The Middle East region is experiencing a surge in startup activity, with entrepreneurs securing funding across various sectors. Investment pools have been established, with Qatari and Emirati venture capitals looking to boost the ecosystem further. Startups in the region are setting their sights on the growing Saudi market, with UAE-based proptech firm Stake raising $14 million in a series A funding round to enter the Kingdom.
Stake, founded in 2021 by Rami Tabbara, Manar Mahmassani, and Ricardo Brizido, is a digital real estate investment platform that offers income-generating properties in Dubai. The funding will be used to expand Stake’s services into Saudi Arabia this year. In 2022, Stake closed its pre-series A round at $8 million, backed by various investors.
Saudi-based edtech company Tahdir has raised $270,000 in a pre-seed funding round from angel investors. Founded by Mohammed Al-Doukhi and Khalil Al-Haid, Tahdir’s platform automates school and educational management processes, serving 92 schools with over 30,000 users. The investment will help Tahdir enhance its capabilities and expand within the Kingdom.
Egyptian medtech startup i‘SUPPLY secured a pre-series A round, bringing its total funding to $2.5 million. Founded in 2022, i‘SUPPLY aims to digitize the pharmaceutical business by offering a one-stop-shop solution to predict and overcome supply chain disruptions. The new funding will support i‘SUPPLY’s expansion plans and technological services.
Cairo-based fintech Sahl raised $6 million in an investment round led by Ayady for Investment and Development. Founded in 2020, Sahl is a bill payment platform that integrates directly with government entities. The funds will help refine Sahl’s offerings and extend services to Saudi Arabia.
UAE-based hospitality platform Qstay raised $4.6 million in a pre-series A funding round. Founded in 2020, Qstay operates as a virtual hotel brand with 200 units, providing app-based access to amenities for guests. The company has raised a total of $11.1 million to date.
UAE-based event management company Polynome Group announced a $100 million fund to invest in AI startups, targeting technology, AI software applications, and robotics. The fund will support startups at various stages of growth, with investments ranging from $500,000 to $5 million per company.
Construction technology firm Tenderd secured a $30 million series A funding round to increase asset utilization and reduce emissions in heavy industries. The capital will support Tenderd’s technological innovations and global expansion efforts.
Qatar-based VC firm Rasmal Ventures LLC launched its first home-grown fund to drive innovation and investment in Qatar and the MENA region. The fund targets high-performance startups in various sectors, aiming to reach $100 million in investment commitments.
Kuwait-based travel tech startup Waves closed an investment round co-led by BNK Capital and Aujan Enterprises to enhance its services in Saudi Arabia. Founded in 2021, Waves offers an online marketplace for sea trips, marine activities, and chalets.
Iraq-based e-commerce platform Orisdi raised a six-figure bridge round of investment to support business development efforts and highlight the potential of the e-commerce sector in Iraq. Founded in 2019, Orisdi offers a range of products across different verticals.
Overall, the Middle East region’s startup ecosystem is thriving, with companies across various sectors securing funding to expand their operations and drive innovation in the market.
