Startups Secure Fresh Funding As Regional Momentum Builds

RIYADH: Global and regional startups continued to attract capital across fintech, healthtech, e-commerce, and proptech, as investors backed platforms focused on financial infrastructure, consumer services, and data-driven solutions. 

Saudi Arabia-based fintech Lean Technologies has received a major payment institution license from the Saudi Central Bank, becoming the first licensed open banking provider in the Kingdom.  

Founded in 2019 by Hisham Al-Falih, Ashu Gupta, and Aditya Sarkar, the company provides financial infrastructure that enables secure access to banking data across sectors including BNPL, consumer finance, automotive, and investments.   

Lean previously operated within SAMA’s regulatory sandbox, where it connected more than one million bank accounts and analyzed over one billion transactions.     

The license will allow the company to scale its services to thousands of merchants, tens of thousands of SMEs, and millions of users, expanding access to credit and data-driven financial products.    

Hisham Al-Falih, CEO and co-founder of Lean Technologies, said: “When we founded Lean over six years ago, we held a conviction: that open, regulated access to financial data would become the foundation upon which the next generation of Saudi financial services would be built.”    

“Every partnership, every integration, every use case we developed within the Sandbox was a step toward validating that thesis. Receiving this license from SAMA is the moment that validation becomes official, and it is one I am genuinely proud of,” he said.    

“With this license, we have the platform, the partnerships, and the regulatory standing to extend the reach of our infrastructure to thousands of merchants, tens of thousands of SMEs, and millions of end users across the Kingdom. The vision we started with has not changed; we are simply now in a position to realize it at the scale it always deserved,” he added.

CarniStore raises $12.2m from Emirates Growth Fund 

UAE-based e-commerce platform CarniStore has secured a $12.2 million strategic minority investment from Emirates Growth Fund to scale its premium protein business.    

Founded in 2018 by Daniel Wanies and Fikry Boutros, CarniStore operates a digital-first premium butchery platform spanning meat, seafood, poultry, and smoked products.   

The funding will support industrial scaling, expansion into new product verticals, and regional growth.   

“This partnership with EGF feels like a natural next step in our journey. We share a belief in building strong, homegrown businesses with a long-term vision and real foundations,” Boutros said. 

He added: “From day one, our focus has been on raising the standard for quality proteins while supporting the UAE’s growing food community. Together, we’re excited to keep building, to reach more people, and to shape how meat is sourced and experienced, starting here at home.”   

Emirates Growth Fund will also work with the founders to enhance governance, go-to-market strategy, and operational capabilities as the company advances toward institutional readiness.  

“EGF’s strategic backing allows us to scale CarniStore with real intention, growing our operations and developing new products while protecting the premium quality and service our customers rely on. It’s an important step forward and a reminder that a UAE-born brand can lead internationally, not simply participate,” Wanies said.   

Estaie raises pre-seed round to expand extended-stay platform

UAE-based proptech startup estaie has raised a seven-figure pre-seed round led by PlusVC and Orbit Ventures, with participation from Falak Angels and Value Makers Studio.  

Founded in 2025 by Osama Shawky, estaie is an AI-native extended-stay marketplace focused on bookings between 30 and 365 nights. 

  

The company will use the funding to support product development and regional expansion, with a focus on Saudi Arabia.  

“Extended stay is a massive, fast-growing category that has been operating without the infrastructure it deserves. estaie is being built as an AI-native operating layer for long-term stays, bringing together demand, pricing intelligence, and ecosystem connectivity into a single platform. We’re grateful for the support of our investors as we accelerate our expansion across the region and build the category-defining platform for extended stay,” Shawky said.  

Mezza raises seed funding to scale restaurant financing model

UAE-based hospitality platform Mezza has raised a seed funding round at an undisclosed value from a group of angel investors. 

 

Founded in 2025 by Kevin Boubil, Mezza provides restaurants with upfront capital ranging from $5,300 to $2.7 million in exchange for future food and beverage credit redeemed over 12 months. The company will use the funding to support its expansion.    

“Our goal is to empower restaurants to grow on their own terms,” Boubil said. “Independent operators often face challenges securing financing without giving up ownership. Mezza provides an alternative that supports both financial stability and consistent customer footfall, helping restaurants thrive in a competitive market.”   

WHOOP raises $575m series G at $10.1bn valuation

US-based healthtech company WHOOP has raised $575 million in a Series G funding round at a $10.1 billion valuation, led by Collaborative Fund.  

The round included participation from GCC investors such as 2PointZero Group, Qatar Investment Authority, and Mubadala, alongside individual investors including Cristiano Ronaldo and Karen Wazen.   

 

Founded in 2012 by Egyptian entrepreneur Will Ahmed, WHOOP provides a wearable-based personalized health platform using AI and continuous biometric data to deliver insights on sleep, recovery, and performance.   

The funding will support global expansion, with a focus on the GCC, including the launch of WHOOP Labs in Doha and the scaling of regional partnerships.  

Saudi fintech lending to industrial sector grows 36% in 2025

Saudi Arabia’s Ministry of Industry and Mineral Resources reported that financing to the industrial sector through fintech companies grew 36 percent year on year in 2025, reaching SR774 million ($206.40 million), up from SR569 million in 2024 and SR317 million in 2023.  

The growth was driven by partnerships with fintech firms including Taamid, Yanal, Tameed Financial, Dinar, Sukuk, Lendo, and Furas, aimed at improving access to credit for industrial businesses.   

These financing solutions include working capital, invoice financing, and expansion funding. During the year, the ministry signed five new agreements and shared data from 3,546 factories to facilitate access to financing.  

The ministry highlighted Perfect Vision, a small industrial company in the Eastern Province specializing in alarm and surveillance systems, as an example of this collaboration.  

The company accessed financing through Dinar to secure liquidity for raw materials, contributing to increased sales.   

Looking ahead, the ministry plans to expand its lending portfolio, introduce new financial tools, and increase awareness of financing solutions in 2026, in line with Vision 2030 objectives.