CAIRO: The Saudi venture capital landscape has profoundly influenced the regional ecosystem, with startups attracting investment from speculators in the Kingdom.
One such startup is UAE-based SpiderSilk, which raised $9 million from Aramco’s venture capital arm, Wa’ed Ventures, with participation from Saudi-based STV and Global UAE Ventures.
Founded in 2019 by Rami El-Malak and Mossab Hussein, SpiderSilk will primarily use its funding to expand into the Saudi market by relocating its headquarters to the Kingdom.
The company offers organizations an artificial intelligence-driven cyber defense platform and exposure detection technologies.
“Although the Gulf Cooperation Council region is a key technology market, virtually no intellectual property is being built in the region for the region and beyond, and we believe it is increasingly important to achieve autonomy in this sector for the benefit of public and private organizations,” said El-Malak.
Scheduled to establish its Saudi headquarters in 2024, SpiderSilk aims to generate highly skilled employment opportunities in cutting-edge technology sectors, including cybersecurity, artificial intelligence and research and development.
Aramco Ventures leads $10 million fundraising for Singapore’s REDEX
Aramco Ventures, the investment arm of Saudi Arabia’s Aramco, has taken the lead in a $10 million Series A funding round for Singapore’s REDEX, a renewable energy certificate service provider.
The strategic investment is designed to catalyze REDEX’s expansion beyond Asian borders. The funding round notably attracted a diverse group of new backers from the Middle East, Southeast Asia and Japan.
Founded in 2018 by Jen-Wee Kang, REDEX offers a comprehensive suite of REC management solutions.
Saudi edtech startup Noon raises $41 million in Series B funding
Saudi edtech startup Noon has closed a SR153 million ($41 million) Series B funding round co-led by Aramco’s Wa’ed Ventures and RAED Ventures.
By offering a peer-to-peer social learning application, Noon aims to use funding to enable artificial intelligence-based solutions to further personalize its learning experiences.
Our goal is to introduce unprecedented levels of engagement within the classroom while providing students with the opportunity to learn from exceptional educators.
Mohammed Al-DhalaanCo-founder and CEO of Noon
“As we expand our presence in physical classrooms, our goal is to introduce unprecedented levels of engagement within the classroom while providing students with the opportunity to learn from exceptional educators,” said said Mohammed Al-Dhalaan, co-founder and CEO of Noon.
Founded in 2013 by Al-Dhalaan and Abdulaziz Al-Saeed, Noon has gained traction in major markets including Saudi Arabia, Iraq, Egypt and Pakistan.
The company claims to have over 12 million registered users, with a goal of expanding this to 190 million across the aforementioned markets.
Noon also aims to use the capital to strengthen its global expansion strategies over the next two to three years.
“We are proud to double our investment in Noon and co-lead its Series B round. The company has built an exceptional platform experience for students and educators that delivers new approaches to learning and has demonstrated the ability to scale across diverse markets across multiple geographies,” said Omar Al-Majdouie, founding partner of Raed Ventures.
Additionally, Fahad Alidi, Managing Director of Wa’ed Ventures, expressed confidence in Noon’s position for significant growth.
“Noon has become one of the few emerging companies to have a lasting impact on the regional startup ecosystem by being both a successful business model in a typically challenging industry and a true agent of change,” he said. declared.
The funding round also saw participation from notable investors including SVC, STV and Riyadh Valley Co. Other participants included Endeavor, Sanabil 500, Qyem Development Holding and Nahlat Alarab Holding.
Saudi Arabia-based Tabby achieves unicorn status with new funding round
Tabby, the Saudi “Buy Now, Pay Later” platform, has become the first fintech company in the Middle East and North Africa to achieve “unicorn” status after securing $200 million in a Series D funding round.
A unicorn rating is achieved when a company reaches a valuation of $1 billion without the need for a stock market listing.
In a press release, the company announced that its valuation had reached $1.5 billion, ahead of its planned IPO in the Kingdom.
The latest funding has strengthened Tabby’s financial position, enabling it to meet demand for its flagship BNPL solution, which manages an annualized transaction volume of more than $6 billion.
“Tabby aims to reshape financial services – fair and responsible services – and with this investment, we can advance our mission in Saudi Arabia and the UAE,” noted Hosam Arab, CEO and co-founder of the society.
Originally established in the UAE, Tabby recently relocated its headquarters to the Kingdom in line with its IPO plans.
Moving to Saudi Arabia was a strategic move for Tabby, as 80% of its users were from the Kingdom.
The funding was led by Wellington Management, one of the world’s leading independent investment management firms, alongside existing investors such as STV, Mubadala Investment Capital, PayPal Ventures and Arbor Ventures.
Saudi VMS invests in two Egyptian startups to accelerate its expansion in Saudi Arabia
Saudi venture capital studio Value Maker Studio has invested in Egyptian companies OBM Education and Awfar to accelerate their expansion in the Kingdom.
Founded in 2020 by Omar El-Barbary and Ezz El-Din Farag, OBM supports students in their professional orientation.
Awfar, on the other hand, is a software as a service platform for commercial businesses. It was created in 2020 by Abdelrahman Galal.
Moroccan ORA Technologies raises $1 million in pre-seed funding round
Moroccan super app, ORA Technologies, recently announced the successful closing of a $1 million pre-seed funding round, backed by local private investors.
Created in 2023 by Omar Alami and six other co-founders, the ORA app offers a diverse range of features.
Whether facilitating peer-to-peer transactions, hosting an e-commerce platform, or offering on-demand services, the platform also integrates chat and social media features.
In a bid to expand its services, ORA aims to introduce a digital wallet. Since its creation, the application has recorded 140,000 downloads.
Egyptian Almouneer raises $3.6 million
Egyptian healthtech startup, Almouneer, successfully secured $3.6 million in seed funding from Global Ventures, Proparco and Digital Africa through the Bridge Fund, and was also supported by Wrightwood Investments , among other international financiers.
Created in 2017 by Noha Khater and Rania Kadry, Almouneer is a digital platform dedicated to supporting patients suffering from chronic illnesses.
Funds raised are intended to advance the patient-focused platform to treat prediabetes, diabetes and obesity.
UAE fintech NOW Money closes funding round
UAE-based fintech NOW Money has secured an undisclosed funding round led by Dubai entrepreneurs Mark Nutter and Nicolas Andine.
Founded in 2015 by Ian Dillon and Katharine Budd, NOW Money facilitates peer-to-peer remittances and aims to use financing to further expand its product offering.