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Saudi Arabia's Startup Ecosystem Sees Significant Funding Influx Ahead of LEAP 2025
Various fintech and technology startups secure substantial funding in anticipation of the Kingdom's upcoming technology conference.
As Saudi Arabia prepares for its flagship technology conference, LEAP 2025, the startup ecosystem within the Kingdom is experiencing a notable increase in funding activity.
A range of fintech, artificial intelligence, and industrial technology companies have concluded significant funding rounds.
One of the most prominent announcements comes from Forus, a Saudi peer-to-peer lending platform, which has secured a $60 million credit facility from Fasanara Capital.
This financing will enable Forus to offer over $150 million in working capital loans specifically targeting small and medium-sized enterprises (SMEs) across Saudi Arabia.
Founded in 2019 by Nosaibah Al-Rajhi, Forus has already facilitated more than $390 million in working capital financing for over 400 SMEs, aiming to bridge the financing gaps for businesses facing difficulties with traditional banking access.
In another development, Saudi-based artificial intelligence startup vminds.ai announced the closing of a six-figure pre-seed funding round from undisclosed angel investors.
The founder, Ahmed Al-Mashhadi, stated that the funds would be utilized for the official launch of their intelligent self-learning platform, which integrates over 150 AI tools.
The platform is expected to roll out for individual users and enterprises by the third quarter of 2025.
Egyptian fintech Khazna has also made headlines by securing a $16 million pre-series B funding round.
Investors including SANAD Fund for MSME and Aljazira Capital participated.
Established in 2020 by Omar Saleh, Ahmed Wagueeh, and Fatimah El-Shenawy, Khazna caters to Egypt's underbanked population, providing services such as credit, buy now pay later, and bill payments.
The recent funding is intended to facilitate the application for a digital banking license in Egypt and support expansion plans into the Saudi market.
Further investment news comes from Egypt-based Simplex, which has raised $13 million in funding, led by Saudi Arabia’s National Industrial Development Center.
This funding is aimed at establishing a factory in Riyadh that will focus on producing advanced CNC machines.
Simplex was founded in 2013 by Ahmed Shaaban, Mohamed Mansour, and Amr Mahmoud and provides manufacturing solutions across various sectors.
UAE-based fintech firm Myne has secured $2 million in a pre-seed funding round led by Scene Holding, with other contributors involved as well.
Founded in 2024 by Karim Chouman, Myne is a wealth management platform that offers a range of financial tools including asset tracking and digital estate planning.
The funding will facilitate efforts to scale operations and enhance technology infrastructure in the region.
Additionally, qeen.ai, another UAE-based AI startup, completed a $10 million seed funding round, marking a significant early-stage investment in the Middle East and North Africa region.
The funding will aid in expanding its AI solutions for e-commerce businesses.
The round was led by Prosus Ventures, and qeen.ai has raised a total of $12.2 million after an initial pre-seed funding.
Within the UAE, VISARUN.AI, a visa-as-a-service platform, attracted $700,000 in pre-seed funding.
Founded by Vladimir Indjikian and Alena Iakina in 2024, the platform focuses on streamlining visa processing and aims to reduce manual labor requirements significantly.
In Qatar, Rasmal Ventures LLC, a venture capital firm, has secured backing from the Qatar Investment Authority under its $1 billion Fund of Funds initiative.
This funding will support its inaugural Rasmal Innovation Fund I LLC, which targets high-growth startups in various sectors, including fintech and AI.
Egypt-based Beltone Venture Capital has invested an undisclosed amount in the Moroccan eyewear startup LNKO, which operates a direct-to-consumer model.
Founded in 2020 by Maha Bennani, LNKO is set to utilize the investment for regional expansion.
Lastly, Foundation Ventures, also based in Egypt, announced the first close of its $25 million fund aimed at supporting early-stage and growth-stage startups in the region.
Founded in 2018, the firm is backed by several institutions, including the Egyptian American Enterprise Fund.
