MENA Startups Secured $429M in Q1 2024 Funding

Startups across the MENA region have achieved significant progress in securing funding, with a reported total of over $250 million obtained during March 2024, according to updates shared by local sources.

In detail, MENA startups successfully acquired around $254 million through 54 different investment deals, marking an impressive around 186% increase month-over-month from February's figures of $88.7 million. Additionally, this represents a modest, roughly 1.17% year-over-year rise from the $251 million raised in March of the previous year.

Most of the capital raised in March was directed towards software as a service (SaaS) firms, which secured around $130.6 million across 9 deals. Fintech companies followed with about $40 million spread across 12 separate deals, while digital commerce initiatives received an estimated total of $18 million in funding.

March also witnessed several significant mergers and acquisitions, including the acquisition of a substantial stake in Anghami by MBC Group and Egypt's MNT-Halan's acquisition of Pakistan-based Advans Microfinance Bank.

The latest update reveals a notable surge in investment activity during March, effectively reversing the declining trend witnessed in January and February 2024. Overall, MENA startups have amassed around $429 million in funding across 129 investment rounds in the first quarter of this year.

Despite these positive developments, the sector has yet to match the investment levels seen in previous financial periods, with total funding still over 62% lower than that of the same quarter in 2023.

In January, B2B startups raised over $57 million across 14 deals, whereas B2C startups raised about $28 million across 18 deals. February saw over $55 million invested in B2C startups through 16 transactions, while approximately $18.4 million went to 17 B2B startups. In March, there was a noticeable shift, with B2B startups receiving around $188 million (74% of total rounds) and B2C startups receiving around $48 million (19% of total investment).

This analysis indicates fluctuating investment trends in B2B and B2C startups during the first quarter of 2024.

Throughout Q1 2024, certain countries in the MENA region emerged as key players in startup fundraising. In January, the UAE reclaimed its position atop the fundraising rankings, with 10 startups raising around $47 million collectively. Saudi Arabia followed closely, with fifteen startups securing an estimated total of $11 million, while Egypt raised about $23 million across seven deals.

In February, the UAE maintained its lead in the MENA ecosystem, with startups raising about $65.6 million across 22 deals. Saudi Arabia ranked second, with approximately $16.3 million raised by seven startups, while only two Egyptian startups raised around $4.6 million.

However, March saw a shift with LEAP24, held in Riyadh from March 4–7, propelling Saudi startups to the forefront once again, amassing an estimated total of $198 million across 25 transactions. This relegated the UAE to second place, with about $39 million raised by 12 startups, while Egypt remained a distant third, with eight startups raising around $7 million.

In addition, billions of dollars in investment funds were announced at LEAP24, among them being the $500 million KSA Logistics Fund III initiated by Arcapita Capital based in Bahrain, while Saudi Arabia's National Development Fund unveiled two venture capital funds worth approximately $120 million, emphasising support for innovation.

Additionally, the UAE's Gulf Capital and RDIA committed approximately $100 million, highlighting increasing interest in the region's startup ecosystem.

These investments underscore the region's potential for growth and innovation, positioning startups as key drivers of economic progress.

Notable MENA Funding Ventures in Q1 2024 from Dash Venture Labs Log

UAE:

Maalexis Proprietary Tech Secures US$3 Million Funding for Global Agri-Business Expansion

In a significant stride for the agri-business sector in the UAE, Maalexi, a risk management platform tailored for SMEs, has successfully concluded a pre-Series A funding round, securing $3 million. Global Ventures, a venture capital firm based in MENA, led the funding drive, augmenting support from existing investors, including Rockstart from Amsterdam and Ankurit Capital from New Delhi.

The freshly acquired capital is designated for two primary purposes: firstly, to advance technological development for the comprehensive platform, enabling faster, cost-effective, and secure procurement for SME agri-buyers worldwide; and secondly, to bolster customer acquisition initiatives with a focus on expanding the buyer base in the UAE and Saudi Arabia, while also integrating sellers from over 50 origin countries.

UAE’s Silkhaus Closes Pre-Series A Financing from Partners for Growth

Silkhaus, an innovative proptech startup committed to transforming short-term rentals in the Middle East and Asia, has disclosed securing a pre-series A financing in the multi-million dollar range from Partners for Growth (PFG), headquartered in San Francisco. This funding arrangement not only marks a significant milestone for Silkhaus but also grants the company access to an additional multi-million-dollar credit line, aimed at supporting its ambitious expansion initiatives.

Based in Dubai, Silkhaus is strategically positioned to cater to the global short-term rental industry, which is estimated to be valued at $100 billion and growing. The company distinguishes itself by harnessing cutting-edge technology to equip asset owners with essential infrastructure tools for effectively managing and capitalizing their properties. Notably, property owners utilizing Silkhaus's platform typically experience a notable increase in income, ranging from 20% to 40%, compared to traditional rental models.

Dubai-Based Tumodo Secures $35M in Pre-Seed Funding for Global Expansion

Tumodo, a startup business travel platform based in Dubai, has successfully raised $35 million in pre-seed funding. The funding round, co-led by MENA-focused angel investors, is earmarked for expanding Tumodo's footprint in the United Arab Emirates and further enhancing its product. The ambitious goal is to extend the platform's reach to over 25 countries worldwide by 2026.

Established in 2023, Tumodo has rapidly gained traction and is currently adopted by over 100 companies in the MENA region. The platform facilitates seamless business travel with partnerships spanning more than 400 airlines and provides access to a vast selection of over two million accommodation options. The substantial pre- seed funding positions Tumodo for significant growth and global expansion in the coming years.

Crysp Farms Secures $2.25 Million Pre-Series A Round

Crysp Farms, a pioneer in decentralized vertical farming across the GCC, has successfully closed a $2.25 million 'Pre-Series A' funding round. The round, led by Gate Capital with participation from UAE and Saudi investors, positions Crysp Farms as a major player in sustainable agriculture.

As a homegrown 'Farming as a Service' provider, Crysp Farms designs and operates tailored hydroponic farms for hospitality, healthcare, and hypermarkets. Renowned for its premium produce featured in venues awarded by Gault & Millau and Michelin, the company plans to utilize the funding to scale its expansion across the region and fulfil international contracts.

