Startup Wrap: AI investments flourish across the region

Startup Wrap: AI investments flourish across the region
Intelmatix provides accessible AI and advanced analytics to improve operations, productivity, growth, and sustainability. (SPA)
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Updated 01 October 2024
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Startup Wrap: AI investments flourish across the region

Startup Wrap: AI investments flourish across the region
  • Shorooq Partners fuels Intelmatix’s $20 million series A round

CAIRO: Increased awareness about the implications of artificial intelligence across the public and private sector is evident in Saudi Arabia as startups continue to raise large sums.

The latest AI funding round in the Kingdom was bolstered by Abu Dhabi’s venture capital firm Shorooq Partners to fuel Saudi-based Intelmatix’s $20 million series A round.

Several Saudi firms also joined in with state-owned Saudi Venture Capital Co. participating in the investment alongside Saudi Technology Ventures, Olayan Financing Co., and Sultan Holdings, as well as Rua Growth Fund, and Kuwait’s Zain Ventures.

This investment reflects growing confidence in Intelmatix’s potential, aligning with Saudi Arabia’s strategic focus on AI, underscored by the launch of a $40 billion fund dedicated to the sector earlier this year.

The fund aims to establish Saudi Arabia as the world's largest AI investor, promoting economic diversification beyond oil.

Founded in 2021 by Massachusetts Institute of Technology scientists Anas Al-Faris, Almaha Al-Malki, and Ahmad Alabdulkareem, Intelmatix provides both public and private sectors with accessible AI and advanced analytics to improve operations, productivity, growth, and sustainability.

The platform addresses the regional AI gap with its Enterprise Decision Intelligence Platform, and is designed to be user-friendly for a wide range of enterprise users – maximizing impact and adoption while bypassing the need for advanced AI skills.

“EDIX is the one-stop shop for organizations needing AI capabilities to enhance productivity without worrying about the AI skills shortage,” Al-Faris, the company’s CEO, said.

The company claims it is one of the first to be supported by Saudi Arabia’s National Technology Development Program, which aims to empower AI startups and foster AI talent development in the country.

Synapse Analytics raises $2m to expand AI solutions

Egypt-based Synapse Analytics, a startup focused on AI-driven decision-making solutions, has raised $2 million in a funding round led by Silicon Badia and Hub71.

This investment aims to expand Synapse’s AI technologies across the Gulf region and Africa, particularly targeting the financial sector.

The company, part of Hub71’s tech ecosystem, addresses financial inclusion by offering AI tools for credit scoring, cross-selling, and dynamic pricing, among other applications.

In a press release, Synapse Analytics CEO Ahmed Abaza emphasized the transformative potential of AI, stating that it is a catalyst for making financial inclusion a reality in the MEA region.

Synapse Analytics offers solutions such as Konan, a machine learning operations platform for integrating AI into financial institutions’ workflows, and Doxter, a document extraction and process automation platform.

Co-Founder Galal El-Beshbishy highlighted the company’s focus on integrating AI seamlessly with existing systems to improve decision-making processes.

Synapse claims it has established partnerships with major banking product providers like Amazon Web Services and Crealogix, positioning itself as a key player in the region’s AI-driven transformation.

The company said its efforts have been recognized globally, including being named among the top 100 companies leading the fourth industrial revolution by the World Economic Forum.

Educatly secures $2.5m funding round to expand operations

Egyptian network for higher education Educatly has raised $2.5 million in a funding round led by TLcom Capital and Plus VC, with participation from Egypt Venture and the HBAN syndicate.

This investment supports Educatly’s mission to help students navigate educational opportunities worldwide, utilizing advanced AI and language models to provide accurate information about schools, universities, programs, and scholarships.

Since its launch in 2020, Educatly has grown its presence across the Middle East and Africa, featuring over 1,100 universities in 90 countries.

