The deputy minister of Saudi Arabia emphasizes the potential of the Kingdom’s production sector in the eyes of German enterprises

CAIRO: The Middle East region is seeing a significant increase in startup activity, with many entrepreneurs providing financing in key sectors.

Additionally, multiple investment pools have been established, with Qatari and Emirati venture capitalists aiming to further strengthen the ecosystem.

Regional startups are particularly paying attention to the growing Saudi market, with UAE-based proptech company Stake raising $14 million in a Series A funding round to enter the Kingdom.

The round was led by Middle East Venture Partners, with participation from Aramco’s Wa’ed Ventures, Mubadala and Republic.

Founded in 2021 by Rami Tabbara, Manar Mahmassani and Ricardo Brizido, Stake is a digital real estate investment platform that offers options to purchase income-producing properties in Dubai.

The newly raised funds will be used this year to expand Stake’s services to Saudi Arabia.

In 2022, Stake closed an $8 million pre-series A round with support from MEVP and BY Ventures, with participation from returning investors Vivium Holding and Combined Growth Real Estate.

Saudi edtech Tahdir collects PLN 270,000. dollars in the pre-seeding round

Saudi edtech Tahdir has closed a $270,000 seed funding round from an angel investor group.

Founded by Mohammed Al-Doukhi and Khalil Al-Haid, the Tahdir platform automates everyday school and education management processes, and the company claims to serve 92 schools with over 30,000 users.

The investment will help the company increase its capabilities and expand its operations in the Kingdom.

Egyptian medtech company i’SUPPLY secures pre-series A round

Egyptian healthtech startup i’SUPPLY has secured a pre-series A round, bringing its total funding to $2.5 million since its inception in 2022.

Several investment funds participated in this round, including Disruptech Ventures, OneStop Capital, Axian Investment CVC and Egypt Ventures.

Founded by Ibrahim Emam, Malek Sultan and Moustafa Zaki, i’SUPPLY aims to digitize the pharmaceutical industry by offering a comprehensive solution to quickly anticipate and overcome supply chain disruptions.

The new financing will strengthen i’SUPPLY’s expansion plans, increase its financing capabilities for small and medium-sized pharmacies, and further develop its fintech offering and technology services.

Egyptian fintech Sahl raises $6 million in Series A round

Cairo-based fintech Sahl has raised $6 million in an investment representing a Series A and seed funding round led by Ayady for Investment and Development. Existing investors Egypt Pay, Delta Electronic Systems and E-Finance also participated in the round.

Founded in 2020 by Ahmed Othman, Ibrahim Assal and Abullah Assal, Sahl is a bill payment platform that allows users to top up prepaid cards.

The company is one of the few Egyptian companies that integrates directly with several government entities.

The new funding will help refine and expand Sahl’s offering and expand its services into Saudi Arabia following its regional launch in the UAE.

UAE-based Qstay raised $4.6 million in pre-series A round

UAE-based hospitality platform Qstay raised $4.6 million in a pre-Series A financing round with a mix of conventional and convertible debt.

Founded in 2020 by Artur Khayrullin, Ekaterina Rogozhina, Alec Fesenko and Natalia Fesenko, Qstay operates as a virtual hotel brand with 200 properties.

Qstay provides digital app-based access to nearby swimming pools, beaches, gyms and spas for guests staying at beachfront properties.

To date, the company has raised $11.1 million. In July 2022, Qstay closed a $6.5 million seed round of debt and equity.

UAE-based Polynome Group announces $100 million fund for AI startups

UAE-based event management company Polynome Group has announced a $100 million fund to invest in artificial intelligence startups.

The fund will target start-ups operating in technology, AI applications and robotics, with goals to increase the use of digital technologies from the first quarter of 2025.

The fund will adopt a “founders for founders” concept, investing in seed startups, Series A startups and growth-stage startups, with initial investments ranging from $500,000 to $5 million per company.

Contech Tenderd based in the United Arab Emirates has obtained Series A financing worth $30 million

Construction technology company Tenderd closed a $30 million Series A financing round led by AP Moller Holding, with new investors Quadri Ventures and Saurya Prakash joining existing investors Wa’ed Ventures, Nakhla Ventures, SOMA Capital and Liquid 2 Ventures.

Founded in 2018 by Arjun Mohan, Tenderd provides clients with AI-generated insights to increase asset utilization and reduce emissions, focusing on heavy industries such as construction and logistics.

The capital will drive technological innovation and support the UAE-based company’s global expansion efforts.

Qatar-based Rasmal Ventures launches the first domestic fund

Qatari VC firm Rasmal Ventures LLC has launched its first homegrown fund aimed at driving innovation and investment in Qatar and the Middle East and North Africa region.

Rasmal Innovation Fund I LLC targets high-performing startups in the climate technology, fintech, business-to-business software-as-a-service and artificial intelligence sectors.

The fund has raised $30 million from institutional investors and family offices at initial close, with a goal of reaching $100 million in investment commitments.

Kuwait-based travel technology company Waves secures investment round

Kuwait-based travel tech startup Waves has closed an investment round for an undisclosed amount, led by BNK Capital and Aujan Enterprises.

Founded in 2021 by Abdulrahman Al-Sadoun and Sulaiman Al-Tunaib, Waves is an online booking platform for marine tours, marine activities and vacation rentals, operating in Kuwait, Saudi Arabia, Qatar and the United Arab Emirates.

The investment will be used to enhance Waves services in Saudi Arabia.

E-commerce platform Orisdi raises six-figure bridge round

Iraq-based e-commerce platform Orisdi has raised a six-figure round of bridge investments, with support from existing investors including Al Sharqiya TV Group, Iraq Venture Partners and various angel investors.

Founded in 2019 by Ahmed Al-Kiremli and Hala Usama, Orisdi offers a wide range of products across industries such as perfumes, cosmetics, home appliances, stationery and electronics.

This round of financing, which closed in April 2024, will support Orisdi’s business development efforts and highlight the potential of Iraq’s e-commerce sector.