As funding continues to flow into the region, these developments highlight the growing momentum of startups in Saudi Arabia and its neighboring countries ahead of LEAP 2025.
A range of fintech, artificial intelligence, and industrial technology companies have concluded significant funding rounds.
One of the most prominent announcements comes from Forus, a Saudi peer-to-peer lending platform, which has secured a $60 million credit facility from Fasanara Capital.
This financing will enable Forus to offer over $150 million in working capital loans specifically targeting small and medium-sized enterprises (SMEs) across Saudi Arabia.
Founded in 2019 by Nosaibah Al-Rajhi, Forus has already facilitated more than $390 million in working capital financing for over 400 SMEs, aiming to bridge the financing gaps for businesses facing difficulties with traditional banking access.
In another development, Saudi-based artificial intelligence startup vminds.ai announced the closing of a six-figure pre-seed funding round from undisclosed angel investors.
The founder, Ahmed Al-Mashhadi, stated that the funds would be utilized for the official launch of their intelligent self-learning platform, which integrates over 150 AI tools.
The platform is expected to roll out for individual users and enterprises by the third quarter of 2025.
Egyptian fintech Khazna has also made headlines by securing a $16 million pre-series B funding round.
Investors including SANAD Fund for MSME and Aljazira Capital participated.
Established in 2020 by Omar Saleh, Ahmed Wagueeh, and Fatimah El-Shenawy, Khazna caters to Egypt's underbanked population, providing services such as credit, buy now pay later, and bill payments.
The recent funding is intended to facilitate the application for a digital banking license in Egypt and support expansion plans into the Saudi market.
Further investment news comes from Egypt-based Simplex, which has raised $13 million in funding, led by Saudi Arabia’s National Industrial Development Center.
This funding is aimed at establishing a factory in Riyadh that will focus on producing advanced CNC machines.
Simplex was founded in 2013 by Ahmed Shaaban, Mohamed Mansour, and Amr Mahmoud and provides manufacturing solutions across various sectors.
UAE-based fintech firm Myne has secured $2 million in a pre-seed funding round led by Scene Holding, with other contributors involved as well.
Founded in 2024 by Karim Chouman, Myne is a wealth management platform that offers a range of financial tools including asset tracking and digital estate planning.
The funding will facilitate efforts to scale operations and enhance technology infrastructure in the region.
Additionally, qeen.ai, another UAE-based AI startup, completed a $10 million seed funding round, marking a significant early-stage investment in the Middle East and North Africa region.
The funding will aid in expanding its AI solutions for e-commerce businesses.
The round was led by Prosus Ventures, and qeen.ai has raised a total of $12.2 million after an initial pre-seed funding.
Within the UAE, VISARUN.AI, a visa-as-a-service platform, attracted $700,000 in pre-seed funding.
Founded by Vladimir Indjikian and Alena Iakina in 2024, the platform focuses on streamlining visa processing and aims to reduce manual labor requirements significantly.
In Qatar, Rasmal Ventures LLC, a venture capital firm, has secured backing from the Qatar Investment Authority under its $1 billion Fund of Funds initiative.
This funding will support its inaugural Rasmal Innovation Fund I LLC, which targets high-growth startups in various sectors, including fintech and AI.
Egypt-based Beltone Venture Capital has invested an undisclosed amount in the Moroccan eyewear startup LNKO, which operates a direct-to-consumer model.
Founded in 2020 by Maha Bennani, LNKO is set to utilize the investment for regional expansion.
Lastly, Foundation Ventures, also based in Egypt, announced the first close of its $25 million fund aimed at supporting early-stage and growth-stage startups in the region.
Founded in 2018, the firm is backed by several institutions, including the Egyptian American Enterprise Fund.
As funding continues to flow into the region, these developments highlight the growing momentum of startups in Saudi Arabia and its neighboring countries ahead of LEAP 2025.