“Our aim was to bridge the gap between students' educational needs and available opportunities. This investment reaffirms our commitment to continue working towards our vision and strategic goals,” CEO and co-founder Mohmmed El-Sonbaty, said.

The platform plans to expand operations in key markets and enhance services to reach more students globally.

Co-founder Abdelrahman Ayman emphasized the platform’s focus on helping students choose fields of study, find ideal programs, and connect with peers worldwide.

Educatly claims it has already reached over 3 million students and aims to increase this number to 7 million by the end of 2024.

Cartona secures $8.1m series A extension to boost growth

Cartona, a business-to-business platform digitizing Egypt’s traditional trade market, has completed an $8.1 million series A extension.

The round was led by Algebra Ventures, with participation from existing investors Silicon Badia and the SANAD Fund for micro, small and medium-sized enterprises.

This extension follows Cartona’s $12 million series A round led by Silicon Badia, leaving the company in a strong cash position.

The new equity capital of $5.6 million is allocated to accelerate growth across various verticals, including fast-moving consumer goods and hotels, restaurants, cafes, and catering, as well as expanding market share, and exploring regional expansion opportunities in the Middle East and North Africa region.

The round also includes $2.5 million in debt capital from Camel Ventures and GlobalCorp, aimed at addressing working capital needs for local retailers.

“Our operational and financial metrics are progressing positively, attracting capital from both existing and new investors,” CEO and co-founder Mahmoud Talaat said.

Cartona claims its platform currently serves over 188,000 retailers in 17 Egyptian cities, with a growing presence in the HORECA sector.

Velents closes investment round focused on gender equality

Velents has successfully closed a special investment round with Women Collective, which saw over 80 percent participation from women investors and preferential terms for women.

Despite increasing female participation in the MENA region, women still hold only 10 percent of senior roles in private equity and venture capital, Velents’ stated in a press release.

This funding round aims to accelerate the growth of women as investors and board members.

Velents, leveraging AI to enhance organizational productivity, focuses initially on its flagship product, Velents Hiring.

The capital infusion aims to propel the company’s mission to innovate and lead in transforming workplace dynamics.

“This investment is a validation of our vision and a step forward in creating a more inclusive investment ecosystem,” co-founder Mohamed Gaber stated.

Romanna Dada, founding partner of Women Collective, noted the importance of the round.

“This investment marks a crucial step towards gender equality in the investment landscape, setting a precedent for others to follow,” Dada said.

The round is expected to inspire further initiatives that empower women investors and drive positive change in the tech industry.

MNT-Halan acquires Turkey’s Tam Finans to expand digital financial services

MNT-Halan, Egypt’s largest non-bank financial institution and fintech company, has acquired Tam Finans, a leading commercial finance firm in Turkey, from the Actera Group and the European Bank for Reconstruction and Development.

The acquisition will enhance MNT-Halan’s reach in Turkey, a market with significant growth potential due to its population of 85 million and a low household debt-to-gross domestic product ratio.

MNT-Halan aims to leverage Tam Finans’ credit models and distribution capabilities with its technology and financial services to expand its product offerings and customer base.

“Combining Tam Finans’ capabilities with our technology and financial muscle will help complete the product offering and give greater confidence to all its stakeholders,” MNT-Halan’s founder and CEO Mounir Nakhla said.

Tam Finans CEO Hakan Karamanli expressed enthusiasm for joining MNT-Halan, highlighting the shared ethos of expanding access to innovative financial services.
 


Saudi minister calls for private sector investments within existing G2G mechanisms with Pakistan

Saudi minister calls for private sector investments within existing G2G mechanisms with Pakistan
Updated 11 October 2024
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Saudi minister calls for private sector investments within existing G2G mechanisms with Pakistan

Saudi minister calls for private sector investments within existing G2G mechanisms with Pakistan
  • Pakistan and Saudi businesses signed over $2 billion in agreements and memorandums of understanding this week
  • The deals have been signed during a visit to Islamabad by Saudi Investment Minister Khalid bin Abdulaziz Al-Falih

ISLAMABAD: Saudi Investment Minister Khalid bin Abdulaziz Al-Falih has said Riyadh and Islamabad needed to enable private sector investments within existing government-to-government mechanisms.