The latest funding will assist in implementing new farms within well-known hotels and resorts overseen by international industry giants such as Hilton Worldwide, Jumeirah Group, and Marriott International. Having recently partnered with five new properties, Crysp Farms now operates sustainable farms in over 20 locations across the UAE, with plans for further expansion in regional and international destinations, including the Seychelles and Maldives. A key focus is on imminent expansion into the Kingdom of Saudi Arabia, aligning with Saudi Vision 2030 to revolutionize local food production through innovative technology. It aims to contribute to the hospitality and healthcare sectors, supporting major cities and new development projects in the Kingdom.

DXwand Secures $4 Million in Series A Funding to Propel Conversational AI in MENA

DXwand, the Cairo- and Dubai-based startup specializing in conversational AI for business automation, has raised $4 million in Series A funding. Leading the investment are Shorooq Partners from the UAE and Algebra Ventures based in Cairo, with participation from existing investor Dubai Future District Fund.

The funding will play a vital role in DXwand's expansion across the Middle East and North Africa (MENA) region. The startup aims to solidify its presence in key markets, focusing on providing innovative solutions for customer service automation and employee assistance.

A significant portion of the funds will be dedicated to accelerating research and development efforts in generative AI, knowledge mining, and omnichannel conversational AI within the MENA region. This strategic move positions DXwand to meet the growing demand for efficient and automated business communication tools in the region.

The successful Series A funding not only reflects investor confidence but also sets the stage for DXwand's growth, innovation, and market leadership in the evolving field of conversational AI in MENA.

Hope Ventures and Private Investors Invests in Emirati Startup Thahab Perfumes

Thahab Perfumes, the Emirati luxury perfumery established in 2019, has successfully raised a substantial $400,000 investment. The funding comes from Hope Ventures and prominent private investors Dr Khalid Altawil, Basel AlAbdulkarim, and Suhail Algosaibi.

Known for crafting exclusive Oriental fragrances for both men and women, Thahab Perfumes has quickly gained recognition in the industry. This investment, led by Hope Ventures, reflects confidence in the brand's potential for growth and innovation.

Velar Successfully Obtains $3.5 Million in Seed Capital

Dubai-based blockchain company, Velar, has successfully raised $3.5 million in seed funding from investors including Black Edge Capital and CMS Holdings. The funding will accelerate the development of Velar Artha, a pioneering Decentralized Perpetual Derivatives Exchange (PerpDEX) on the Bitcoin blockchain.

Led by CEO Mithil Thakore, Velar aims to revolutionize cryptocurrency derivatives trading by providing a secure and efficient platform with features such as up to 20x leverage, all while using Bitcoin as non- custodial collateral. The funding positions Velar as a key player in advancing decentralized finance on the Bitcoin blockchain, shaping the future of cryptocurrency trading.

AI Dubbing Company CAMB.AI Secures $4 Million in Seed Funding

CAMB.AI, a Dubai-based artificial intelligence dubbing company, has raised $4 million in a seed funding round led by Courtside Ventures, a New York-based venture capital firm. The investor group includes TRTL Ventures, Blue Star Innovation Partners, Ikemori Ventures, and Japanese web designer Eisaburo Maeda.

CAMB.AI's speech AI technology enables instant dubbing in over 100 languages, preserving original voices with nuances and emotions. The $4 million funding will support the company's growth since its 2022 founding. With over 100 million views of its dubbed content, CAMB.AI counts Major League Soccer, Tennis Australia, Maple Leaf Sports and Entertainment, chef Nick DiGiovanni, and others among its clients. Selected by Major League Soccer for its Innovation Lab, CAMB.AI plans to test its translation technology across the league's vast media ecosystem.

The infusion of capital is strategically aimed at expediting further development and facilitating CAMB.AI's global expansion. The company is poised to utilize the funds to enhance its AI dubbing technology and extend its reach across diverse markets. CAMB.AI's innovative approach to multilingual content creation continues to garner attention, positioning the company as a key player in the evolving landscape of artificial intelligence and language services.

Kema Raises $2M to Revolutionize B2B Payments in UAE

UAE fintech platform Kema, founded by Michael Ghandour, secures $2 million in a pre-seed funding round led by Speedinvest, with participation from the Dubai Foundation District Fund. Kema's focus on digitizing B2B payments aims to streamline the invoice-to-cash process. The funds will fuel the launch of its SaaS platform for SMEs, expansion in the UAE, and talent acquisition. Since its Q2 2023 beta, Kema has processed over AED 16.5 million ($4.5 million) in invoices, offering a user-friendly experience with "no-code" plug-ins syncing with accounting software. The move aligns with the growing digitization trend among MENA SMEs, supported by government initiatives.

OECD and Arab Monetary Fund Strengthen Ties for Regional Advancement

The Organisation for Economic Co-operation and Development (OECD) and the Arab Monetary Fund (AMF) announced an extension of their 2017 Memorandum of Understanding (MoU) during the World Government Summit in Dubai. The collaboration aims to enhance monetary stability and economic development in the Arab region, focusing on key areas such as economic policy, investment, SMEs, fiscal policies, digitalization, and sustainable development. The extended partnership underscores their commitment to addressing diverse challenges and promoting economic prosperity in the region.

Hub71 and Stride Ventures Forge Strategic Partnership to Boost Innovation and Startup Growth in Abu Dhabi

In a strategic partnership, Abu Dhabi's Hub71 and global venture debt fund Stride Ventures aim to elevate innovation and support startup growth. Hub71 will leverage Stride Ventures' expertise to provide startups with capital and mentorship for scaling, while Stride Ventures offers alternative financial solutions and mentorship programs. Together, they plan to attract global startups to set up operations in Abu Dhabi, solidifying the UAE's status as a premier destination for entrepreneurs and innovators. This collaboration signals a commitment to fostering economic diversification and establishing Abu Dhabi as a dynamic global startup hub.

UAE Neighborhood App, Hayi, Secures Seed Funding from Plus VC for Expansion

Dubai-based neighborhood app, Hayi, has successfully secured an undisclosed amount in a seed funding round led by Plus VC, a prominent venture capital firm specializing in early-stage investments in the MENA region and its diaspora. The round also saw participation from key regional angel investors.

