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Two local startups closed pre-series A funding rounds, with Maalexi securing USD 3 mn and Lokalee raising USD 5.6 mn.
#1- Dubai-based AI-enabled travel tech startup Lokalee closed a USD 5.6 mn pre-series A funding round led by Crown Private Fund, Wamda reports. The round also saw participation from three unnamed “strategic investors with a hotel and technology background,” according to Wamda.
Where the money is going: The funding will be used to finance product development, which includes rolling out “a trip planner combining AI technology with curated data provided by humans,” Wamda reports. Lokalee also plans to use the investment to support its geographical expansion plans, specifically in European markets. No details were provided on which countries the company is eyeing, nor its projected timeline for launching in these markets.
About Lokalee: The AI-powered platform provides users with information about accommodation options — including hotels and vacation homes — as well as dining and experience recommendations in various destinations. The platform also allows users to book accommodation and experiences, which are “sourced by Lokal Curators.” The company launched in Saudi Arabia, Austria, and Germany last year.
#2- Agri-trade fintech firm Maalexiracked up USD 3 mn in a pre-series A funding round,according to a press release. The funding was led by MENA venture capital giant Global Ventures, which joined the startup’s investors alongside Amsterdam’s Rockstart and New Delhi’s Ankurit Capita l.
Where will the funds go? Maalexi plans to direct the capital to improve its platform and cross-border procurement for SME agri-buyers and sellers. The firm is also planning to boost customer acquisition in the UAE and in Saudi Arabia and more than 50 other countries, the statement said.
About Maalexi: Founded in 2021 by Azam Pasha (LinkedIn) and Rohit Majhi (LinkedIn), Maalexi offers risk management services, including digital contracts, AI-powered inspections, and blockchain-authenticated documentation for SME agri-businesses operating in food security. The firm has facilitated the procurement of food supplies across 70 products from 27 countries and recorded a cumulative monthly growth rate of 60% last year.
