Baraka closes $4 million seed round

Baraka, a fintech firm based in Dubai, has completed a seed round in which it raised US$4 million in fresh capital. 

Some of the participants of this funding effort include Class 5 Global, FJ Labs, Global Founders Capital, Nuwa Capital, Raptor Group, Tribe Capital, and VentureSouq. 

With this latest funding, Baraka’s total funds raised so far sit at US$5 million. The firm had previously completed a US$1 million pre-seed round earlier this year. 

Baraka is also currently participating in Y Combinator’s ongoing summer 2021 cohort. The firm indicated in a recent publication that it is the fourth startup from the United Arab Emirates to take part in YC’s accelerator program.

Launched in 2020, Baraka operates a platform through which investors in the Middle East can seamlessly access and trade US securities. Before expanding, Baraka was offering a training service – an investment academy – while also using media such as newsletters and podcasts to train potential investors.