw an opportunity to reimagine the fruit pop in a way that feels more relevant to adults, without losing what makes the format so enjoyable. We wanted to bring our approach to real ingredients and flavour into a category that has largely remained unchanged, while making the experience less messy and easier to enjoy for everyone.”
Bringing Cultures Together, One Flavour at a Time
Mama Booza’s fruit pops are part of a broader philosophy that has shaped the brand since its launch, taking familiar flavours, desserts and formats from Arab culture and reimagining them through ice cream.
The brand was founded with the idea of modernising Arabic ice cream while making it accessible to everyone, regardless of cultural background. Mama Booza launched with Ashta as its signature flavour, a slow-churned artisanal ice cream made with Levantine clotted cream, orange blossom and roasted pistachios, which helped put the brand on the map.
A year later, Lazy Cake opened the brand to a much wider demographic, bringing a familiar dessert into an ice cream format. Today, it is Mama Booza’s top-selling flavour and has been recognised among UAE’s top 30 most ordered dishes on Deliveroo. Since then, Mama Booza has continued to draw inspiration from desserts and tastes across cultures, turning favourites such as Strawberry Cheesecake and Frosted Cranberry Cookie into ice cream.
The fruit pops extend this same approach into a different format, offering something lighter and more refreshing while maintaining the brand’s focus on real ingredients.
“For us, creating a new flavour is never just about putting ingredients together. We approach it the way you would at home, starting with real ingredients, trying combinations, sharing them with the people around us and seeing what genuinely works,” said Anna Banna, Head of Production at Mama Booza. “That is how we have developed many of our flavours, and it is important to us that what eventually reaches our customers still feels authentic to that original idea.”
From Local Roots to Regional Growth
Mama Booza has also built a reputation for collaborations that take its products beyond traditional food and beverage settings, partnering with brands including Balenciaga, Sephora and MAC across fashion and consumer campaigns.
Today, Mama Booza operates across the UAE with more than 50 locations and multiple delivery and retail channels. Its ice creams and Mama Pops are also available through all delivery platforms across the UAE.
About Mama Booza
Mama Booza is a Dubai-based artisanal ice cream brand built around reimagining familiar flavours and desserts through original frozen creations. Founded with Ashta as its signature flavour, the brand combines Levantine ice cream traditions with carefully selected, premium ingredients and contemporary flavour development. Its portfolio also includes best-sellers such as Lazy Cake, Strawberry Cheesecake and Chocolate Coconut, alongside its range of fruit pops.
Mama Booza’s flavours are developed through an research and development-led approach, including collaboration with a Michelin-starred chef, bringing the detail and craft of fine dining into an accessible ice cream format. Today, Mama Booza operates across the UAE, with more than 50 locations and multiple deliver
MENA Startups
Saudi FinTech Barq Moves to Acquire Bahrain-Based Beyon Money to Expand Digital Financial Services Across GCC
in an undisclosed transaction aimed at strengthening its regional presence and expanding its digital financial services across the Gulf.
The acquisition was announced during the Future FinTech Forum in Manama, Bahrain, in the presence of senior executives from both companies. Although the financial terms were not disclosed, the agreement includes an arrangement under which Beyon Group will retain an economic interest in Barq, establishing a continuing financial relationship between the two businesses.
The transaction follows Barq’s $329.5 million Series A funding round in September 2026 and comes as the company continues to expand its digital financial services operations. Founded in 2023, Barq has reported a user base exceeding 15 million, while Beyon Money, launched in 2022, provides digital money transfers and open banking solutions to customers in Bahrain.
The acquisition remains subject to final regulatory approvals, with both companies planning to maintain existing Beyon Money services while preparing for a gradual transition toward broader financial offerings.
Barq Expands Regional Presence Through Beyon Money Acquisition
The proposed acquisition represents an important step in Barq’s regional expansion strategy, providing the Saudi financial technology group with an opportunity to establish a stronger presence in Bahrain through an existing digital financial services platform. By bringing Beyon Money into its operations, Barq aims to broaden its service capabilities and develop a more connected financial technology ecosystem across GCC markets.
Beyon Money has operated in Bahrain since 2022, offering customers digital financial products that include money transfers and open banking services. Its integration into Barq’s business is expected to create opportunities for further development in digital payments and financial services, while supporting the Saudi company’s efforts to reach customers beyond its domestic market.