The undisclosed seed funding will enable Hayi to scale its operations, boost marketing initiatives, and expand its presence not only in the UAE but also beyond its borders. The funding round follows Hayi's significant milestones achieved over the past year, with the app consistently maintaining positive cash flow, marking its transition into a profitable and sustainable business.

With Plus VC's strategic backing and the support of regional angel investors, Hayi is poised for accelerated growth, leveraging its unique approach to digital community building and enhancing its footprint in the dynamic landscape of neighbourhood connectivity apps. The successful seed funding round propels Hayi toward further innovation and expansion, solidifying its position as a leader in the neighbourhood app space.

COTU Ventures Launches $54M Fund to Boost MENA Startups

Amir Farha's COTU Ventures is making waves in the MENA startup scene with a robust $54 million fund. Geared towards early-stage innovation, especially in fintech and B2B software, the fund represents a strategic response to the evolving venture capital landscape in the region. Farha, known for co-founding Beco Capital, emphasizes a holistic approach, offering not just financial backing but strategic guidance and mentorship. With over 20 startups already backed, COTU Ventures is a beacon of hope for entrepreneurs in the UAE, Saudi Arabia, Egypt, and Pakistan. The fund signifies growing confidence in the region's startups and underscores untapped potential. As the venture capital landscape evolves, COTU Ventures stands ready to lead, discover and support the innovators shaping the future.

The Cloud Secures $12M in Series B Funding, Expands Global Presence

The Cloud, a Hub71 food tech startup, achieves a significant milestone with the first close of $12 million in its Series B funding round, aiming for a total of $30 million. New investor MENA Moonshots displays confidence in The Cloud’s mission to innovate and expand. The funding, combined with debt financing from Aluna Partners and the strategic acquisition of UK-based startup KBOX, propels The Cloud's vision to redefine virtual dining in the UAE, GCC, and Europe. The acquisition strategically adds 200 locations in the UK, positioning The Cloud for expansion across the UK, Saudi Arabia, Lithuania, Belgium, the Netherlands, and more. This funding round, with a balanced mix of equity and debt, brings the total raised to $22 million, emphasizing The Cloud's robust business model and its ability to attract strategic partners offering expertise and network access.

RemotePass Secures $5.5M in Series A

RemotePass, a UAE-based startup, has secured $5.5 million in Series A funding led by 212 VC, with participation from prominent investors like Endeavor Catalyst and Swiss Founders Fund. Founded by Kamal Reggad and Karim Nadi, RemotePass specializes in HR, payroll, and compliance tools for managing remote workers globally.

Initially launched as SafarPass, focusing on corporate travel management, the company pivoted to RemotePass due to the pandemic's impact on travel. Leveraging their remote-first experience, RemotePass now serves clients like Spotify and Logitech in over 150 countries.

The funding will bolster product enhancement efforts and expansion into Saudi Arabia, where the platform has seen significant growth. RemotePass aims to solidify its position as a leader in remote workforce management solutions, addressing the evolving needs of modern businesses.

ZaraFX Successfully Raises Over $2 Million in Series A Funding

ZaraFX, the innovative CFD Forex broker, proudly announces the successful completion of its Series A funding round, securing over $2 million. This substantial investment milestone will propel ZaraFX's growth initiatives, allowing the company to expand its services globally. The funding, backed by top-tier investors, underscores confidence in ZaraFX's unique offerings in the competitive Forex trading market. With this capital infusion, ZaraFX plans to advance product development, enhance customer experiences, and solidify its position as a leading player in the financial services sector. The company is also excited to unveil its new office in Dubai, further strengthening its global presence and ability to meet clients' diverse needs.

Seeru Wraps Up a Pre-Seed Funding Round with Undisclosed Amount

Seeru.ae, a pioneering traveltech startup, has closed a pre-seed funding round led by Nabtah Ventures, a US- based Venture Studio. While the exact amount remains undisclosed, this investment highlights confidence in Seeru's innovative approach to simplifying global travel. Co-founded by Abd Elmohaimen Mansi and Abdullah Mancy, Seeru offers unique flight deals and streamlined travel experiences. Expansion plans include dedicated marketplaces for Umrah and explorers. With this funding, Seeru aims to accelerate product development and expand its global presence, promising exceptional value for clients.

Moove Secures $100M in Series B Funding, Expands Global Reach

Moove, the global mobility fintech, has raised $100 million in a Series B funding round, led by Mubadala Investment Company PJSC and joined by Uber. This funding will fuel Moove's expansion plans, aiming to increase vehicle supply and accelerate growth in 16 markets by 2025. The company's commitment to sustainability and innovation, exemplified by its focus on electric vehicles, aligns with its pioneering efforts in the UAE market. Moove has helped more than 20,000 mobility entrepreneurs across three continents and more than 30 million financed trips to date, Moove continues to reshape the future of mobility while driving economic diversification and technological advancement in the UAE and beyond.

ClusterLab Secures $600K in Pre-Seed Funding

ClusterLab, the creator of the Arabic audiobook summarization app Reedz, has secured $600,000 in pre- seed funding. Notable investors include Karim Beguir, early backers of InstaDeep and regional angel investors affirming confidence in ClusterLab's vision. Based in the UAE with roots in Tunisia, ClusterLab specializes in AI and NLP technologies, collaborating with InstaDeep on national AI initiatives and recognized by Nvidia. This funding will propel Clusterlab's research and development efforts, with a particular focus on advancing their next-gen language models and enhancing user experiences. ClusterLab aims to revolutionize Arabic content accessibility and engagement globally.

Saudi Arabia:

Tameed Closes $15 Million Series A from Alromaih Investments

The shariah-compliant government purchase order finance provider Tameed Digital Lending Platform, which serves Saudi Arabian SMEs, has announced that it has concluded a funding round (Series A) with Alromaih Investments leading the investment. The funding round totalled SAR 56.75 million ($15 million).

Tameed intends to use the money raised from the Series A funding round to expand its operations and satisfy the growing demand for its cutting-edge digital lending solutions brought on by Saudi Arabia's economy's general expansion, which is bolstered by the ongoing success of numerous Vision 2030 programs and giga-projects.

