Dubai’s Lokalee secures $5.6M in Pre-Series A funding. 2 other stories and a trivia

This line-up of stories will help you discover the latest happenings around the tech world, today.

1. Dubai’s Lokalee secures $5.6M Pre-Series A

Lokalee, the Dubai-based traveltech startup, has announced securing a $5.6 million in a pre-Series A funding round.

The funding, according to the startup, was spearheaded by Crown Private Fund, and saw the participation of three strategic investors boasting a wealth of experience in both hotel and technology sectors.

Established in 2019 by Samir Abi Frem, Lokalee operates as a B2B platform facilitating hotel guests in exploring and booking accommodations along with associated amenities.

The startup has been employed by 200 brands spanning 20 countries, including renowned names such as Movenpick, Sheraton, Rotana, Sofitel, Hilton, and Millennium.

The infusion of capital from this recent funding round positions Lokalee to channel resources into product development and accelerate its expansion efforts, particularly targeting European markets.

Trivia: ITSM is an important part of which profession?

A. System administrator

B. CAD designer

C. Video editor

D. Audio engineer

Find answer below 

2. Baims closes regional dominance with $11M acquisition of Egypt’s Orcas

Kuwaiti education technology firm, Baims, has closed an $11 million deal to acquire Orcas, its Egyptian counterpart, establishing a comprehensive 100% ownership and solidifying its influence across the region.

Founded in 2017 by Bader Al-Rasheed and Yousef Alhusaini, Baims specializes in delivering online pre-recorded courses to university and high school students in Saudi Arabia, Kuwait, Bahrain, and Jordan.

This strategic move integrates Orcas’ personalized tutoring services into Baims’ existing platform, aiming to create a synergistic and adaptable educational experience for learners throughout the MENA region.

Orcas, established in 2019 by Hossam Taher and Amira El Gharib, focuses on providing tailored learning experiences to K12 students in international schools.

The collaborative efforts of Baims and Orcas have garnered over $11 million in funding from prominent investors, including Access Bridge Ventures, Algebra Ventures, NFX Ventures, AlWazzan Educational Group, Rasameel Investment Company, Seedstars International Ventures, and AK Holding.

Yousef AlHusaini, CEO of Baims, underscores the significance of the acquisition, stating, “By acquiring Orcas Tutoring, we are not just expanding our reach; we are redefining the EdTech landscape in MENA,” with a focus on addressing the profound challenges faced by students in the region.

3. Nigerian Fintech, Cleva, secures $1.5M Pre-Seed

Cleva, a Nigerian fintech startup specializing in offering a banking platform for Africans to receive international payments through USD accounts, recently secured $1.5 million in pre-seed funding.

The investment drive was led by 1984 Ventures, an early-stage venture capital firm based in San Francisco. Key contributors included The Raba Partnership, Byld Ventures, FirstCheck Africa, and various angel investors.

Notably, renowned accelerator Y Combinator participated in Cleva’s pre-seed round, marking the company’s inclusion in the accelerator’s winter 2024 batch.

Founded in August by Tolu Alabi and Philip Abel, Nigerian-born individuals with significant experience at major tech companies like Amazon, Stripe, AWS, and Twilio, Cleva primarily targets the Nigerian market, allowing users to open USD accounts.

Despite operating in a competitive landscape, Cleva has demonstrated remarkable early growth, enabling the opening of U.S.-based accounts for thousands of Nigerians in just four months.

Cleva’s future plans include diversifying its revenue streams with upcoming products such as USD cards and savings in U.S. assets. Looking ahead, the company aims to extend its services globally, targeting Africans in the diaspora. Cleva envisions evolving from a product-only service to a platform issuing APIs for broader service distribution.

Trivia Answer: System Administrator

ITSM Stands for “Information Technology Service Management.”

ITSM is the high-level strategic management of an organization’s Information Technology Services. It covers IT management at all of its stages — starting from the initial design all the way through implementation and delivery. ITSM is focused more on the processes and workflows used to deliver IT services to end users than the technology and tools.

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