The official cited the Saudi-Pakistan Supreme Coordination Council and Saudi Arabia’s Permanent Coordination Committee for the Development of the Contracting Sector as examples of where funding could be directed.

Islamabad and Riyadh signed an agreement to establish the SPSCC in 2021 to institutionalize and fast-track decision-making and implementation on political, security, economic and cultural areas of collaboration.

The body aims to streamline bilateral cooperation between the two countries, particularly to remove hurdles in investment deals.

Saudi Arabia’s Permanent Coordination Committee for the Development of the Contracting Sector was created in 2022 to work to upgrade the construction sector and tackle project delays and hurdles. 

On Thursday, Pakistani Prime Minister Shehbaz Sharif and Al-Falih, as part of his three-day visit to Islamabad, oversaw the signing of over $2 billion in agreements and memorandums of understanding between Saudi and Pakistani businesses.

In comments televised on Pakistan’s state APP news agency on Friday, Al-Falih said Pakistan and Saudi Arabia needed to activate work under existing G2G frameworks such as the Permanent Coordination Committee, which is being led by Mohammad Bin Mazyad Al-Tuwaijri, a Saudi politician and minister-ranked adviser at the Royal Court, with Petroleum Minister Musadik Malik as his Pakistani counterpart. 

“And he (Al-Tuwaijri) has elected to place the Pakistan portfolio within the Royal Court team because he wants to personally have his finger on the pulse of how we are managing (Pakistani investments),” Al-Falih said.

“Within the scope of the G2G, his excellency Al-Tuwaijri and his team have asked MISA (Ministry of Investment for Saudi Arabia) to take the lead on everything about investment, everything about channeling private sector funding, everything about risk mitigation, everything about investment protection, everything about privatization, everything about funding. Ultimately what we need to do is enable the private sector,” he added.

The Saudi minister visited Pakistan with a delegation of over 130 businesspeople representing various sectors, including energy, mining, and agriculture, as well as tourism, construction, IT and industry.

The visit comes as Islamabad seeks closer economic cooperation with friendly countries and regional allies, with the aim to attract foreign investment and shore up its $350 billion economy, beset by a prolonged economic crisis that has drained foreign exchange reserves and weakened the national currency.

Pakistan and Saudi Arabia have been working closely in recent months to increase bilateral trade and investment, with Crown Prince Mohamed bin Salman reaffirming the Kingdom’s commitment earlier this year to expedite a $5 billion investment package for the South Asian country.


Saudi businesses eye opportunities with $2bn in deals amid Pakistan’s economic upturn

Saudi businesses eye opportunities with $2bn in deals amid Pakistan’s economic upturn
Updated 11 October 2024
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Saudi businesses eye opportunities with $2bn in deals amid Pakistan’s economic upturn

Saudi businesses eye opportunities with $2bn in deals amid Pakistan’s economic upturn
  • A large Saudi delegation of companies specializing in energy, mining and industry is currently in Pakistan
  • Delegation says economic stability, improved regulations making Pakistan attractive investment destination

ISLAMABAD: Saudi businessmen have expressed hope for successful collaborations in Pakistan, saying the country’s economic stability and improved regulatory framework had made it an attractive investment destination, following the signing of over two dozen deals between companies from both nations.

The Kingdom’s Investment Minister Khalid bin Abdulaziz Al-Falih visited Pakistan on a three-day visit with a delegation of over 130 members, including representatives from Saudi companies specializing in energy, mining, and minerals, as well as agriculture, business, tourism, industry and manpower.

The delegation on Thursday signed 27 agreements and memorandums of understanding worth more than $2 billion with several Pakistani companies.