Tameed, which offered SMEs funding exceeding SAR 400 million, served investors and borrowers through a mobile app with 50K downloads and achieved a growth rate exceeding 400%. It received its operating license from the Saudi Central Bank (SAMA) in January 2023. Before that, the company was operating within SAMA's FinTech SandBox. By offering transparent pricing and quick loan processing (within three business days), Tameed was able to win over its clients' trust. This was made possible by a fully digitalised process allowing efficient processing and customisation of its services. This resulted in specially designed products meant to assist SMEs in fulfilling their purchase order obligations.

Saudi Healthtech Startup Clinicy Secures Major ‘Series A’ Funding and Celebrates One Million Patients Served

Saudi Arabia's groundbreaking healthcare technology startup, Clinicy, has effectively secured a substantial seven-figure (USD) Series A funding round. The initiative was spearheaded by Middle East Venture Partners (MEVP), structured by Gate Capital, and saw participation from existing stakeholders such as Kafou Group and Fadeed Investment.

This funding round stands out as one of the most substantial in the history of the Kingdom's healthtech sector. The funds raised will play a pivotal role in driving Clinicy's expansion within a market sector valued at SAR 7.2 billion in Saudi Arabia alone. Clinicy's expansion plans encompass widening its technological footprint and creating a distinctive, proprietary 'Interconnected HealthTech Ecosystem.

Gaming Platform Rize.gg Raises $430,000 Pre-Seed Round

The e-gaming startup Rize.gg, situated in Saudi Arabia, has successfully secured $430,000 in a pre-seed funding round, spearheaded by angel investors. Established in 2022 by Anmar Alharbi, Rize.gg's platform offers gamers a range of tools for team building, live streaming, and organizing tournaments. The fund raised will be directed towards the platform's development, expanding its user base, and introducing new features to enhance the overall gaming experience.

Saudi-Based LAHINT Raises 1 Million Riyals in Pre-Seed Round

LAHINT, a Saudi-based company focused on streamlining government procedures, has recently concluded a successful investment round of one million Saudi Riyals. This funding was secured with the support of angel investors, marking a groundbreaking move poised to significantly revolutionize government services in the Kingdom.

The company concentrates on simplifying government services by leveraging advanced technologies such as AI, Voice Conferencing, and Screen Sharing. Additionally, it facilitates services through applications like WhatsApp.

Continuously progressing in the realm of innovation, LAHINT suggests that its existing system is consistently evolving, with intentions to unveil a beta version in the second quarter of 2024. Subsequently, in the third quarter of the same year, the company plans to implement automation processes, aspiring to achieve full automation of all government services through AI by 2027.

Saudi Fintech Startup Takadao Raises Funds from Adverse

Fintech startup Takadao, based in Saudi Arabia and Singapore, has received an undisclosed investment from Adaverse, a Web3-focused accelerator and seed fund in the Cardano ecosystem. The funding will bolster the launch of Takadao's product, Takasure, scheduled for June 2024.

Founded in May 2022, Takadao is a decentralized finance platform offering community-driven financial solutions. Its innovative offerings include Takaturn for savings and yield generation and Takasure, a cooperative life insurance DAO. Utilizing blockchain technology, Takadao provides transparent, cost- effective, and halal insurance solutions globally.

The company previously raised $1.6 million in a pre-seed round led by Silicon Valley investor Tim Draper. Adverse, with 60 investments across 13 nations, plans to invest $10 million in local Web3 startups in 2024 and actively supports its portfolio companies in strategy development and community building.

Saudi Edtech Startup, iStoria Raises $1.3 Million in Seed Funding

iStoria, the Saudi-based edtech startup, secures $1.3 million in a recent Seed funding round with participation from Nama Ventures, Classera, Flat6Labs, BIM Ventures, and prominent angel investors. Launched in March 2022, iStoria, in partnership with Oxford, specializes in teaching English and boasts a user base exceeding one million learners globally. With strategic collaborations with private and government schools, the platform integrates into curricula, facilitating English language development. The investment will fuel further innovation, expanding iStoria's reach to a broader audience and reinforcing its position in English language education.

Ejaro Secures Over 12.3 Million Saudi Riyals in Pre-Series A Investment Round

Ejaro, the licensed peer-to-peer car rental platform in Saudi Arabia, announced the successful completion of a Pre-Series A investment round, raising over 12.3 million Saudi Riyals. The funding, led by Cooperative and angel investors, coincides with strategic developments and innovative product launches.

The investment will enhance development and expansion plans, solidifying Ejaro's position in the Middle East and North Africa's peer-to-peer car rental market.

Ejaro, facilitating over 25,000 days of trips, has also enabled over 100 hosts to earn more than 2.5 million Saudi Riyals in less than two years. The company aims to redefine the car rental experience and strengthen its role in shaping the future of mobility.

Saudi Proptech Startup Rize Raises $2.9M in Seed Funding for Expansion

Proptech startup Rize, headquartered in Saudi Arabia, has secured $2.9 million in a seed funding round, fueling its expansion plans. The funding came from various investors, including SEEDRA Ventures, HALA Ventures, Joa Capital, RZM Investments, Bonat Investments, and Nama Ventures, alongside support from angel investors.

Rize, founded in 2021 by Ibrahim Balilah and Mohammed Al-Fraihi, introduces an innovative "rent now, pay later" model, allowing tenants to pay rent through manageable monthly instalments, aligning with trends for improved housing affordability.

In addition to equity funding, Rize disclosed securing additional funds through debt financing to fortify its position in the real estate market.

With this funding boost, Rize aims to accelerate its expansion efforts across Saudi Arabia, extending its reach in the real estate sector and providing more tenants with flexible payment solutions. This marks a significant milestone for Rize, reflecting the growing investor interest in proptech solutions addressing industry challenges.

A Venture Capital Firm Backed by Saudi Arabias Public Investment Fund (PIF) Plans to Raise $1 Billion to Support Startups in the Middle East

Chinese venture capital firm MSA Capital, supported by a unit of Saudi Arabia's Public Investment Fund (PIF), is gearing up to launch a $1 billion fund to fuel technology start-ups in the Middle East. The fund, expected to debut in 2024, underscores MSA Capital's commitment to fostering innovation in the region.

