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Saudi Arabia tops 2023 MENA venture capital rankings
Startup News FYI
·
1y ago
Medial
Saudi Arabia has emerged as the top destination for venture capital (VC) funding in the MENA region in 2023, capturing 52% of the total capital deployed. This reflects the economic development taking place in the country as part of Saudi Vision 2030. The funding deployed into Saudi Arabian startups increased by 33% in 2023, solidifying the Kingdom's position as the largest economy in the MENA region and a global player in the G20 and BRICS group. The achievement is attributed to the government's initiatives and the emergence of active investors and entrepreneurs in the country.
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MENA Digest: Saudi Arabia's Mush Social, UAE's Brand IO raise early-stage funds
VCCircle
·
9m ago
Medial
This week in the MENA region, early-stage venture capital deals were prominent in startup investment activity. Saudi Arabian social media startup Mush Social and UAE-based branding startup Brand IO raised pre-seed and seed funding respectively. Proptech company Ayen based in Saudi Arabia also announced an acquisition.
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Golden Gate Ventures expands global reach: Launches MENA office in Saudi Arabia
Startup News FYI
·
1y ago
Medial
Golden Gate Ventures, a prominent venture capital fund, is expanding its global reach by launching its inaugural Middle East and North Africa (MENA) office in Saudi Arabia. This move aims to strengthen connections between Singapore and the MENA region and accelerate the growth of the startup ecosystem in MENA. Golden Gate Ventures has already been actively engaged in the region, collaborating with startup ecosystem partners across the Gulf Cooperation Council (GCC). The firm is providing mentorship to over 50 founders from MENA, helping them navigate the global startup landscape.
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In Charts: Saudi Venture Capital doubles down on commitments in 2023
VCCircle
·
1y ago
Medial
Saudi Venture Capital (SVC), the state-owned institution managing $2.2 billion in assets, significantly increased its funding commitments in 2023, as Saudi Arabia surpassed the UAE to become the world's top VC-funded market. SVC's investments for the year included nine limited partner-style bets.
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MENA Digest: WheeKeep, Airwater, Lune raise funding; Beco Capital gets an exit
VCCircle
·
1y ago
Medial
During the week, several UAE and Saudi Arabia-based tech startups raised funding. Saudi logistics startup WheeKeep secured $8 million in Series A funding, UAE-based data analytics startup Lune raised $1.5 million in a seed round, proptech portal Property Finder raised $90 million in debt financing, electronics marketplace Revent secured $900,000 in pre-seed funding, and air-to-water technology company Airwater raised funding from Tau Capital. Additionally, investment firm Golden Gate Ventures launched a $100 million MENA fund, and Egypt-based firm Glint closed the first round of its $3 million venture fund.
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Shorooq Partners eyes Saudi expansion with ‘oversubscribed’ Bedaya Fund II
VCCircle
·
1y ago
Medial
Shorooq Partners, an Abu Dhabi-based venture capital firm, is expanding into Saudi Arabia through its oversubscribed Bedaya Fund II. The firm aims to allocate 30% of the fund to startups in the Kingdom, seizing opportunities in the growing Saudi market. The move aligns with Shorooq Partners' plan to strengthen its commitments in Saudi Arabia and further establish its presence in the region.
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Saudi shopping and BNPL platform Tamara tops $1B valuation in $340M Series C funding
Startup News FYI
·
1y ago
Medial
Tamara, a buy now, pay later platform in Saudi Arabia and the GCC region, has raised $340 million in a financing round led by SNB Capital and Sanabil Investments, valuing the company at $1 billion. The platform, which offers installment payment options, claims to have over 10 million users across Saudi Arabia, the UAE, and Kuwait. The funding will be used to expand its services and introduce new products beyond BNPL. Tamara aims to differentiate itself by being customer-centric and sharia-compliant, and plans to remove late payment fees.
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How Middle East sovereign funds are cementing their global dominance
VCCircle
·
1y ago
Medial
In 2023, sovereign wealth funds from Middle Eastern countries, including Saudi Arabia, increased their investments globally, surpassing state-backed investors from Singapore and Canada. The Public Investment Fund (PIF) of Saudi Arabia led the way in deploying capital. This trend showcases the growing dominance of Middle East sovereign funds and their role in global investments.
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Saudi VC SEEDRA onboards sovereign investor as LP for second fund
VCCircle
·
8m ago
Medial
Saudi venture capital firm SEEDRA Ventures has partnered with the Saudi Arabia Public Investment Fund-owned Jada Fund-of-Funds for its second fund. SEEDRA Ventures supports early-stage companies and currently manages a portfolio of 26 startups. This collaboration will provide SEEDRA Ventures with further financial backing and enhance its ability to nurture and invest in promising startups in Saudi Arabia and beyond.
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MENA Digest: Fintechs lead fundraising this week; VC investment falls in August
VCCircle
·
10m ago
Medial
Fintech startups dominated venture capital fundraising in the MENA region this week, with Egyptian digital payments provider Paymob and UAE-based fintech FlapKap securing funding. However, VC investment in startups fell by 76% in August compared to July, with $83 million raised across 30 deals. Paymob raised $22 million in a Series B extension round, while FlapKap raised $34 million in pre-Series A funding. Other startups receiving funding included cloud kitchen IO Kitchens in Oman and proptech startup HissaTech in Saudi Arabia.
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Saudi shopping and BNPL platform Tamara tops $1B valuation in $340M Series C funding
Startup News FYI
·
1y ago
Medial
Tamara, a buy now, pay later platform operating in Saudi Arabia and the GCC region, has raised $340 million in a Series C funding round led by SNB Capital and Sanabil Investments. This brings the valuation of the fintech to $1 billion. Tamara, which allows users to shop and pay in installments, claims to have over 10 million users and partnerships with 30,000 merchants. The growth of BNPL usage in Saudi Arabia has been significant, driven by the rising popularity of e-commerce and digital payments. Tamara plans to use the funding to expand its offerings and enhance integration into the shopping journey.
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