logo
#

Latest news with #MAGNiTT

Startup Wrap: Early stage funding continues to attract investors in MENA
Startup Wrap: Early stage funding continues to attract investors in MENA

Arab News

time5 hours ago

  • Business
  • Arab News

Startup Wrap: Early stage funding continues to attract investors in MENA

RIYADH: Startups across the Middle East and North Africa witnessed multiple funding rounds throughout the past week, as firms across a range of industries seek geographical expansion. The moves come in the light of a new report from regional venture platform MAGNiTT showing Saudi Arabia led funding activity in the region in the first half of 2025, raising $860 million — a 116 percent annual jump — backed by sovereign support and foreign interest. The report added that the Kingdom also witnessed 114 deals in the first half of the year, marking a significant 31 percent rise compared to the same period in 2024. secures $1.5 million in pre-seed round a Saudi Arabia-based conversational AI startup, raised $1.5 million in a pre-seed funding round, from a syndicate of angel investors from the Kingdom. The funding will be used to accelerate the company's product development, as well as expanding its operations in the region. Headquartered in Riyadh, the firm aims to develop interactive Arabic AI agents that can listen, act, and integrate across systems. 'We're building Arabic-first, human-level AI to transform customer engagement,' the company said in a statement. Yasmina closes $2 million seed round Saudi Arabia-based Yasmina, an embedded insurance platform, has secured $2 million in seed funding to expand insurance tech across the Middle East and North Africa. The concept of so called insurtech refers to transforming and modernizing the traditional insurance sector, revolutionizing how policies are created, underwritten, and managed. It also promotes greater customer engagement by offering personalized insurance products based on individual risk profiles and lifestyle choices. Yasmina's seed funding round was led by Scene Holding and co-led by Access Bridge Ventures, with participation from Arzan VC and Sanabil Investment Accelerator by 500 MENA. The financing will be used to expand the team and explore opportunities in other regions, with the company planning to launch operations in the UAE later this year and in Egypt by 2026. 'This round is a strong vote of confidence in our vision to simplify insurance across digital touchpoints. We're proud to be the first embedded insurance platform in Saudi Arabia, and this funding will help us scale faster, serve more partners, and redefine how protection is offered in the region,' said Masoud Alhelou, CEO and co-founder of Yasmina. Egypt's PALM raises 7-figure funding PALM, an Egypt-based fintech startup offering incentivized goal-based saving, has closed its pre-seed seven-figure funding round, led by 4DX Ventures with participation from Plus VC and several international angel investors. In a press statement, the company said that the funding will be used to focus on accelerating user acquisition, expanding its product use cases, and strengthening its network of strategic partners. 'We're incredibly grateful to our investors for their trust and belief in PALM's vision. Their support empowers us to accelerate our mission of transforming how Egyptians save and achieve their life goals,' said Mazen El-Kerdany, co-founder and CEO of PALM. He added: 'We launched PALM to help Egyptians take control of their financial future by turning gradual saving into a smarter, more rewarding habit.' PALM is a goal-based saving company that offers personalized saving experience to help users achieve their various goals of life, whether to fund basic needs such as education and healthcare, or afford their funding needs for travel, home appliances and electronics. Ahmed Ashour, co-founder of PALM, said: 'We will offer Egyptians a modern saving experience that caters to their lifestyle needs, aligns with their interests, and helps them along their financial journeys regardless of their income levels or assets.' Morocco's Ora Technologies raises $7.5 million Ora Technologies, a Morocco-based super app, has raised $7.5 million in a series A funding round, led by Azur Innovation Fund and a group of local investors. Through the funding, the company aims to expand its delivery network and strengthen the firm's logistics capability. It will be also used to grow its user base, expansion into new regions, as well as accelerating the adoption of its digital payment solution. 'This is more than funding, it is proof that Morocco is ready to back innovation made by and for its people,' said Omar Alami, founder and CEO of Ora Technologies. Founded in 2023, the app offers multiple features, including an e-commerce platform, on-demand services, chat functionality, social networking, and a digital platform which is expected to be launched soon. Telr partners with Peko to support business setup in UAE Telr, a digital payment gateway and financial solutions provider based in Dubai, has partnered with fintech firm Peko to launch Telr Incepta, a platform aimed at supporting business setup and operations in the UAE. According to a press statement, Telr Incepta is expected to empower small- and mid-sized businesses with advanced tools that transform the way businesses manage their finances and operations. With over 50 business services, Telr Incepta centralizes essential functions, from enabling investors and entrepreneurs to set up their new companies in the UAE to helping companies streamline operations, manage expenses, and gain full financial visibility. 'At Telr, our mission has always been to simplify digital commerce and equip entrepreneurs with everything they need to succeed,' said Khalil Alami, founder and CEO of Telr. He added: 'With Telr Incepta, we're taking that mission even further. From secure payments to setting up your business in the UAE to smart business tools, we're proud to be the one-stop shop for the UAE's e-commerce ecosystem.' The platform also offers other features including bill payments, human resources tools, corporate travel arrangements, eSIM services, software subscriptions, license renewals, as well as, WhatsApp for Business integration, and automated financial reporting. Kashif Khan, founder and CEO of Peko said: 'From setting up a company to managing payments, controlling expenses, and streamlining operations, we're empowering founders with world-class tools to build boldly from day one.'