“We saw much change in (Pakistan’s business) regulations which have become much softer,” Sultan Al-Mansour, chairman of All Care Medical Group, told Arab News, pointing out that Pakistan was gradually moving toward economic stability. “All that positive news is making Pakistan a good spot for investment.”

In June 2023, Pakistan constituted the Special Investment Facilitation Council, a hybrid civil-military forum, to facilitate foreign businesses, particularly from Gulf countries.

The Saudi investor hoped for successful collaborations, saying his company had signed two deals with Pakistani businesses developing surgical instruments and operating in the pharmaceutical industry.

“Our (Pakistani) partners will be launching a factory in Saudi Arabia in the foreseeable future,” he informed, adding the South Asian state was rich in human resources and knowledge, and constituted a big market.

Al-Mansour said he had collaborated with Hilbro, a Pakistani company that will supply surgical goods to his organization in the kingdom.

Hilbro’s sales and marketing director, Muhammad Bilal Tariq, said his company would initially supply semi-developed products before setting up a manufacturing unit of surgical goods in Saudi Arabia.

“We are planning to build the factory in Riyadh,” he told Arab News.

Pakistan Prime Minister Shehbaz Sharif meets Saudi delegation led by Investment Minister Khalid Bin Abdul Aziz Al-Falih in Islamabad on October 10, 2024. (PMO)

Mohammad Al-Madani, CEO of Classera, one of the region’s largest e-learning ed-tech companies operating in over 40 countries, said his organization had supported numerous ministries of education, training institutions and governments globally to transform education and training.

“We have started a big project called eTaleem which aims to transform education using technology across this great nation (of Pakistan),” he said.

He informed that the first phase of operations had already started by partnering with Pakistan Telecommunication Co. Ltd., adding it would use technology to transform education more rapidly and benefit the country’s youth.

“We are talking about 60 million students of Pakistan,” he said.

Al-Madani noted that human capital was a huge asset, pointing out his collaboration in Pakistan would help advance the country.

Mohammad Al-Hijji, chairman of the Saudi investment company Engineering Dimension Holding, said it was a good time to join hands with Pakistani businesses due to the government’s investment-friendly policies.

“It is the right time and we are talking about the investment in our partnership with our brethren at Pakistani renewable energy company Welt Konnect, to invest in a 500-megawatt hybrid power project,” he told Arab News.

His Pakistani partner, Habeel Ahmed Khan, termed the collaboration a “great honor.”

“We signed an MoU with our brothers from ED Holding for the 500-megawatt project that we have been developing in the south of Pakistan, almost 45 minutes east of Karachi in the wind corridor of Gharo,” he said.

Sharing details, he said the project would produce about 168 MW of wind power and 332 MW of solar power.

“It’s going to be one of Pakistan’s first hybrid power projects, which will supply cheap electricity to the national grid,” Khan added.

Ghassan Amodi, CEO of Asyad Holding Group, which is acquiring Shell operations in Pakistan, said the move was part of their strategic plan to expand regionally.

“Our association with Shell is a longstanding relationship, and we look forward to further developing this beyond the borders of Saudi Arabia and now Pakistan. We are also looking for other opportunities,” he said.

Speaking to Arab News, Pakistan’s Petroleum Minister Musadik Malik said over 130 representatives of around 50 Saudi companies were part of the delegation, adding that many projects and collaborations had been finalized in the energy field during the visit.

“Two Saudi companies have flown into Pakistan, and they will be talking about the upgradation of an old refinery, which is about a billion-and-a-half-dollar project,” he said while informing that Pakistan also expected to finish the study on the greenfield refinery project by December.

Pakistan’s Petroleum Minister Musadik Malik speaks during the inauguration of Pak-Saudi Business Forum 2024 in Islamabad on October 10, 2024. (PID)

“Then the conversation will begin to move forward on the $7-10 billion project,” he continued.

