Startup Wrap — Funding Momentum Continues Amid Iran Conflict

RIYADH: Startups in the Middle East and North Africa region secured multiple funding rounds across different sectors across the beginning of April, despite ongoing market uncertainty caused by the conflict in Iran.

This positive momentum continues from the record $7.5 billion raised by MENA startups in 2025, which marked a 225 percent surge compared to the previous year, according to Wamda data.

Investment activity in the MENA startup ecosystem, however, slowed in March, with only 17 startups raising a total of $48.3 million, as investors reassessed the risk posed by the Iran war.

This represented an 85 percent decline from February and a 62 percent drop compared to the same month in 2025, making it one of the weakest months the region has seen in recent years.

The UAE maintained its position as the leading funding hub in the region, with startups raising $36.8 million across eight deals — representing the bulk of total capital invested during the month. 

Saudi Arabia came in second, raising $10.2 million across four transactions, with activity continuing but at notably smaller deal sizes, Wamda data showed.

Maison Safqa raises $620k

Maison Safqa, a Saudi-based flash-sale platform for premium and luxury brands, has raised $620,000 in a pre-seed funding round with participation from 500 Global through the Sanabil MENA 500 Accelerator Fund and regional angel investors.

In a press statement, the company announced that the fresh funding will be used to advance technology development, expand its brand, and roll out offline activations in Riyadh and Jeddah.

The firm aims to achieve $2.5 million in cumulative sales within the next 18 months. 

Lea Mehaweg, co-founder and CEO of Maison Safqa, said that the luxury goods market in the Gulf Cooperation Council region generated $12.8 billion in revenue in 2025, yet brands still struggle to move excess inventory without diluting their image or compromising margins.

“Maison Safqa was built to address this challenge by providing a controlled environment where premium and luxury brands can unlock that value while reaching the right audience,” said Mehaweg.

Egypt’s Lucky secures $23m

Egypt-based financial technology company Lucky has announced the successful closing of a $23 million Series B funding round, including a mix of equity and debt.

Founded in 2019 by Essawy, Lucky is a consumer credit platform that offers cashback, instalment plans, and flexible financing solutions.

In a press statement, the company revealed that the funding round was led by existing and new investors, including Disruptech Ventures, DPI Venture Capital via Nclude fund and new strategic participation from Suez Canal Bank and OneStop.

The firm added that the newly injected fund will be used to support its next phase of growth, with a focus on scaling its credit offering and expanding into North Africa.

The funding is also expected to bolster its infrastructure, licensing, and regulatory readiness as it moves toward becoming a neo-banking-ready platform.

“Lucky has demonstrated disciplined growth, strong product-market fit, and a clear vision for inclusive digital finance. This investment supports a platform that is well-positioned to be one of the leading players in the next phase of consumer credit and neo-banking in the region,” said Mohamed Farouk, chairman of Lucky’s board.

Ayman Essawy, CEO of Lucky, said that the round would allow the company to scale responsibly, invest in infrastructure, and deepen its impact as regulators unlock digital onboarding and modern payment frameworks across Egypt and the region.

ZSystems raises $1.65m

Morocco-based retail B2B2C marketplace ZSystems has secured $1.65 million in a seed funding round led by Azur Innovation Management.

The round also saw participation from MNF Ventures and Witamax, along with new investment from Harambeans Prosperity Fund. 

Founded in 2022 by Samer Choumar, Meriem Benabad, Youssef Haddouch, Reda Nebri, and Youssef Drafate, the startup has developed a digital platform that connects brands, wholesalers, and retailers.

In a press statement, the company revealed that the latest round brings total funding to $2.7 million, following a $1.5 million pre-seed round backed by MNF Ventures, Witamax, CASHPLUS Ventures, and Kalys Ventures.

The fresh capital will fuel the company’s ongoing product development, platform growth, and deeper market penetration as ZSystems continues its mission to modernize B2B commerce across the region.

Aramco Ventures backs Via Separations in $36m round

Saudi-based Aramco Ventures joined a $36 million funding round for US-based deeptech startup Via Separations, alongside Climate Investment and Marathon Petroleum.

Via Separations specializes in advanced membrane filtration technology for industrial chemical separations, and will use the funding to accelerate the deployment of its modular filtration platform into the refining and chemical sectors.

“At Aramco Ventures, we invest in differentiated technologies that can deliver clear operational value at scale,” said Tibor Toth, senior investment director at the organization.

He added: “Via Separations’ modular platform addresses a critical step in industrial processing and has strong potential to enhance efficiency and unlock additional capacity within existing refining and chemical assets.”

ElGoat raises $266k

Saudi-based sports tech firm ElGoat has successfully raised $266,000 in a seed funding round led by Trigon, reaching a valuation of $2.66 million.

The fresh funding will be used to accelerate product development, drive user acquisition, and support regional expansion as ElGoat aims to capitalize on the rapidly growing sports gaming market across the Middle East and North Africa region, the company said in a press statement. 

ElGoat was founded in March by Mohammed Al-Munajem. The startup offers a knowledge-based football prediction platform that aims to revolutionize how fans interact with the sport, moving beyond passive viewership.

The platform covers major football leagues such as the English Premier League and the Saudi ROSHN League. It features a scoring system that rewards users for both basic and advanced football knowledge.