Saudi Arabia Leads Middle East Venture Capital Investments
Saudi Arabia Leads Middle East Venture Capital Investments

Asharq Al-Awsat

time4 days ago

  • Business
  • Asharq Al-Awsat

Saudi Arabia Leads Middle East Venture Capital Investments

The "H1 2025 MENA Venture Investment Report" revealed that Saudi Arabia maintained its first rank across MENA in terms of Venture Capital (VC) funding in H1 2025, witnessing a total VC deployment of $860 Million (SAR 3.2 billion), surpassing the total VC funding of 2024 (full year). This achievement reflects the development the Kingdom is witnessing in various economic and financial sectors in light of the Saudi Vision 2030 and its goals to strengthen the national economy. According to the report published by the venture data platform MAGNiTT, the Kingdom captured the highest share of total VC funding in the MENA region in H1 2025, accounting for 56% of the total capital deployed in the region. The report also revealed that Saudi Arabia achieved a record number of 114 VC deals for the first half of 2025. This confirms the attractiveness of the Saudi market, enhances its competitive environment, and consolidates the strength of the Kingdom's economy as the largest economy in MENA. Dr. Nabeel Koshak, CEO and Board Member at SVC, commented: 'The Kingdom's leading position in the VC scene in the region comes as a result of many governmental initiatives launched to stimulate the VC and startups ecosystem within the Saudi Vision 2030 programs.' 'We at SVC are committed to continuing to lead the development of the ecosystem by stimulating private investors to provide support for startups and SMEs to be capable of fast and high growth, leading to diversifying the national economy and achieving the goals of the Saudi Vision 2030.' SVC is an investment company established in 2018. It is a subsidiary of the SME Bank, part of the National Development Fund (NDF). SVC aims to stimulate and sustain financing for Startups and SMEs from pre-Seed to pre-IPO through investment in funds and direct investment in startups and SMEs.

Saudi Arabia Captures 56% of MENA Venture Capital in H1 2025
Saudi Arabia Captures 56% of MENA Venture Capital in H1 2025

CairoScene

time4 days ago

  • Business
  • CairoScene

Saudi Arabia Captures 56% of MENA Venture Capital in H1 2025

Backed by Vision 2030 and strong government support, Saudi Arabia attracted more than half of all MENA VC funding in H1 2025, positioning itself as the region's top innovation hub. Jul 16, 2025 Saudi Arabia accounted for 56% of all venture capital deployed in the MENA region during the first half of 2025, securing $860 million across 114 deals, according to MAGNiTT's latest MENA Venture Investment Report. The total exceeds the Kingdom's entire VC funding for 2024, underlining growing investor confidence and continued support for startups under the Vision 2030 framework. This performance places Saudi Arabia at the forefront of regional investment activity, with the UAE coming second at $447 million, followed by Turkey ($226 million), Egypt ($185 million), and South Africa ($183 million). The Kingdom's rise has been fuelled by strong government-led initiatives, including support from Saudi Venture Capital Company (SVC), which continues to deploy funding through SME-focused and early-stage channels. The increase is attributed to regulatory reform, sovereign support, and a national strategy aimed at strengthening the private sector. The data also reflects a broader trend of regional diversification, with Saudi Arabia drawing attention from both local and international funds. While Singapore led emerging market VC performance globally, Saudi Arabia is now viewed as a serious contender with momentum driven by its economic transformation agenda. Further investment activity is expected to continue throughout the second half of 2025, bolstered by international events such as LEAP and continued public-private collaborations.

