Saudi Press

Saudi Arabia and the world
Monday, Jun 23, 2025

Saudi Arabia in spotlight as top destination for startup investments

Saudi Arabia in spotlight as top destination for startup investments

Startups in the Middle East and North Africa region raised $247 million across 67 deals last month with Saudi Arabia scooping up more than half of the total deal value in the region.

The Kingdom was the top destination for startup investments with $175 million raised across 20 deals with buy now, pay later fintech Tamara’s $150 million debt round representing 64 percent of the region’s total funding raised last month, according to Wamda’s monthly report.

The UAE came in second place with $59 million across 18 deals followed by Bahrain with $6 million, Kuwait with $4 million and Morocco with $1 million. Egypt saw a massive decline, not being in the top five countries for the first time in one year.

March funding saw a 67 percent decline month-on-month but pushed the total funding raised in the first quarter of 2023 to surpass $1.1 billion, marking a 17 percent increase quarter on quarter.

Fintech remains the preferred sector for investors attracting 73 percent of all activity last month with $179.6 million followed by foodtech and edtech with $19 million and $14 million, respectively.

Other sectors received interesting attention last month like traveltech grabbing $9 million, web3 and blockchain $3.5 million, and 3D printing and manufacturing attracting $2 million in investments.

Hakbah scoops $2m in pre-series A funding

Saudi-based fintech startup Hakbah raised $2 million in a pre-series A funding round by Global Ventures and Aditum Investment Management.

Founded in 2018, the company managed to attract its first institutional capital from Global Ventures as well as receive licensing approval from the Saudi Central Bank, also known as SAMA.

Hakbah is a savings platform that aims to strengthen financial inclusion via social savings. The company witnessed over 20 times organic growth in 2022 helping 18,000 customers save over an accumulated $35 million, a press release stated.

“We are proud to have two strong financial institutions, Global Ventures and Aditum, as our primary investors. They share our values, vision, and ambition to elevate the savings industry to the next level,” Naif Abusaida, founder of Hakbah, said.

The company plans to use the funding to accelerate growth and cement its presence in the Kingdom as well as enhance its savings engine algorithm.

“Savings are an important pillar of the Financial Sector Development Program and increasing them is a key focus for Saudi Vision 2030,” Abusaida added.

Savvy Games to acquire Scopely for $4.9bn

Savvy Games, wholly owned by Saudi Arabia’s Public Investment Fund, has signed an agreement to acquire US-based gaming firm Scopely for $4.9 billion.

Touted to be one of the biggest acquisitions ever in the gaming industry, the move is expected to catalyze Saudi Arabia’s efforts to evolve as a global gaming hub, in line with the Kingdom’s Vision 2030 goals.

“At Savvy Games Group, our mission is to invest in — and grow — the global games community by inviting the best minds to join us,” said Brian Ward, CEO of Savvy Games Group.


He added: “Scopely is one of the fastest-growing games companies today, and we have long admired their ability to build loyal, engaged player communities.”

Scopely is known for developing free-to-play franchises including Star Trek Fleet Command, Stumble Guys, Scrabble Go and Yahtzee with Buddies.

“Savvy Games Group shares our long-held belief that the companies who have built the deepest relationships with their players will succeed. Together, as one, we will be able to further expand the possibilities of play, continuing to develop beloved game experiences for players around the world,” said Scopely co-CEO Walter Driver.

J.P. Morgan acted as the lead financial adviser to Savvy on this transaction. Bank of America and Aream also acted as financial advisers to Savvy, while Latham and Watkins acted as legal adviser.

e& acquires 50.3% of Careem Super App


UAE-headquartered communication firm e&, formerly known as Etisalat, acquired a 50.3 percent stake in Careem’s super app spinout for $400 million.

Careem’s ride-hailing business will continue to be fully owned by Uber, while its super app will have Uber, Careem’s co-founders, and e& as major shareholders.

Careem’s super app offers multiple services including food delivery.

The super app offers multiple services including food and grocery delivery, micro-mobility, a digital wallet and other fintech options.


The company currently operates in 10 countries across the Middle East, North Africa and South Asia, and will use the investment to expand further.

“Super apps have catalyzed the economic, social and cultural growth of emerging markets today. The popularity of super apps has come from the need to provide a unique and seamless customer experience,” Hatem Dowidar, group CEO at e&, said.

Since Uber’s acquisition of Careem in 2020 for $3.1 billion, Careem has evolved into a multiservice app that witnessed massive growth through the years.

“The Careem super app is a digital native that has built a rapidly growing payments, food and grocery delivery network, and a platform for other digital businesses to scale from. The shared vision between e& and Careem is exciting, we believe that together we’ll be able to enhance our impact across different markets in the region while pushing the boundaries of customer experience,” Dowidar added.

Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
Trump's Anti-War Stance Tested Amid Israel-Iran Conflict
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
Black Box Recovered from Air India Crash Site
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
Trump to Iran: Make a Deal — Sign or Die
Operation "Like a Lion": Israel Strikes Iran in Unprecedented Offensive
Israel Launches 'Operation Rising Lion' Targeting Iranian Nuclear and Military Sites
Israeli Forces Intercept Gaza-Bound Aid Vessel Carrying Greta Thunberg
IMF Warns of Severe Global Trade War Impacts on Emerging Markets
Syria to Reconnect to Global Economy After 14 Years of Isolation
Israel Confirms Arming Gaza Clan to Counter Hamas Influence
Global News Roundup: From Ukraine's strategic military strikes and Russia's demands and Tensions Escalate in Ukraine, to serious legal issues faced by Britons in Bali and Trump's media criticism, the latest developments highlight a turbulent landscape
U.S. Reduces Military Presence in Syria
Trump Demands Iran End All Uranium Enrichment in Nuclear Talks
Iran Warns Europe Against Politicizing UN Nuclear Report
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
×