UAE-based Web3 services provider Verofax has raised $3 million in bridge round, led by King Abdullah University for Science and Technology, Plug & Play Tech Center, Navig8 Group, and Trove Capital UK. Other participants included Jawa Brothers Advisory, Alzamil Pedco CVC, and Tracecore CVC. Founded in 2018 by Wassim Merheby and Jamil Zablah, Verofax uses Web3 technologies…

UAE-based Web3 streaming platform myco has completed the first closing of its Series A funding of $10 million at a post-money valuation of $80 million. The round was backed by Daman Investments, Aptos Labs, B Digital, Mocha Ventures, Art3 Foundation, Ghaf Capital Partners, Mix Media Network, Factor6 Capital Partners, and Enjinstarter, along with other angel…

Kuwait-based proptech Sakan has acquired the Qatari company Hapondo for an unknown amount. Founded in 2016 by Abdullah Al-Saleh, Sakan is a real estate marketplace with a presence in Kuwait, Saudi Arabia, Oman, and Bahrain. Meanwhile, Hapondo, founded in 2019 by Ahmad AlKhanji, is a real estate marketing platform that offers a comprehensive map and…

An article by Olena Petrosyuk, the co-founders of Waveup, an advisory firm for startups For a long time, MENA startups were underdogs in the global venture capital arena. Just five years ago, our network funds from Europe and the US showed no interest in financing the MENA region. Now, the tables have turned: Western investors…

Saudi Arabia-based loyalty platform aggregator Mithu has raised a $500,000 pre-seed round backed by the Web3 venture builder Adaverse. Founded in early 2024 by Mohsin Qureshi and Asif Ali, Mithu aggregates loyalty programmes into a single, gamified app to increase customer engagement and help businesses in the food and beverage industry. Mithu claims to have…

Saudi Arabia-based foodtech Yalla Plus has closed a Seed investment round of $2.7 million, led by Merak Capital, with participation from Khwarizmi Ventures, Isometry Capital, along with regional and international angel investors. Founded in 2022 by Abdullah Alrabeh and Bader Alnasser, Yalla Plus provides an integrated POS system that includes payment management, customer feedback processing,…

Saudi Arabia-based IT services provider Asas Specialised Information Technology has raised $320,000 pre-Seed investment for its flagship product, Resquad AI, led by angel investors. Resquad AI, launched in 2024 by Abdullah Abdulaziz Al-Jafaari, allows software development companies to flexibly share their available developers with each other or with external clients. The investment will enable the…

Saudi Arabia-based e-gifting platform Resal has closed a $9 million Series A round. The round was backed by Derayah Ventures Fund, Al-Wafrah AlThanya Investment Company, Venture Souq FinTech Fund, ADDiriyah Asset Management, Nomad Holdings, Bugshan Investment Group, and several family offices, along with other angel investors. Founded in 2016 by Fouad Alfarhan and Hatem Kameli,…

Singapore-based Gate Ventures, the VC arm of Gate.io, and the Blockchain Centre in Abu Dhabi have launched a $100 million fund to drive Web3 innovation in the coming years.  The joint fund, Falcon Gate Ventures, will enable Gate Ventures and the Blockchain Centre to synergise their expertise and resources to help young talents from key…

Egypt-based climatetech NoorNation has received an undisclosed investment from KBW Ventures, founded by Saudi Prince Khaled bin Alwaleed. Founded in 2021 by Ragy Ramadan and Mohamed Khaled, NoorNation provides technology-enabled decentralised energy and water infrastructure solutions to the off-grid sector across Egypt and Sub-Saharan Africa. The company’s flagship product, LifeBox, delivers clean energy and safe water…