Malik informed that once the Saudi delegation departs, the government would follow up on an almost weekly or fortnightly basis.

“It will be to see where those contracts are, how those relationships are evolving and if there’s any government-related trouble that we need to troubleshoot and remove,” he said.


Global Logistics Forum announces key partners on eve of inaugural event

Global Logistics Forum announces key partners on eve of inaugural event
Updated 11 October 2024
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Global Logistics Forum announces key partners on eve of inaugural event

Global Logistics Forum announces key partners on eve of inaugural event

RIYADH: Shipping firm MAERSK, aviation conglomerate Saudia Group and delivery company Aramex have been confirmed as key partners of the Global Logistics Forum, set to take place in Riyadh from Oct. 12-14.

The event, hosted by Saudi Arabia’s Ministry of Transport and Logistic Services, will serve as a platform for uniting partners to enhance supply chain efficiency, resilience, sustainability, and profitability, according to a press release.

The inaugural forum will host 10,000 attendees and see more than 120 speakers, including world leaders, ministers, business chiefs, and experts in the logistics sector contributing to the event.

The event comes as Saudi Arabia places an increased focus on its logistics industry, in line with the Vision 2030 economic diversification strategy.

The sector is surging, with a 76 percent increase in new businesses registered in the second quarter of 2024, making logistics the fastest-growing sphere in the Kingdom. 

Rumaih bin Muhammad Al-Rumaih, the Kingdom’s vice minister of Transport and Logistic Services, said the forum marks a key waypoint on the journey of the global industry. 

“From the food we eat, to the gifts we give, and to everything in between, our modern world depends on the global logistics network. 

“At the Global Logistics Forum, we will set the future direction for this most critical industry.

“We are proud to share the many global and regional logistics leaders who are partnering with us for the inaugural GLF, recognizing the importance of this moment to share the future map of global logistics.”

Ibrahim Al-Omar, director general of Saudia Group, said that being a Presenting Partner for the event in Riyadh is testament to his company’s commitment to Saudi Vision 2030. 

“This forum is a pivotal moment for Saudia Group to engage with global leaders and contribute to the Kingdom's ambition of becoming a leading logistics hub. Our participation underscores our dedication to fostering innovation and collaboration in the logistics sector," he added.

Group CEO of Aramex, Othman Aljeda, said that the company “was thrilled to embark on this collaborative journey with the Global Logistics Forum.”

He added: “Earlier this year, Aramex opened a new regional hub in Riyadh, and our partnership at GLF will ensure that we are contributing our expertise and supporting Saudi Arabia's Vision 2030 by fostering greater collaboration, operational excellence, and sustainable growth in the region's logistics sector."

The Global Logistics Forum will also serve as a “launching pad” for MoUs between industry leaders in global logistics, formalizing a more connected sector, and in turn ensuring a more resilient and efficient network of global connectivity, according to a release.


Saudi banking sector dominates TASI trading in Q3

Saudi banking sector dominates TASI trading in Q3
Updated 11 October 2024
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Saudi banking sector dominates TASI trading in Q3

Saudi banking sector dominates TASI trading in Q3

RIYADH: Saudi Arabia’s banking sector led trading on the Kingdom’s stock exchange in 2024’s third quarter with a 15.14 percent market share, according to Tadawul’s latest report.

The industry was responsible for approximately SR67.5 billion ($18 billion) of transactions, ahead of the materials sector with SR60.2 billion, comprising 13.50 percent of the market. 

The energy sector had 9.12 percent share in this period, with value traded reaching SR41.07 billion.

Al Rajhi Bank, the largest player in the industry on the market, recorded the second-highest activity at nearly SR22.7 billion during this period, trailing only Aramco, which led with SR27.15 billion in trades.

 Customers of Al Rajhi bank withdraw money from an ATM. Shutterstock

In June, Al Rajhi Bank announced that it has become a leading target for foreign investors in the Saudi banking sector, with foreign ownership in its shares exceeding SR43 billion, representing 13.2 percent of the total.

