#68 This week In MENA's Startup Scene!
Dive into the latest Startup News, Trends & Opportunities shaping the MENA region
Hello, again Mena foudners!
It’s been another busy week with a real mix of major developments. From new investment rounds to pioneering tech and startups reaching new milestones, the MENA scene continues to impress
Let's dive in!
Fundraising Roulette
Qashio (UAE/Fintech) raised $10M in its latest funding round with participation from Oryx Fund to enhance its corporate spend management platform and support regional expansion
Toolmart (UAE/E-commerce) secured seed funding with participation from Plus VC and Oasis500 to accelerate the growth of its online platform for tools and hardware supplies
MDP (KSA/Fintech) raised fresh funding with participation from Lorax Capital Partners to scale its payment infrastructure solutions and support financial institutions across Saudi Arabia
Taaawoni (KSA/Insurtech) raised $1.6M in a Seed round with participation from Core Vision Investment to expand its digital insurance solutions and offer more accessible, transparent coverage options across Saudi Arabia
Vault Wealth (KSA/Fintech) secured investment in a pre-seed round with participation from a Saudi family office and angel investors to launch its digital wealth management platform aimed at helping individuals and families plan, grow, and manage their assets online
Bayader (Bahrain) raised SAR 1M in a funding round with participation from Hope Ventures to support its expansion into Saudi Arabia and scale its entrepreneurship training programs across the region
Wayl (Iraq/Fintech) closed a $150K pre-seed round with participation from EQIQ Ventures to grow its digital payments platform and expand financial inclusion for underserved communities in Iraq
Bloomspoon (Tunisia/Agritech) raised $218K in a funding round from an investor on Shark Tank Dubai to develop and scale its eco-friendly, plantable cutlery product line
Main Headlines
Humain (KSA) announced plans to launch a significant $10B venture fund, aimed at aggressively backing transformative advancements in AI, robotics, and other next-generation technologies
PTS Holdings launched a $10M fund dedicated to supporting and scaling early-stage startups across the MENA region
COREangels MEA launched its first $10M fund, targeting early-stage tech startups with a primary focus on fintech and a geographical reach spanning the Middle East, Africa, and Pakistani markets
Tech Universal Ventures acquired two specialized tech companies, UAE-based FixSquad, and Sweden-based ELVA11
Syria undertaking a significant overhaul of its economic framework to attract new investment and reactivate its financial sector, notably by amending its investment law, a reform which has reportedly already drawn over 500 new company registration requests, and is separately preparing to reopen its national stock market in early July
Egypt developing a comprehensive new 10-year national investment map, which will feature over 1,000 fully licensed projects across vital sectors including logistics, tourism, renewable energy, industry, and agriculture
Oman launched the Ishraq Endowment Fund, a new innovative vehicle aimed at accelerating Sharia-compliant investments in public markets
Ecosystem Updates
Digital Innovation Center (DIGIT) was inaugurated in Damascus, an initiative by UNDP with Japanese funding, to provide youth with workspace, mentorship, digital resources, and AI training
Emirates NBD launched the fourth cohort of its National Digital Talent Incubator program to upskill emerging Emirati tech professionals and entrepreneurs
Sandooq Al Watan recently honored the winning student teams in its Launch-ED competition in UAE
Hub71 partnered with Yas Investments to create a new channel connecting Abu Dhabi-based tech startups with strategic private capital and targeted funding opportunities
UAE Future 50 initiative launched to identify and empower 50 high-potential Emirati-founded startups operating in critical future-focused sectors such as AI, biotech, fintech, and sustainability
Eureka! GCC announced the 30 semi-finalists selected for its fourth edition startup competition in UAE
Startup Bahrain announced the winners of its latest Startup Bahrain Pitch event
Maghroum'in project launched its official Youth Entrepreneurship and Employment Program in Tunisia to foster inclusive ventures within the cultural and sports sectors
Global Women in Technology and Digital Transformation Summit kicked off in Amman to highlight and bolster female leadership in technology, address challenges in digital change, and strengthen entrepreneurial ecosystems for women across MENA
Mall of Egypt announced the three winners of its Pulse Point competition, an initiative aimed at empowering Gen Z entrepreneurs in fashion, beauty, and content creation with EGP 100,000 each and exclusive collaboration opportunities
Morocco’s First National Entrepreneurship Festival concluded by recognizing 12 winning student projects from the Reiyada Preparatory Program
Startups Highlights
Careem Pay (UAE) launched international money transfers from the UAE to Jordan, enabling direct bank account deposits within 24 hours
Dubizzle (UAE) partnered with Paymob to upgrade its digital payment infrastructure across its platforms to streamline transactions, improve user experience, and further digitize the UAE's marketplace ecosystem
PayTabs (KSA) unveiled a Saudi-built, AI-powered payment orchestration platform designed to process over SAR 325B in transactions featuring real-time data tools, advanced fraud reduction, and plug-and-play APIs for financial institutions
Tytanium (KSA) secured the first industrial license in Saudi Arabia to establish a local factory for titanium powder production
Cloudilic (Egypt) launched Dragify, its new no-code AI automation platform, designed to empower businesses and non-technical users to easily build custom AI agents and automate complex workflows
Klivvr (Egypt) rebranded with a human-first approach focused on financial wellness, introducing features like goal-based spending challenges, loyalty rewards, and a Family Plan
Fawry (Egypt) partnered with CTM360 to bolster its cybersecurity, by offering real-time visibility into cyber risks, enabling swift detection and response to threats like impersonation and data leaks
Paymob teamed up with Bit68 to expand seamless and secure digital payment capabilities for merchants and users across the MENA region
Techy Bytes
Riyadh’s King Faisal Specialist Hospital successfully implanted an AI-powered neurostimulation device, a first in the Middle East, to improve control over chronic neurological disorders like Parkinson's by detecting and correcting abnormal brain activity
UAE’s Verify Platform surpassed 21.7M certified digital documents issued, leveraging blockchain for secure and instant verification
Dubai deployed new AI-powered shopping robots in select retail spaces to guide customers, offer product information, and aim to streamline in-store experiences with cutting-edge automation
Pony.ai announced plans to begin robotaxi trials in collaboration with Dubai’s Roads and Transport Authority later this year
UAE’s Securities and Commodities Authority launched the region’s first Finfluencer License, to govern and certify digital content creators offering financial advice and promotions online
Mastercard launched its first Middle East Cyber Resilience Centre in Riyadh to foster financial sector collaboration, and enhance digital threat protection
WeRide launched its first robotaxi service in Saudi Arabia through its local entity
Egypt’s Ministry of Culture launched the Memory of the City app to archive and showcase Cairo’s rich architectural heritage, prominent figures, and urban memory for residents and visitors
Morocco’s Customs Authority launched a risk analysis initiative to enhance customs inspection processes, improve overall trade efficiency, and strengthen border security
IBM committed to training 100,000 Egyptians in AI and emerging technology skills over the next five years through various programs and collaborations
OpenAI announced plans to build a major AI data center in Abu Dhabi in partnership with G42, with a planned 1-gigawatt capacity
Perplexity introduced Perplexity Labs, a new AI productivity tool that automatically generates spreadsheets, dashboards, and visual reports from prompts
Meta AI reached 1 billion monthly active users across Meta’s platforms
That’s a wrap for this week!
We hope this week's digest of the latest funding, insights, and ecosystem news helps you stay ahead in the fast-paced MENA region.
Stay tuned for more insights next week