With approximately $2.5 billion in assets under management, MSA Capital's strategic collaboration with the Jada Fund of Funds, a unit of Saudi Arabia's sovereign wealth fund, aligns with the nation's Vision 2030 goals, emphasizing diversification and technological advancement. This announcement comes at a time when start-ups in Saudi Arabia have been making significant strides in the venture fundraising space, securing around $1.3 billion in capital in 2023 alone, as reported by MAGNiTT. The fund is poised tp play a pivotal role in catalyzing the growth of the Middle East’s tech innovation scene.

Clinicy, Saudi Healthtech Startup, Secures $5M in Series A Funding for Expansion

Clinicy, a Saudi healthtech startup, has successfully raised $5 million in a series A funding round, signalling a digital revolution in the Kingdom's entrepreneurial landscape. Positioned at the forefront of healthcare innovation, Clinicy aims for complete expansion, aligning its objectives with national initiatives in a sector recognized as a key opportunity by regional and international investors. With a strategic focus on tackling challenges in Saudi Arabia's healthcare sector, Clinicy's proprietary platform offers a suite of products for medical institutions, adhering to Zakat, Tax, and Customs Authority standards. The company plans to enhance patient experiences through additional business-to-customer offerings in 2024.

Saudi-Based PIESHIP Secures Pre-Seed Funding

Saudi-based startup, PIESHIP, specializing in warehouse management solutions and logistics services, has successfully raised an undisclosed amount in a pre-seed investment round. Notable investors, including SEEDRA Ventures, Nama Ventures, and angel investors, contributed to the funding. Founded in 2023 by Nasser Alharthi, Musaed Al-Amri, and Mohammed Mohsen, PIESHIP was recently recognized among the top 20 projects in the National Technology Development Programme’s MVPlab initiative. The funding will fuel business growth, research and development, and the creation of new products, positioning PIESHIP for further innovation and expansion in the tech and logistics sectors.

Omniful Secures $5.85 Million Seed Funding, Outlines Ambitious Plans for Saudi E- Commerce Expansion

Omniful, the e-commerce and supply chain platform, is set to boost its presence in the Saudi market with a successful $5.85 million seed funding round. CEO Mostafa Abolnasr outlined post-funding strategies, emphasizing scaling operations domestically and internationally, investing in technology, and forming strategic partnerships.

Abolnasr highlighted Omniful's focus on becoming a key enabler in Saudi Arabia's e-commerce sector. The company plans to tailor solutions to local practices and regulatory needs. Active engagement in confidential partnerships aligns with the national e-commerce strategy, supporting Omniful's expansion.

Omniful already serves global clients, with plans for strategic launches in the Middle East, North Africa, and beyond. To maintain a competitive edge, the platform invests in AI, machine learning, and emerging technologies for enhanced efficiency.

Extend Group and Rassanah Financial Introduce SAR100 Million Fund for Saudi SMEs

Extend Group, in partnership with Rassanah Financial, has launched the SAR100 million Extend Fund during its 13th-anniversary celebration. The fund aims to boost innovation in Saudi SMEs and promote cultural development globally. Managed by Rassanah Financial, it offers investment opportunities for companies and investors looking to contribute to the project. The announcement also included agreements for the Extend Academy, providing training in various specialties, and the release of the third edition of the Digital Performance Report for Ministries in Saudi Arabia, focusing on digital media discourse analysis.

Riyadh-Based Construction-Tech Startup BRKZ Secures $8M in Series A Funding

BRKZ, a leading construction-tech startup headquartered in Riyadh and founded by Ibrahim Manna, has successfully raised $8 million in a Series A funding round, co-led by Beco Capital and 9900 Capital. The firm aims to revolutionize the procurement process for contractors and manufacturers in the MENA region.

This substantial investment will fuel BRKZ's expansion plans, focusing on extending its platform throughout Saudi Arabia and the wider MENA region. The company's strategic vision includes prioritizing same-day or next-day delivery of construction materials, alongside venturing into equipment rentals and manpower sourcing.

BRKZ's ongoing commitment to regional expansion positions the startup as a key player in the construction industry, providing a reliable platform for suppliers and buyers alike in the MENA region.

Saudi Foodtech Kitchenara Raises $380,000 from UAE Angels

Kitchenara, a leading Saudi foodtech company specializing in food delivery services, proudly announces the success of its funding round, securing SAR1.425 million ($380,000) from angel investors based in the United Arab Emirates.

The platform offers users an engaging and interactive experience, allowing them to explore the local culinary scene through curated restaurant selections and personalized meal suggestions.

The funds raised will fuel Kitchenara's growth ambitions, focusing on expanding operational capabilities, enhancing technological infrastructure, and broadening market reach. A significant portion of the investment will be dedicated to refining the platform's smart recommendation engine. With this funding, Kitchenara is well- positioned to become a key player in the food delivery industry, revolutionizing how people discover, share, and enjoy great food.

Rakeez Capital Secures $2 Million in Seed Funding Led by Core Vision Investments

Saudi-based Rakeez Capital, specializing in debt and investment instruments, has successfully closed a $2 million seed round led by Core Vision Investments. Launched in 2023 with Financial Market Authority approval, Rakeez Capital provides diverse financing options, particularly through Sukuk issuance, known for its flexibility. CEO Saeed Al-Ahmari expressed gratitude to Core Vision for their role in contributing to the financial sector's development, aligning with Saudi Vision 2030 goals. The funds will support Rakeez in delivering innovative financial solutions and advancing AI technologies.

Core Vision Investments CEO, Faisal Al-Abdulsalam, highlighted Rakeez's expertise in transforming traditional financial systems and the importance of attracting investments to strengthen the present and foster future development with modern technologies.

Saudi Foodtech Barakah Receives Investment from FoodLabs

Barakah, the MENA region's leading online marketplace combating commercial food waste, has secured strategic funding from FoodLabs. This investment marks FoodLabs' inaugural entry into the MENA market and underscores Barakah's commitment to sustainability. FoodLabs, renowned for backing successful foodtech and agritech startups, recognizes Barakah's potential to address pressing global challenges.

With over 400 thousand meals salvaged across six Saudi cities and partnerships with 800+ merchants, including global brands like Dunkin and Tim Hortons, Barakah is poised for further expansion within Saudi Arabia and beyond. This funding, facilitated by FoodLabs, positions Barakah to advance its mission and promote a more sustainable food ecosystem in the region.

