RIYADH: Saudi Arabia’s startup ecosystem continues to thrive, with significant investment across private equity, sportstech and digital platforms.
Jada Fund of Funds has announced an investment in Jadwa GCC Private Equity Fund I, managed by Jadwa Investment. The Riyadh-based fund is targeting SR1.5 billion ($399.2 million) in commitments, with a hard cap of SR2 billion.
The fund will invest in companies across the Gulf Cooperation Council, with a particular focus on Saudi Arabia. This marks Jadwa’s first regional blind pool fund, following a track record of 16 single-asset funds launched since 2007.
The agreement was signed in Riyadh by Bandr Al-Homaly, CEO of Jada Fund of Funds, and Tariq Al-Sudairy, CEO of Jadwa Investment. The partnership aims to further strengthen regional private equity investment activity.
CaptionJada Fund of Funds has announced an investment in Jadwa GCC Private Equity Fund I. (Supplied)
“Backing Jadwa’s first regional blind pool fund demonstrates our commitment to supporting the evolving private equity space led by pioneering investment firms, with the aim to broaden the Kingdom’s private equity ecosystem and contribute to its economic diversification,” Al-Homaly said.
“We are excited to partner with Jada Fund of Funds and to contribute to the development of the private equity ecosystem in Saudi Arabia through our blind pool fund, the GCC Private Equity Fund I. This investment will provide the capital necessary to grow businesses and enable their contribution to the Kingdom’s economic transformation,” Al-Sudairy said.
SVC backs Aliph Fund I
Saudi Venture Capital Co. has invested in Aliph Fund I, a growth-focused private equity fund managed by UAE-based Aliph Capital. The fund, founded in 2021, has a target size of $250 million.
Aliph Fund I focuses on mid-market companies across Saudi Arabia and the wider GCC. Its strategy emphasizes value creation through active ownership and enabling technology adoption to enhance business operations and growth potential.
“We are honored to welcome SVC as an investor in Aliph Fund I. The GCC’s SMEs represent fantastic opportunities to create investor value and drive economic growth, particularly when supported by active, hands-on management with a clear strategy of digitization and technology enablement,” Huda Al-Lawati, founder and CEO of Aliph Capital, said.
This investment aligns with SVC’s commitment to supporting private equity funds that drive growth across the GCC. Specific details about the investment amount were not disclosed.
“Our investment in the private equity fund by Aliph Capital is part of SVC’s Investment in Funds Program, in alignment with our strategy to support funds that invest in Saudi-based SMEs with growth potential,” Nabeel Koshak, CEO of SVC, said.
Saudi fintech Mala secures investment from Nuwa Capital
Saudi Arabia’s business-to-business buy now, pay later platform Mala has secured an undisclosed investment from venture capital firm Nuwa Capital.
Founded in 2024 by Musaab Al-Hakami, Mala offers business financing for the procurement landscape with its BNPL platform.
Khaled Talhouni, managing partner of Nuwa Capital, revealed that the market’s persistent problem and opportunity, as well as Al-Hakami’s experience, were the main reasons behind the investment.
Grintafy secures investment from Adaverse
Grintafy, a Saudi sportstech platform, has secured an undisclosed investment from Adaverse to accelerate its transformation to Web3. The company was founded in 2019 by Majdi Al-Lulu.
The platform connects football talent to opportunities with prominent teams in the Middle East and Europe. Grintafy is leveraging emerging technologies to enhance its talent discovery and recruitment processes.
This funding follows Grintafy’s previous financial support, including a $2.1 million bridge round in 2022 from Aramco’s Wa’ed. In March, the company also received backing from Chiliz to support its growth.
Koora Break secures funding from Rio Ferdinand’s TFG
Saudi sports platform Koora Break has received a multi-million-dollar investment from the Ferdinand Group, owned by former footballer Rio Ferdinand. TFG has acquired a minority stake in the company.
Founded in 2022 by Bader Al-Hammad, Koora Break is a sports network catering to the Middle East and North Africa region. The platform claims to attract 800 million visitors per month with its extensive football-related content.
Koora Break plans to use the investment to expand into European and Asian markets. Its multilingual content strategy will include offerings in both Arabic and English to broaden its global reach.
SpiderSilk inks MoU with stc Group’s Sirar
Saudi-based cyber artificial intelligence startup SpiderSilk inked a memorandum of understanding with stc Group’s Sirar.
The MoU will enable SpiderSilk to package its flagship product, Resonance, with some of Sirar’s services.
The agreement will also strengthen SpiderSilk’s Saudi market presence.
Aliph Capital invests in SANIPEX GROUP
UAE-based private equity firm Aliph Capital has acquired a 25 percent stake in SANIPEX GROUP, a lifestyle product supplier. The value of the transaction was not disclosed.
Founded in 1995 by Daryl Barker, SANIPEX GROUP provides premium bathroom, kitchen, lighting and outdoor solutions. Its customer base spans retail, corporate and trade clients across the GCC and international markets.
The investment follows Aliph Capital’s recent commitment from SVC to its Aliph Fund I. The deal underscores Aliph’s focus on mid-market companies in the region.
Playgama raises $3m for gametech innovation
UAE-based gametech startup Playgama has raised $3 million in a funding round led by The Open Platform and s16vc. Other investors include FJ Labs, The Games Fund, and TON Ventures.
Playgama, founded in 2023 by Dmitry Kachmar, operates an HTML5 games portal offering titles for all age groups. The platform simplifies monetization for developers and supports web gaming innovation.
The funding will enable Playgama to enhance its developer tools, introduce advanced analytics, and integrate fintech solutions. The company aims to drive growth in the web gaming sector.
Enakl raises $1.4m pre-seed funding
Morocco-based mobility startup Enakl has raised $1.4 million in a pre-seed funding round. The round was led by Catalyst Fund, with support from Renew Capital, Digital Africa, and Station F.
Enakl, founded in 2023 by Samir Bennani and Charles Pommarede, offers sustainable urban mobility solutions. The company is focused on collective transport tailored for emerging markets.
The funding will support Enakl’s expansion in Casablanca and further development of its AI-driven technology. Enakl aims to optimize transport routes and deepen its impact in underserved urban areas.
Abikhdmh expands with close to $800k funding
Saudi platform Abikhdmh has raised $798,545 to broaden its range of digital services. The app facilitates access to government services such as document issuance for businesses and citizens.
The funding will enable Abikhdmh to add new services, including flight reservations, business assistance, and employment solutions. The platform’s growth reflects increased demand for digital transformation in Saudi Arabia.
Abikhdmh’s expansion aligns with Saudi Vision 2030, which emphasizes digital innovation to enhance public and private sector services. The app is positioned to play a key role in modernizing service delivery in the Kingdom.