This investment accounts for over 10 percent of total foreign investments in Saudi stocks, reflecting the bank’s prominence.

Al Rajhi Bank, valued at SR320.4 billion, is the largest bank in the Middle East and Africa, holding significant weight in global indices like MSCI Emerging Markets.

Its share price has surged over 300 percent since the launch of Vision 2030 eight years ago, and its assets have nearly doubled, showcasing its strong growth. 

The bank enjoys high ratings from global financial institutions, benefiting from past economic cycles, including interest rate reductions.

Interest rates driving banks’ appeal to investors

Factors like higher interest rates, driven by the Saudi Central Bank’s alignment with the US Federal Reserve, boosted profitability through improved net interest margins, making bank stocks more attractive to investors.

Strong credit growth, particularly in corporate and real estate finance, supported by Vision 2030 projects, further enhanced the sector’s appeal. 

Saudi banks also enjoyed improved asset quality, reflected by lower non-performing loans, which bolstered confidence in the sector’s stability.

The broader economic performance, with strong non-oil GDP growth, created a favorable environment, and higher bank earnings, driven by increased private sector credit demand, fueled market activity.

The materials sector’s position as the second highest in trading volume can also be largely attributed to Saudi Arabia’s ongoing Vision 2030 program, which has ignited significant demand for building materials and industrial supplies to support the Kingdom’s expansive infrastructure and construction projects.

This surge in demand could have driven higher trading activity and piqued investor interest in the sector. Additionally, Saudi Arabia’s inclusion in global indices like MSCI and FTSE Russell could have further bolstered foreign investment in this industry.

Foreign ownership growth

Strong government support added further momentum as the sector’s perceived resilience and growth potential attracted both domestic and international capital.

As of September, foreign investment in Saudi stocks has reached record levels, with over SR414.92 billion in ownership according to Tadawul data, increasing from SR365.91 billion in the same period last year.

The exchange has focused on improving market function and efficiency by implementing robust measures, such as corporate governance enhancements, increased transparency, and greater liquidity – all of which are critical for a healthy financial ecosystem.

These efforts have not only attracted international investors but have also strengthened local confidence, allowing for more robust trading volumes and values.

Foreign investors, facilitated by programs like the Qualified Foreign Investor program, introduced in 2015 and amended in 2019, now have streamlined access to the Saudi market.

This program, paired with broader reforms, has expanded the pool of eligible institutional investors, enhancing the capital inflow into sectors like banking, which tend to offer consistent returns and security.

The inclusion of Saudi Arabia in prominent global indices, such as MSCI and FTSE Russell, further amplified investor interest. 

These indices serve as benchmarks for fund managers worldwide, and Saudi Arabia’s quick ascension – spending less than a year on MSCI’s watchlist before inclusion in the Emerging Markets Index – signals the international market’s confidence in the country’s reforms, according to Tadawul.

Top gainers

In the third quarter of 2024, Red Sea International Co. emerged as the top gainer on the Tadawul All-Share Index, with a price appreciation of 133.16 percent.

This real estate company has secured a SR658 million contract with Italian construction firm Webuild for constructing a staff camp at the Trojena Dam project within NEOM, Saudi Arabia.

The 12-month contract, excluding VAT, involves designing, producing, supplying, and installing prefabricated buildings, including residential areas, a mosque, dining facilities, a medical center, and a fitness center.

The project will be executed in two stages, with the second phase contingent on client approval. 

An illustration of the Trojena Dam project. Webuild.

Financial impacts of the contract will be reflected from the third quarter of 2024 to the end of 2025.

Albaha Investment and Development Co. followed closely as the second top gainer, posting an 83.3 percent quarter-to-date increase, with 3.7 billion shares traded, reflecting strong investor interest in the development space.