The agreement also establishes an ongoing relationship between Barq and Beyon Group, which will retain an economic interest in the Saudi company. Although the size and structure of that interest have not been disclosed, the arrangement provides a basis for continued cooperation as both businesses pursue opportunities in the regional financial technology sector.
Beyon Money’s Digital Financial Services and Customer Transition
Launched in 2022 as part of Bahrain-based Beyon Group, Beyon Money operates a digital financial services platform designed to provide customers with access to financial transactions through technology-enabled channels. Its offerings include money transfers and open banking solutions, reflecting the growing adoption of digital financial products in Bahrain.
Under the proposed acquisition, Beyon Money’s existing customers will continue to have access to their current services. The companies have indicated that the transition will take place gradually, with plans to introduce additional financial capabilities and potentially provide access to a broader range of services through Barq’s platform.
This approach is intended to maintain service continuity while allowing the companies to develop their integration plans following regulatory approval. However, neither Barq nor Beyon Group has announced a detailed implementation schedule, specific product changes or a confirmed timeline for completing the customer transition.
Barq Builds on $329.5M Series A Funding Round
The acquisition announcement follows a period of growth for Barq, which secured $329.5 million in Series A financing in September 2026. The funding strengthened the company’s capital position as it continued developing its financial technology operations and pursuing opportunities for business expansion.
Established in 2023, Barq has reported more than 15 million users, reflecting the scale of its operations within a relatively short period. The company’s expansion strategy now extends beyond Saudi Arabia, with the proposed acquisition of Beyon Money providing an opportunity to enter the Bahraini market through an established digital financial services provider.
While the company has not disclosed whether proceeds from its Series A round will be used to finance the transaction, the acquisition aligns with its broader plans to expand its regional presence and strengthen its financial technology capabilities. The combination of Barq’s existing platform and Beyon Money’s services could also create opportunities for further development in digital payments and financial products across the GCC.
Beyon Group Retains Economic Interest in Barq
One of the key elements of the agreement is Beyon Group’s decision to retain an economic interest in Barq following the proposed acquisition. Rather than ending its financial involvement with Beyon Money’s business, the arrangement will allow Beyon Group to maintain exposure to Barq’s future development and regional expansion.
The structure also reflects the companies’ intention to establish a longer-term relationship focused on digital financial services and payments technology. By maintaining an economic connection, Beyon Group will continue to participate financially in the development of the business while Barq pursues its expansion strategy.
The companies have not disclosed the percentage of the economic interest Beyon Group will retain or provided further details about the transaction’s ownership structure. These arrangements remain part of a proposed deal that must receive the necessary regulatory approvals before completion.
Strengthening FinTech Cooperation Between Saudi Arabia and Bahrain
The proposed transaction brings together two financial technology businesses operating in Saudi Arabia and Bahrain, markets that have continued to develop their digital financial services sectors. Through the acquisition, Barq aims to strengthen its regional operations while benefiting from Beyon Money’s existing presence and experience in Bahrain.
The agreement could also support greater cooperation in areas such as digital payments, money transfers and financial technology infrastructure. As financial services providers expand across the GCC, the ability to develop connected platforms and offer services in multiple markets has become an important component of regional growth strategies.
For Barq, acquiring Beyon Money would represent an opportunity to extend its geographic reach and build on its existing user base. For Beyon Group, the agreement provides continued economic participation in a Saudi financial technology business pursuing regional expansion, creating a relationship that extends beyond the transfer of ownership.
Regulatory Approvals and Next Steps
Despite the announcement, the acquisition has not yet been completed and remains subject to final regulatory approvals. The companies must satisfy the applicable requirements before proceeding with the transaction and implementing their proposed integration plans.
During this period, Beyon Money customers are expected to retain access to their existing services, with any future changes introduced gradually. Barq and Beyon Group have not disclosed a specific completion date or provided detailed information about the operational integration process.
Once the necessary approvals are obtained, the transaction is expected to support Barq’s expansion into Bahrain and strengthen its broader digital financial services operations across the GCC. The acquisition would also establish a continuing financial relationship with Beyon Group, supporting cooperation between the two companies as they develop their regional strategies.
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