Venture Capital Founders Focus on Scale and Substance

RIYADH: Momentum is building across the Middle East and North Africa’s startup ecosystem as early-stage capital returns with renewed focus and selectivity.

Investors are backing sharper business models, founders are scaling with intent, and sector diversity is deepening — signaling a more disciplined, strategically aligned phase of growth for the region.

On the regulatory front, Nama Ventures Capital Co. has received approval from Saudi Arabia’s Capital Market Authority to commence investment management activities in the Kingdom.

Founded by Mohammed Al-Zubi and chaired by Sultan Al-Saud, the firm is one of the first foreign venture capital firms to become fully licensed under Saudi capital markets law.

Originally registered in the Cayman Islands, Nama has added Saudi Arabia to its regulatory base to align with the country’s Vision 2030 objectives.

“Vision 2030 continues to turn Saudi Arabia into a thriving global hub for innovation, investment, and entrepreneurship — and this achievement places Nama Ventures at the heart of that momentum,” Al-Saud said.

The approval will allow the firm to launch its flagship funds and Shariah-compliant investment vehicles, targeting high-growth startups across Saudi Arabia, the MENA region, and selected global markets.

“This letter is more than a regulatory approval; it represents our deep-rooted commitment to Saudi Arabia’s entrepreneurial vision,” said Al-Zubi, founder and managing partner. 

“We are proud to be fully ‘on the ground,’ regulated, and aligned with the future of venture capital in the region,” he added.

Nama Ventures has made early-stage investments in several high-growth startups, including Salla and Tamara, both of which have since reached unicorn status.

Among its more recent highlights is Brev.dev, a developer infrastructure platform that was acquired by Nvidia, underscoring Nama’s ability to identify globally competitive founders.

Money Fellows closes $13m strategic round

Egypt-based fintech platform Money Fellows has raised $13 million in a strategic round co-led by Al Mada Ventures and DPI Venture Capital through the Nclude Fund, with participation from Partech, CommerzVentures, and others.

Founded in 2017 by Ahmed Wadi, the company digitises traditional savings circles to facilitate accessible saving, borrowing, and investing across Africa.

The new funding will support platform enhancement, team expansion, and entry into new markets, particularly Morocco.

Fintech startup Nqoodlet raises $3m seed round

Saudi Arabia-based fintech Nqoodlet has closed a $3 million seed round led by Waad Investments, with participation from OmanTel, 500 Sanabil Investment, Oqal, Seed Holding, and other investors.

Founded by Mohamed Milyani and Yara Ghouth, Nqoodlet provides a financial operating system for small and medium-sized enterprises across Saudi Arabia and the GCC. Its offerings include smart corporate cards, real-time expense tracking, automated VAT filing, and financial planning tools.

The new funding will support the expansion of its banking infrastructure, the development of open banking integrations and automated tax reporting, team growth, and broader collaboration with banks and ecosystem partners.

Career 180 receives US investment and enters Saudi market

Egyptian education tech startup Career 180 has received a six-figure investment from US-based Den VC and announced its expansion into Saudi Arabia, supported by Value Makers Studio.

Founded in 2017 by Shrouk El-Din and Mohamed Akmal, the company offers a Software-as-a-Service-based learning management system that provides practical skills training and job-matching services. 

Career 180 currently serves over one million learners and aims to place 50,000 individuals in the workforce, with a focus on unemployed youth.

The investment will enable the company to scale its LMS, localize Arabic content, and expand into Oman and Malta.

Canater raises $1m to scale logistics platform

UAE-based logistics startup Canater has raised $1 million in funding from Foras in exchange for a 10 percent equity stake.

Founded in 2024 by Khamis Soliman, Canater provides AI-powered logistics and supply chain solutions for manufacturers in the MENA region, with an initial focus on consumer-packaged goods.

The platform offers end-to-end cross-border trade services, including digital contracts, financing, warehousing, logistics, and real-time shipment tracking.

The funding will be used to enhance the company’s digital infrastructure, expand sectoral reach, and strengthen regulatory partnerships.

Intella partners with Infoline to launch Arabic AI platform in Oman

Arabic AI solutions provider intella has partnered with Infoline, an Omantel subsidiary and leading outsourcing provider in Oman, to roll out its AI-powered customer experience platform, intellaCX.

The platform is designed to convert Arabic voice and text interactions into business insights, offering a tailored solution for Arabic-speaking markets.

