Qatar-based AI-enabled healthtech Lillia has raised a $1.7 million grant from the Qatar Research, Development and Innovation (QRDI) Council. Founded in 2020 by Sujit Chakrabarty, Lillia was formed through the 2024 merger of Qatar-based Droobi Health LLC and India-based Smit.fit. Its AI-powered platform enables healthcare providers, insurers, corporations and public sector entities to manage chronic…

A consortium of investors has launched "Al Madinah Angels" to support the entrepreneurial landscape in Saudi Arabia's Al Madinah Al Munawarrah, as part of Al Madinah Ventures Initiatives. The network is a collaboration between VMS, Al Madinah Chamber, and Numu Angels. The initiative is set to create new opportunities for businesses in Al Madinah Al Munawarrah, providing founders with the…

Saudi Arabia-based cybersecurity firm CQR has secured a $3 million funding round led by Shorooq. Founded in 2023 by Naser Aldossary, CQR provides businesses with AI-driven, product-based cybersecurity solutions. This investment will accelerate CQR's ability to scale and expand its AI capabilities. Press release: CQR, Saudi Arabia's leading Operational Technology (OT) cybersecurity firm, has successfully secured a $3 million funding…

Egypt-based fintech Fawry has invested $1.6 million in three Egyptian fintech companies, which are Dirac Systems, Virtual CFO, and Code Zone, acquiring equity stakes of 51.0%, 56.6%, and 51.0%, respectively.  Founded in 2008, Fawry is the largest e-payment platform in Egypt, with services including enabling electronic bill payments, mobile top-ups and provisions. These investments align with…

German logistics company DHL eCommerce, the e-commerce logistics specialist of DHL Group, has acuired Saudi parcel logistics company AJEX for an unknown value. AJEX, founded in 2021 and backed by Ajlan & Bros Holding, offers a range of customer-centric solutions from express distribution, e-commerce services, and road freight to ocean and airfreight, with presence in Saudi Arabia, UAE, Bahrain,…

Egypt’s fintech sector has expanded 5.5 times in the past five years, driven by digital payments, lending, and B2B marketplaces, according to Entlaq's latest report, which was launched in collaboration with the Netherlands Enterprise Agency (RVO) and the Embassy of the Netherlands in Egypt. Government initiatives and the Fintech & Innovation Strategy are fostering financial inclusion…

UAE-based fintech Flow48 has closed a $69 million Series A funding round in a mix of debt and equity. The round is led by Breega and has seen further investments from 212, Speedinvest, Daphni, Endeavor Catalyst, Evolution Ventures, and Plus VC, among others. Founded in 2022 by Idriss Al Rifai, Flow48 provides upfront financing to…

UK-based automotive intelligence platform Pinewood.AI has agreed to acquire Seez for $46.2 million in cash and shares. The share component is expected to grow over the following three years. Founded in the UAE in 2016 by Tarek Kabrit and Andrew Kabrit, Seez is an autotech company that provides car dealerships and OEMs with software solutions…

Lola, a Bahrain-based foodtech, has raised $1.3 million in a pre-seed funding round from Plus VC, Vision Ventures, and angel investors. Founded in 2023 by Othman  Janahi, Lola offers a customisable cake ordering service for customers in Bahrain and Saudi Arabia. This investment will fuel Lola’s expansion efforts in Saudi Arabia and the wider GCC…

omnispay, a UAE-based fintech, has raised $1.5 million in a seed funding round led by Mercatus Capital Pte. Ltd., with participation from regional and international investors.  Founded in 2022 by Simanta Das, Vimal Kumar and Praveen Kiran, omnispay simplifies SME cash flow management through its all-in-one collect, pay, and borrow platform. omnispay claims to have…