Despite a funding decline, the Middle East and North Africa (MENA) startup ecosystem showed resilience, with rising deal volumes and sectoral diversity, as MENA startups recorded $2.3 billion in investments in 2024, a 42% year-on-year (YoY) decline. However, excluding debt financing, the decline is just 11%. Despite the drop in value, the ecosystem saw growth in…

US-based VC firm 500 Global has launched the 500 MENA L.P. fund, dedicated to investing in high-growth technology startups across the MENA region. 500 MENA L.P. is backed by Jada Fund of Funds and Saudi Venture Capital (SVC). It is also supported by Sanabil Investments. The Fund will invest primarily in startups with proven product-market…

UAE-based fintech Pluto has raised a pre-Series A funding round at $4.1 million. The round is led by existing and new investors, including Rhino Ventures, Born Capital, Goanna Capital, Evolution VC, Freesearch VC and Tiferes VC.  Founded in 2021 by Mohammed Ridwan, Mohammed Aziz and Nayeem Zen, Pluto enables businesses to streamline their spending management…

Egypt-based edtech Eyouth has partnered with Singapore-based global education consultancy EDT&Partners and launched a joint programme, aiming to develop digital skills for 1 million youth in Africa and the Middle East. Eyouth and EDT&Partners have committed $6 million to the programme, which combines Eyouth’s skills development platform with EDT’s AI-driven educational technologies.  The programme leverages…

UAE-based retail SaaS provider Retailhub has raised an investment from Angelspark for an undisclosed amount. Founded in 2022 by Daniel Alimov and Roman Tikhonov, Retailhub is a platform that automatically updates stocks from POS to aggregators, getting all the orders into one application. This latest investment will enable Retailhub to further expand its platform capabilities,…

UAE-based HRtech Ogram has secured a $3 million investment from Tanami Capital.  Founded in 2017 by Karim Kouatly and Shafiq Khartabil, Ogram is a digital staffing marketplace that enables businesses to book and manage staff on-demand. The investment aims to support the company’s expansion into the Saudi market, with a specific focus on the retail…

Oman-based SaaS provider Sampo AI has closed its pre-seed funding round, securing $750,000 co-led by Omantel Innovation Labs and Waad VC, with participation from Hexnture and a group of Saudi angel investors.  Founded in July 2024 by Saif Al-Essai and Khalifa Manaa, Sampo AI helps e-commerce businesses optimise their pricing strategies. Its advanced platform analyses…

Saudi Arabia-based agritech Arable has closed a $2.55 million Seed funding round, led by undisclosed investors. Founded in 2024 by Lawrence Ong and Christina Khalife, ARABLE creates hydroponic farms for vegetable production that are cost-effective and locally adjusted to the desert climate. Press release: Arable, a Saudi-based AgriTech startup co-founded by Lawrence Ong (CEO) and…

Saudi Arabia-based proptech Rize has closed a Series A investment round worth $35 million in a mix of equity and debt.  The round was led by Raed Ventures, with participation from SEEDRA Ventures through its second fund as well as Aqar Platform, JOA Capital, NAMA Ventures, and HALA Ventures. Founded in 2021 by Ibrahim Balilah…

The startup ecosystem in the Middle East and North Africa (MENA) showed a significant deceleration in December 2024, raising $$279 million across 42 deals. However, when debt financing is removed, which accounts for 44% of the total value, the amount drops to $156 million. This reflects an 8% increase compared to the previous month, yet marks a…