IntellaCX supports 25 Arabic dialects and uses proprietary models to deliver transcription accuracy of 95.7 percent.

The platform replaces traditional 5 percent call sampling methods with 100 percent automated analysis, enabling businesses to detect trends, assess performance, and improve service quality at scale.

Through Infoline’s local integration capabilities, the solution will be deployed across Omani enterprises to enhance customer care and operational efficiency.

MENA startup funding rises to $228m in April

Startups across the MENA raised $228.4 million across 26 deals in April, marking a 105 percent increase from March and a nearly 300 percent year-on-year surge.

Saudi Arabia led the region with $158.5 million in funding across eight deals, driven largely by iMENA Group’s $135 million pre-IPO round.

The UAE followed with $62 million across nine deals, while Morocco secured third place with $4 million across two startups.

The fintech sector attracted the most capital, securing $44 million across seven deals. Traveltech and SaaS also saw renewed interest, with SaaS startups raising $1.8 million after a quiet first quarter.

Early-stage investments accounted for $49 million across 20 transactions, indicating strong appetite for emerging ventures despite limited late-stage activity.

Alchemist Doha partners with Startup Grind Qatar

Alchemist Doha, an equity fund focused on tech entrepreneurs in emerging markets, has entered into a strategic partnership with Startup Grind Qatar, the local chapter of a global founder and startup network.

The collaboration will facilitate access to global networks, deliver founder-focused programming, and support high-potential startups in scaling both locally and internationally.

The initiative aligns with broader efforts to strengthen Qatar’s entrepreneurial ecosystem.

MedIQ secures $6m series A to expand in Saudi Arabia and Gulf markets

Pakistan-based health tech platform MedIQ has raised $6 million in a series A funding round led by Rasmal Ventures and Joa Capital, with participation from existing investors.

Founded in 2020 by Saira Siddique, MedIQ provides a hybrid healthcare platform combining telehealth, e-pharmacy services, AI-driven facility digitization, and back-office automation for insurance partners.

The company expanded into Saudi Arabia in 2023 and will use the funding to strengthen its technology stack, scale operations in the Kingdom’s health tech market, and support entry into Qatar and neighboring Gulf markets.

iSUPPLY secures $3m Shariah-compliant financing from Bokra

Egypt-based B2B medical tech startup iSUPPLY has secured $3 million in revenue-based revolving financing from Bokra.

The funding is Shariah-compliant and will support the company’s operational scale-up and improved access to medical supplies, particularly in underserved communities.

Founded in 2022 by Ibrahim Emam, Malek Sultan, and Moustafa Zaki, iSUPPLY offers a one-stop solution to digitise pharmaceutical supply chains and address disruption risks.

The company previously closed a pre-series A round in June with participation from Disruptech Ventures, OneStop Capital, Axian Investment CVC, and Egypt Ventures.

CPX Holding acquires cyber-AI startup spiderSilk

UAE-based cybersecurity firm CPX Holding has acquired local cyber-AI startup spiderSilk, including its core product, the Resonance platform for managing digital exposure.

Founded in 2019, spiderSilk has developed autonomous SOC AI agents and a proprietary cyberintelligence platform built on a global knowledge graph.

The acquisition aims to strengthen CPX’s threat detection capabilities and supports its international expansion strategy, including entry into North America, Saudi Arabia, and the broader GCC.

Konnect Networks receives investment from Attijariwafa Ventures

Tunisian fintech startup Konnect Networks has secured an undisclosed amount from Attijariwafa Ventures as part of a broader funding round that included Visa, Plug and Play Tech Center, and Renew Capital, as well as Digital Africa Ventures, Utopia Capital Management, 54 Collective, and Sunny Side Venture Partners.

Founded in 2021 by Amin Ben Abderrahman, Konnect offers payment links, e-commerce plugins, and APIs for businesses of all sizes.

The latest funding will support product innovation and regional expansion. In late 2024, Konnect also secured funding from Renew Capital.

Sira expands professional networking platform to UAE

Jordan-based professional community platform Sira has launched operations in the UAE as part of its regional expansion strategy.

Founded in 2022 by Ayah Saeed and Zara Najjar, Sira offers a curated, membership-based platform focused on building authentic, values-driven professional connections.

The platform features private communication spaces, peer-led admissions, and sector-agnostic events.

The UAE expansion supports Sira’s mission to build a trust-based network across the MENA region. To date, the company claims it has facilitated over $3.6 million in collaborations among members.