Sasco, a prominent car service company, rounded out the top three with a 62.93 percent quarter-to-date gain, further highlighting the diversity of sectors showing significant growth.

In February, Sasco partnered with Electric Vehicle Infrastructure Co. to advance EV infrastructure, encourage the adoption of such automobiles, and reduce carbon emissions in Saudi Arabia. 

The partnership will prioritize the development of fast-charging stations and public charging points across cities and provinces.

The overall performance of the Tadawul index also reflected this bullish trend, as the market concluded the third quarter with a 4.67 percent increase. TASI rose by 546 points, closing at 12,226.10, signaling growing investor confidence and strong market fundamentals across key sectors.


Startup Wrap – Saudi firms flourish with acquisitions and funding rounds 

Startup Wrap – Saudi firms flourish with acquisitions and funding rounds 
Updated 11 October 2024
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Startup Wrap – Saudi firms flourish with acquisitions and funding rounds 

Startup Wrap – Saudi firms flourish with acquisitions and funding rounds 

RIYADH: Startups across the Middle East continue to attract significant investment, with new funding rounds and strategic acquisitions highlighting the region's growing appeal to investors. 

From Saudi Arabia and the UAE to Oman and Kuwait, emerging companies are securing capital to expand their market reach, develop innovative solutions, and strengthen their positions in competitive industries.  

Saudi property tech startup Ejari has closed a $14.65 million seed round, comprising a mix of debt and equity, to expand its presence in the rent now, pay later market.  

The round was led by Partners for Growth, with participation from BECO Capital, anb seed, and Rua Ventures, as well as Alinma Bank, Vision Ventures, and Aqar platform, a leading property listing platform in Saudi Arabia. Existing investor Salica Oryx Fund also participated in the round.  

The team at Saudi property tech startup Ejari. Supplied

Founded in 2022 by Yazeed Al-Shamsi, Fahad Al-Bedah, Mohammed Al-Khelewy, and Khalid Al-Munif, Ejari provides an RNPL solution tailored to Saudi Arabia’s real estate rental market. 

The new funding aims to strengthen its market share, enhance product offerings, and solidify its position as a key player in the Saudi rental market. 

Al-Shamsi, the company’s CEO, described the cash injection as a “major milestone” in the firm’s journey to transform the Saudi rental market.

“With this new investment, we’re poised to enhance our technology, expand our product offerings, and deliver exceptional value to our clients. Our mission is to democratize access to the rental market and lower barriers for tenants, and this funding brings us closer to that goal. We are deeply grateful for the trust our investors have placed in us and are excited about the future,” he added. 

Yamm closes pre-seed funding to enhance logistics platform 

Saudi-based logistics startup Yamm has completed a pre-seed funding round, with an undisclosed amount raised. 

The round was led by Flat6Labs, with additional participation from Judah Ventures and several angel investors.  

Founded in 2023 by Sultan Al-Subhi, Mohammed Al-Shalati, and Hamadah Al-Khaldi, Yamm aims to simplify the post-purchase experience for both consumers and merchants by providing an end-to-end solution for managing returns, refunds, and logistics.  

The funding will be used to expand its merchant base across Saudi Arabia, introduce new product features, and enhance the platform’s value for retailers. 

Nana acquires Rasseed to boost digital grocery shopping experience 

Saudi Arabia-based digital grocery delivery startup Nana has acquired Rasseed, a software solutions provider specializing in branded and local gift cards, for an undisclosed amount.  

Nana, founded in 2016 by Abdulmajeed Al-Sukhan and Sami Al-Helwah, offers a digital platform for fulfilling daily, weekly, and monthly household grocery needs.  

Rasseed, also founded in 2016 in Saudi Arabia, focuses on simplifying the purchase of gift cards. 

The acquisition aligns with Nana’s strategy to digitize the grocery shopping experience in stores and hypermarkets, as well as its broader expansion plans.  