Saudi VC Market Surges Past 2024 Total in Six Months
Saudi VC Market Surges Past 2024 Total in Six Months

Arabian Post

time4 days ago

  • Business
  • Arabian Post

Saudi VC Market Surges Past 2024 Total in Six Months

Saudi Arabia has attracted SR3.2 billion in venture capital funding for startups during the first half of 2025, overtaking the Kingdom's total VC investment for the whole of 2024. MAGNiTT data show Saudi accounted for 56 per cent of all VC inflows into the Middle East and North Africa region in that period. Investor confidence in the Kingdom is heightened by its alignment with Vision 2030 reforms and concerted government backing. The 114 venture capital deals completed in H1 represent a record for Saudi Arabia, underscoring robust market momentum. This performance marks a 116 per cent annual increase in dollars invested compared with H1 of 2024, and a 31 per cent jump in the total number of deals year‑on‑year. The Kingdom's dominance is even more pronounced considering the UAE, its closest competitor, secured only $447 million across an identical number of transactions. ADVERTISEMENT Fintech continues to lead the investment wave, with payment and lending platforms drawing substantial capital. Yet new segments such as enterprise software and edtech are emerging rapidly, supported by local VC funds and international investors chasing mid-stage opportunities. A premium MAGNiTT report highlighted that Saudi Arabia surpassed both the UAE and Singapore during the first quarter. Early- and growth-stage funding increased significantly, buoyed by local investors and sovereign capital rolling out fresh programmes and accelerators. The government's role is clearly evident. Public investment vehicles such as Saudi Venture Capital Company continue to provide foundational support. SVC's CEO, Dr Nabeel Koshak, emphasised this intervention: 'The Kingdom's leading position…comes as a result of many governmental initiatives…launched to stimulate the VC and startups ecosystem within the Saudi Vision 2030 programmes. We at SVC are committed to continuing to lead the development of the ecosystem'. Sovereign-led schemes including LEAP and a series of early-stage programmes funded by the state have helped attract both domestic and overseas capital. MAGNiTT noted the interplay between public-sector drive and private-sector participation as a key factor behind the surge. Growth-stage rounds are now dominating the landscape. Local funds have broadened their spectrum, actively backing Series A and B startups. International investors are following suit, particularly in fintech and enterprise solutions tailored to market-specific needs. Comparatively, Singapore led emerging markets with $1.28 billion across 120 deals in H1, yet its funding volume fell by 37 per cent year‑on‑year and deal numbers declined 31 per cent. This contrast points to Saudi's sustained upward trajectory amid weakening growth elsewhere. Other emerging markets in the MENA and adjacent regions lagged behind: Türkiye raised $226 million, Vietnam $216 million, Egypt $185 million, among others.

Saudi Arabia Leads MENA in VC Investment for H1 2025
Saudi Arabia Leads MENA in VC Investment for H1 2025

Leaders

time4 days ago

  • Business
  • Leaders

Saudi Arabia Leads MENA in VC Investment for H1 2025

Saudi Arabia retained its position as the top recipient of venture capital (VC) investment in the MENA region during the first half of 2025, according to the H1 2025 MENA Venture Investment Report by MAGNiTT. The Kingdom recorded a total VC investment of $860 million (SAR 3.2 billion), surpassing its full-year total for 2024. This milestone highlights the ongoing economic transformation driven by Saudi Vision 2030, which aims to diversify and strengthen the national economy. With 56% of the region's total VC funding in H1 2025, Saudi Arabia secured the largest share among MENA countries. The country also registered a record-breaking 114 VC deals during the same period, reinforcing its position as the region's most dynamic investment hub. These achievements underscore the Kingdom's growing appeal to investors and its progress toward building a vibrant, competitive business environment. Vision 2030 Driving Investment Growth Commenting on the report, Dr. Nabeel Koshak, CEO and Board Member at Saudi Venture Capital (SVC), credited government-led initiatives under Vision 2030 for the Kingdom's continued dominance in the regional VC landscape. He also emphasized that these efforts have been crucial in energizing the startup and VC ecosystem. 'At SVC, we remain committed to accelerating this momentum by encouraging private investors to support startups and SMEs,' said Dr. Koshak. 'This support is essential for fostering rapid, sustainable growth and achieving the broader goals of Vision 2030, including economic diversification and increased private sector participation.' Related Topics : KAUST Researchers Embark on Groundbreaking OceanQuest Expedition Around Africa Saudi Researchers Unveil Revolutionary Nanoplastic for Sustainable Street Lighting What is Research & Development? How Can You Implement It Effectively in Your Business? KAUST Accelerates Scientific Research with 67 Projects in AI, Cybersecurity, Bioinformatics Short link : Post Views: 26

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store