LUCID Raises $1 Billion from Saudi Arabias PIF Affiliate

Luxury electric carmaker LUCID announced its securing $1 billion from an affiliate of Saudi Arabia’s Public Investment Fund (PIF), spurring a nearly 20 per cent surge in its shares.

The investment underscores LUCID's advantage amid struggles faced by EV startups. With the Saudi government holding a 60 per cent stake, the move aligns with efforts to diversify the kingdom's economy beyond oil.

Ayar Third Investment Company, a PIF affiliate, will purchase convertible preferred stock, potentially equating to 280 million shares. LUCID intends to utilize the funds for corporate purposes and capital expenditure, amidst weaker demand and industry competition, particularly from Tesla.

Other Middle East Countries:

Orisdi Closes $220,000 Bridge Round

E-commerce platform Orisdi has raised $220,000 in a Bridge round. The round was closed in January and saw participation from Al Sharqiya TV Group and 3B Starlight Investment, along with angel investors.CFounded in 2019 by Ahmed Al Kiremli and Hala Usama, Orisdi offers a range of products across various verticals including perfumes, cosmetics, appliances, stationery and electronics, among others.

The funding will be utilised to enhance Orisdi’s growth. The funding from this round will be utilized to reinforce the business's growth and E-commerce's growing potential.

Bosta Raises New Investment from Axian Group

Axian Group, a leading investment firm, has strategically invested in Bosta, an Egyptian startup revolutionizing delivery logistics in Egypt and Saudi Arabia through cutting-edge technology for efficient first, middle, and last- mile delivery.

After a prosperous pre-Series B fundraising round, Bosta extended its presence to Saudi Arabia in 2022. This noteworthy accomplishment resulted from a strategic investment round spearheaded by Khwarizmi Ventures, accompanied by contributions from current investors and Hassan Allam Holding.

Axian Group's investment underscores a strong commitment to fueling Bosta's growth and its mission to redefine the delivery and logistics landscape in Egypt and Saudi Arabia. This collaboration signals a significant step in transforming the e-commerce and logistics sectors in the region.

Middle East Investments in China to Bloom in Amount, and Scope in 2024 as Sovereign Wealth Funds Aim to Diversify

Sovereign wealth funds in Saudi Arabia and the United Arab Emirates (UAE) are poised to increase their investments in Chinese companies in 2024, as both oil-producing nations strive to diversify their economies and expand their global investment portfolios. The regional head of Deutsche Bank reveals that this shift is driven by the growing warmth in relations between China and the Middle East.

In 2023, state-owned investors from Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE directed over US$2.3 billion into Greater China, a substantial surge from the approximately US$100 million recorded in 2022. These investments reflect the ongoing efforts of these nations to broaden their economic horizons, coinciding with China's initiatives to strengthen diplomatic ties with the Middle East, notably highlighted by Chinese President Xi Jinping’s visit to Riyadh in December 2022.

Qatari Fintech KARTY Secures Over $2 Million in Seed Funding for Upcoming Launch

Qatar-based fintech startup KARTY has successfully concluded a substantial seed funding round, raising more than $2 million from various local investors, equivalent to over 7.3 million Qatari Riyals. This funding milestone marks a significant turning point for KARTY as it prepares to make a substantial impact in the Qatari market. The infusion of capital comes ahead of the much-anticipated official launch, contingent upon the final approval and licensing from the Qatar Central Bank.

KARTY, having secured in-principle approval for development and demo in collaboration with Masraf Al Rayan, complies with Qatar Central Bank regulations. This strategic partnership positions KARTY for the full- scale launch of its innovative e-wallet and financial resource management application. The startup's commitment to compliance and collaboration reflects its dedication to bringing cutting-edge financial solutions to the Qatari market. The official launch is eagerly awaited as KARTY continues its trajectory toward becoming a significant player in Qatar's evolution.

Egypt’s Roboost Raises $3 Million Investment

Leading the charge in AI-powered logistics, Roboost has closed a $3 million investment round, spearheaded by Silicon Badia, with contributions from RZM Investment, Flat6Labs, and Saudi Angel Investors. The funds will drive Roboost's expansion across the MENA region.

Roboost's delivery management SaaS solution and AI operations copilot have automated home delivery operations for major brands like McDonald's and Buffalo Burger across diverse regional markets. Boasting a 400% year-over-year revenue growth, the platform aims to enhance its reach and offerings, revolutionizing the MENA region's delivery market with tailored automated solutions for e-commerce and middle-mile logistics.

Zeal Secures $4 Million Seed Funding for MENA Expansion and Innovation

Zeal, the payment solutions startup founded by Omar Ebeid in 2019, secures $4 million in seed funding led by Raed Ventures and Cur8 Capital, with support from strategic angel investors. Zeal's SmartPOS Plugin technology, focusing on in-store customer engagement, has garnered attention. Following expansion into the UK, Zeal targets an increased presence in MENA, driven by the region's robust startup funding growth. The funds will be used for portfolio expansion, global POS integration, and developing sector-specific solutions for FMCG and telecom. Founder Omar Ebeid sees the investment as a catalyst for expanding reach and innovating solutions tailored for key sectors.

Actofit Secures $10M Investment from Mirai Capital for Middle East Health Tech Expansion

Actofit, a leading digital health startup, has secured a $10 million investment from Mirai Capital during its Series A round in the UAE. The funding highlights Actofit's commitment to strengthening its presence in the Middle East.

Mirai Capital recognizes the potential in the personalized digital health market and increases preventive healthcare spending. This partnership aims to redefine health management in the region.

Actofit, specializing in chronic health solutions, offers devices measuring 150+ parameters, enabling early disease detection. With a user base exceeding 1 million, Actofit promotes sustainable lifestyle changes and chronic disease remission.

Mirai Capital's investment positions Actofit for a transformative role in Middle East healthcare, facilitating expansion and innovation in health tech offerings.