Nana previously raised $133 million in a series C funding round in February 2023, led by Kingdom Holding and Uni Ventures, along with other investors. 

OCTA secures $2.25m pre-seed round to streamline SME payments 

Nupur Mitta, Jon Santillan, and Andrey Korchak founded OCTA

UAE-based fintech OCTA has closed a $2.25 million pre-seed funding round.  

The round was co-led by Quona Capital and Sadu Capital, with additional backing from Sukna Ventures, Plus VC, 500 Global, and notable angel investors, including Pawel Iwanow, chief payment officer at Fresha, and Dom Monhardt, director of product design at Tap Payments.  

Founded in early 2024 by Jon Santillan, Nupur Mitta, and Andrey Korchak, OCTA automates the process of collecting payments for small and medium-sized enterprises, helping to improve cash flow management and simplify accounts receivable.  

The company has recently expanded its operations into the Saudi market. 

Synnax raises $550k in strategic funding for credit intelligence platform 

Synnax, a digital asset credit intelligence startup, has raised $550,000 in a strategic funding round, bringing its total fundraising to $1.55 million.  

The investment was led by Wintermute Ventures and TON Ventures. The funds will support the continued development of Synnax’s Credit Intelligence platform and its Telegram-based mini-app, SynQuest, which attracted over 250,000 users within two weeks of launch.  

The partnerships with Wintermute Ventures and TON Ventures go beyond funding, aligning with Synnax’s vision of building a decentralized, transparent digital asset credit market. 

Wintermute Ventures, a leader in algorithmic trading and digital asset lending, provides expertise, while TON Ventures leverages its influence in The Open Network ecosystem, which integrates with Telegram’s user base of over 950 million people. 

QPay secures seed funding to drive fintech growth in Oman 

QPay, Oman’s first licensed buy now, pay later financial services provider, has completed a seed funding round led by Cyfr Capital.  

This funding is part of Future Fund Oman’s broader strategy to boost innovation within the country’s fintech sector.  

The investment will help advance QPay’s mission to enhance financial inclusion and promote the growth of BNPL services across the Sultanate, aligning with FFO’s focus on supporting innovative fintech solutions. 

Kuwait’s Krti raises $1.5m to expand payment solutions 

Kuwaiti fintech startup Krti has secured $1.5 million in a pre-seed funding round, led by Core Vision Investment as part of the Financial Academy Financial Technology Investment Programme.  

Founded in 2022 by Abdulrahman Al-Hammadi, Naser Boresli, and Abdullah Al-Baker, Krti offers payment solutions designed to support online merchants and shoppers, aiming to empower the region’s e-commerce sector.  

The newly raised capital will facilitate Krti’s expansion in both Kuwait and Saudi Arabia. 

4Partners secures $3.6m to fuel regional expansion from Dubai HQ

UAE-headquartered dropshipping service 4Partners has raised $3.6 million in a recent funding round from undisclosed investors.

Founded in 2017 in Russia, the company assists businesses in launching and scaling online stores by managing inventory, shipping, and order fulfillment through its network of warehouses across MENA, Europe, Asia, and the US.

After relocating its headquarters to Dubai in 2023, 4Partners plans to use the new capital to support its growth in the region.

The company aims to tap into the MENA e-commerce market, offering a content management system alongside international dropshipping solutions for online retailers.

Rology partners with Thakaa Med to advance AI-driven stroke detection 

Rology, an FDA-cleared artificial intelligence-powered teleradiology platform, has entered a strategic partnership with Riyadh-based Thakaa Med, an AI-driven health care technology firm, to develop “StrokeIQ,” a new solution designed to improve the speed and accuracy of stroke detection in neuroimaging.  

StrokeIQ will utilize AI to analyze CT brain scans and identify signs of stroke, enabling health care providers to make more rapid, informed decisions during critical situations.  

The collaboration aims to leverage advanced AI technology to address the challenges in stroke diagnostics, where timely intervention is crucial.