Saudi Press

Saudi Arabia and the world
Tuesday, Jul 23, 2024

Boost in Middle East Startup Funding: Key Developments

Boost in Middle East Startup Funding: Key Developments

The Middle East has seen a significant boost in startups with firms like Stake, Tahdir, i'SUPPLY, and Qstay securing major funds to expand their operations. Polynome Group announced a one hundred million dollar AI fund, while Tenderd, Rasmal Ventures, Waves, and Orisdi made key funding moves across various sectors, showing robust growth and investment potential.
The Middle East has witnessed a surge in startup activities, with substantial funding secured across several key sectors.

In the UAE, proptech firm Stake raised fourteen million dollars to expand into Saudi Arabia, backed by Middle East Venture Partners, Wa’ed Ventures, Mubadala, and Republic.

Founded in 2021 by Rami Tabbara, Manar Mahmassani, and Ricardo Brizido, Stake aims to use the funds to offer digital real estate investment options in Saudi Arabia.

Saudi edtech startup Tahdir secured two hundred seventy thousand dollars in pre-seed funding from angel investors to enhance its educational management platform's operations.

In Egypt, medtech startup i'SUPPLY raised a total of two point five million dollars in a pre-series A round from Disruptech Ventures and other investors to digitize the pharmaceutical supply chain.

Fintech startup Sahl, based in Cairo, secured six million dollars in a series A round led by Ayady for Investment and Development to refine its bill payment platform and expand into Saudi Arabia.

UAE-based hospitality platform Qstay raised four point six million dollars in a pre-series A round to develop its virtual hotel brand.

Polynome Group from the UAE announced a one hundred million dollar fund to invest in AI startups.

Construction tech firm Tenderd raised thirty million dollars in a series A round led by A.P. Moller Holding for global expansion.

Qatar-based VC firm Rasmal Ventures launched a home-grown fund with thirty million dollars to invest in high-performance startups.

Kuwait-based travel tech startup Waves secured an investment round to enhance its services in Saudi Arabia.

Finally, Iraq-based e-commerce platform Orisdi raised a six-figure bridge round to support its business development efforts.

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