Kuwait’s Bookr Secures Undisclosed Bridge Funding Led by Plus VC for Beauty Industry Digital Transformation

Bookr, a prominent cloud-based SaaS marketplace for salons and spas, has successfully raised an undisclosed amount in a recent funding round led by Plus VC. The bilingual platform, catering to English and Arabic speakers, provides end-to-end solutions, streamlining operations in the beauty service sector. The funding will fuel Bookr's growth initiatives, including expanding capabilities, scaling marketing efforts, enhancing customer experience, team expansion, and increasing regional presence in the GCC. Despite a modest 2018 soft launch and no marketing budget, Bookr has achieved significant growth, marking substantial milestones in the past year.

Globivest Marks First Closing, Leading Women-Led VC in the Middle East

Globivest, a prominent women-led venture capital fund, proudly announces its first closing, solidifying its leadership in the Middle East. Founded in 2016 by Jasmine Busson, the fund, known for strategic investments, transitioned to an institutional VC in 2023. Focused on the "One Health" approach, Globivest aims for impactful investments in health and the environment.

Joined by Dr Laura-Joy Boulos and Jessica Al-Hussaini, the team secured two-thirds of their $25-30 million fund goal in the first closing, overcoming regional fundraising challenges. As they approach the second closing in early 2024, Globivest remains committed to breaking barriers and proving the synergy between impactful investments and financial returns, positioning itself as a catalyst for diversity and inclusion in the Middle East's VC landscape.

Jordans ISSF Invests $5M in MSA Novo for Startup Growth

Jordan's Innovative Startups and SMEs Fund (ISSF) announces a $5 million investment in MSA Novo, a global investment firm focusing on emerging markets. ISSF CEO, Mohammed Muhtaseb, highlights the partnership's significance in injecting additional capital into Jordanian startups. MSA Novo's successful track record in scaling enterprises aligns with ISSF's commitment to Jordan's entrepreneurial ecosystem.

Ben Harburg, Managing Partner at MSA Capital, commends ISSF as an early supporter of MSA's vision for global investments in the Middle East. The investment is expected to create job opportunities in Jordan, fostering entrepreneurship with ISSF's pivotal role.

This strategic investment opens new avenues for Jordanian startups, providing essential funding for growth and increased competitiveness in local and global markets. Established in 2017, ISSF, with a total worth of $98 million, aims to transform Jordan's entrepreneurship and innovation landscape.

Radiology AI Startup AZmed Secures $16 Million in Series A Funding

Paris-based radiology AI startup, AZmed, announced a successful series A financing round, raising nearly $16.2 million. Established in 2018, the company specializes in AI software, notably Rayvolve, assisting healthcare providers in detecting abnormalities on standard X-rays. Rayvolve received FDA clearance in 2022 and is currently used in around 1,000 healthcare facilities across 40 countries.

Investment firms Maison Worms, Techstars, and Tempact Ventures were among the contributors. AZmed plans to utilize the funds to enhance its European presence and expand operations in the U.S., Middle East, Africa, and Asia. Notable users include SimonMed Imaging, UH Cleveland Medical Center, and England’s National Health Service. Post-funding, AZmed aims to double its workforce in the next 18 months and significantly boost research and development investments to broaden its portfolio of imaging AI offerings.

Sawari Ventures to Launch $150 Million Fund Targeting Egyptian Startups

Sawari Ventures, a leading investment firm, is set to launch a $150 million fund targeting Egyptian startups, according to CEO Hani Al Sanbati. The fund will focus on diverse sectors, including fintech, education, healthcare, green technology, and deep tech projects. Al Sanbati expressed confidence in the current growth potential despite economic challenges and projected investments of $350 million to $500 million in the next five years. Sawari Ventures aims to solidify Egypt's position as a key investment hub in Africa. The company, founded in 2010, has invested in 500 startups and allocated 35% of its portfolio to fintech, aiming to drive digital transformation in the Egyptian economy.

Ahli Islamic Introduces Tamkeen Islami Crowdfunding for Omani SMEs

Ahli Islamic has launched 'Tamkeen Islami,' a unique crowdfunding initiative designed to support Small and Medium Enterprises (SMEs) in Oman. This first-of-its-kind program offers bespoke financial solutions through Shariah-compliant products, such as Murabaha, and services like Ijara, promoting hassle-free access to finance for SMEs. Ranging from OMR 20,000 to OMR 100,000, Tamkeen Islami provides competitive pricing, simplified procedures, and flexible repayment terms without requiring equity or collateral. The initiative aims to enhance financial inclusion, alleviate cash flow barriers, and boost the growth of SMEs, aligning with the goals of Oman Vision 2040.

Egyptian Fintech MoneyHash Secures $4.5M in Seed Funding from Key Investors

MoneyHash, an Egyptian kartych startup, has successfully raised $4.5 million in seed funding. Led by COTU Ventures and Sukna Venture, the round saw participation from investors like Tom Preston-Werner (GitHub founder) and RZM Investment. MoneyHash, founded in 2020, offers a unified payment API platform for MEA merchants, addressing challenges in the region. CEO Nader Abdelrazik stated that only 10% of payments in MEA are digital, positioning MoneyHash for growth. Currently serving 50 paying customers, the platform charges $500 for SaaS and 0.4% in transaction fees.

Investcorp Leads Sallas $130M Pre-IPO Fundraising for Saudi Listing

Bahrain-based alternative asset manager Investcorp has spearheaded a $130 million pre-IPO fundraising round for Saudi software startup Salla, set to list on the local exchange. Sanabil Investment, a unit of Saudi sovereign wealth fund Public Investment Fund, venture capital firm STV, and existing shareholders also participated in the fundraising.

The investment was made through Investcorp's $500 million fund, Investcorp Saudi Pre-IPO Growth Fund LP, focused on pre-IPO companies in Saudi Arabia. Founded in 2026 by Nawaf Hariri and Salman Butt, Salla facilitates access to Saudi Arabia's $20 billion e-commerce market, experiencing rapid year-on-year growth.

dKilo Secures $3.2M Funding to Revolutionize Out-of-Home Advertising in Saudi Market

AdTech platform dKilo announced a triumphant $3.2 million seed round funding during LEAP 2024, with backing from Upturn Ventures and Revival Labs, an e-commerce-focused venture builder. The investment aims to redefine out-of-home advertising in the Saudi Market, introducing innovative approaches to engage audiences beyond digital boundaries.

The partnership, blending equity and financing, signals a commitment to reshaping consumer engagement by leveraging mobility and real-world connections. dKilo's online platform streamlines this process, providing brands with dynamic opportunities to enhance visibility and drive conversions.

This strategic collaboration not only secures funding but represents a visionary commitment to the future of out- of-home advertising, promising a transformative shift in industry dynamics and brand-consumer interactions.

Mojo, Based in Kuwait, Secures Seven-Figure Seed Round

Mojo, the regional leader in social commerce for beauty, skincare, and wellness, proudly announces the successful closure of an oversubscribed seven-figure seed round. Led by key investors and featuring contributions from existing pre-seed backers like Joa Capital and Emkan Capital, as well as new participants such as Plus VC, Atyab Al Marshoud, Wahed Invest, and strategic angel investors, this funding marks a pivotal moment in Mojo's quest to redefine social commerce in the beauty and wellness space.

Mojo plans to utilize the seed round funds to enhance its technology, expand its team, and strengthen its presence, particularly in Saudi Arabia. The platform allows users to explore, share, and purchase beauty products, earn rewards, connect with like-minded individuals, and become creators by sharing innovative content and earning from their contributions.

Egyptian B2B Healthtech 30Med, Successfully Closes a Pre-Seed Funding Round

30Med, the innovative medical education platform founded by Dr. Ayman Ragab, achieves a milestone with successful pre-seed funding. The funding boosts the platform's mission to revolutionize physician engagement with medical education using interactive videos and conferences. The pre-seed investment, a testament to 30Med's vision, will enhance the platform and expand its reach. Already gaining traction with a dedicated user base of physicians, 30Med's strategic partnerships with pharmaceutical companies in Egypt further emphasize its commitment to reshaping medical education. The platform remains focused on empowering physicians and fostering a dynamic and connected medical community.

Receiptable Secures Pre-Seed Funding Led by HP Spring Studios

Bahrain-based fintech startup Receiptable proudly announces its first institutional investor as part of a wider pre-seed funding round. Led by HP Spring Studios, the venture fund is backed by both the Al Waha Fund of Funds and global investment firm Hambro Perks. Receiptable plans to utilize the funds to recruit talent, enhance its platform, and launch with its inaugural banking partner in Bahrain, reflecting the country's robust economic landscape. By revolutionizing digital receipt management, Receiptable aims to deliver seamless solutions directly to customers' banking apps, unlocking valuable insights for businesses.

Zameeli Conducts Equity Crowdfunding Through the Mamun Platform

Omani fintech company Mamun successfully wraps up Oman's inaugural equity crowdfunding campaign for Zameeli, a platform connecting Omani freelancers with SMEs. This milestone expands Zameeli's investor base to include the community and freelancers, signalling growth for Oman's tech sector. With Mamun's assistance, Zameeli broadens its investor network beyond its initial backing from the Oman Technology Fund. The platform, with 1,369 registered clients and 3,368 Omani freelancers, signifies Oman's tech advancement. Mamun's upcoming secondary market launch is anticipated to further boost Oman's financial ecosystem, offering investors innovative opportunities while championing a culture of investment and trust.

Acasia Ventures Provides Bridge Round Funding for Pharmacy Marts in Egypt

Early-stage venture capital firm Acasia Ventures has injected a significant six-figure bridge round investment into Cairo's digital marketplace Pharmacy Marts. The move aims to propel Pharmacy Marts' mission of digitizing the pharmaceutical sector's supply chain to enhance patient access to medication.

Pharmacy Marts covers approximately 12,000 of Egypt’s pharmacies, equivalent to 20% of the market, and boasts over 200 suppliers on its platform. Co-founders Ahmed Mazhar, Haitham El Ghotni, and Mahmoud Shousha bring a wealth of expertise from leading organizations like Vodafone and Novartis.

With a total investment of $2 million from local, regional, and global venture capital firms, Pharmacy Marts is poised for further growth and innovation in Egypt's pharmaceutical industry.

Bahrains Ahlan App Raises $3M in First Investment Round

Ahlan App, a Bahraini loyalty program and delivery platform, has secured $3 million in its inaugural investment round, with a valuation hitting $15 million. The round, fully subscribed and led by Hope Ventures, saw participation from Al Rajhi Holdings and other angel investors.

Launched in 2021, Ahlan rewards customer loyalty with cashback directly on its platform, covering dine- in, pick-up, and home delivery services, the platform has distributed over $10 million in cashback credits.

This investment underscores Hope Ventures' commitment to supporting Bahraini businesses and SMEs. Ahlan intends to utilize the funds to bolster its market share, further expanding its presence in the loyalty and delivery market.

Sprints.ai Secures $3 Million in Bridge Fundraising Round

Sprints.ai, an AI-powered edtech platform revolutionizing education, has successfully raised $3 million in a bridge fundraising round. The investment, led by EdVentures and CFYE, highlights the platform's innovative approach to addressing the tech talent gap.

Since its inception in 2020, Sprints has delivered over 2.5 million learning hours and facilitated employment with over 300 tech employers worldwide. With plans to expand into 10 new markets, Sprints aims to equip over 200,000 learners with essential tech skills, positioning the MEA region as a hub for tech talent. The investment will further accelerate Sprints' growth trajectory, solidifying its role in shaping the future of education and workforce development.

Uzum Becomes Uzbekistans First Unicorn with $114 Million Funding Round

Uzum, an e-commerce startup, has secured $114 million in funding, becoming Uzbekistan's first unicorn. With a young population and a thriving startup ecosystem, Uzbekistan provides fertile ground for ventures like Uzum.

Shortly after its success with the marketplace, Uzum forayed into fintech with a buy now, pay later (BNPL) product, and ventured into food delivery and digital banking.

The recent Series A funding round, led by FinSight Ventures, with participation from Xanara Investment Management and Uzum's senior management, comprised $52 million in equity and $62 million in debt. Uzum plans to utilize two-thirds of the funding for its fintech arm and the remainder for e-commerce initiatives.

The company aims to consolidate its services into two super apps, enhance infrastructure, and launch the country's largest e-commerce logistics complex. With ambitious growth targets, Uzum is poised for further success in Uzbekistan's dynamic market.

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