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MENA startups secure new investments, acquisitions across fintech, AI and e-commerce

Qme, an Egypt-based B2B SaaS startup, has raised $3 million in a seed funding round led by AHOY and a group of angel investors from the GCC. Supplied
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Updated 23 February 2025
NOUR EL-SHAERI   
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MENA startups secure new investments, acquisitions across fintech, AI and e-commerce

Updated 23 February 2025
NOUR EL-SHAERI   

RIYADH: Startups across the Middle East and North Africa continue to attract significant investment, with funding rounds and acquisitions shaping the region’s growing tech ecosystem.  
From artificial intelligence infrastructure and fintech to automotive SaaS and second-hand fashion, companies are securing capital to expand operations, enhance technology, and enter new markets. 
Among the latest developments, UK-based AI cloud infrastructure provider Ori has secured a strategic investment from Wa’ed Ventures, the venture capital arm of Saudi Aramco, as it prepares for expansion in the Middle East. 
The financial terms of the investment were not disclosed. The deal follows Ori’s recent deployment of Nvidia’s H200 chips, positioning the company as a key AI infrastructure provider in the UK, the Middle East, and beyond. 
Ori, which enables large-scale AI model training and deployment, currently operates in over 20 locations across North America and Europe.  




Mahdi Yahya, CEO of Ori. Supplied

With the backing of Wa’ed Ventures, Ori plans to localize its operations in Saudi Arabia, launching a regional subsidiary in Riyadh to support the country’s Vision 2030 initiative. 
Wa’ed Ventures, a $500 million fund investing in advanced technology startups, has expanded its focus internationally since 2022 to support companies that can localize their technologies in Saudi Arabia.  
The fund has previously invested in AI chipmaker Rebellions and real estate fintech firm Stake.  
Ori recently raised £140 million ($176.8 million) and is preparing for a larger funding round in 2025. 
It partners with global technology firms, including Nvidia, Supermicro, and Dell, and is backed by investors such as Telefonica, NextEra Energy, and Episode 1 Ventures. 
Dubizzle acquires Egypt’s Hatla2ee 
UAE-based online classifieds platform Dubizzle Group has acquired Hatla2ee, an Egyptian online car marketplace, for an undisclosed amount. 
The acquisition strengthens Dubizzle Group’s regional presence by integrating its technology and resources into Hatla2ee’s platform. 
Founded in 2016 by Samy Swellam, Hatla2ee provides a marketplace for buying and selling new and used cars in Egypt.  
Dubizzle Group, established in 2005, operates multiple classified platforms, including Dubizzle, Bayut, and Drive Arabia.  
The acquisition follows Dubizzle Group’s purchase of UAE-based automotive media platform Drive Arabia in May 2024. 
MANSA raises $10m for cross-border payments 
MANSA, a fintech firm specializing in cross-border payments, has secured $10 million in funding to enhance its liquidity solutions.  
The funding includes a $3 million pre-seed round led by Tether and co-led by Polymorphic Capital, with participation from Octerra Capital, Faculty Group, and Trive Digital.  
MANSA also raised $7 million in liquidity funding from corporate investors, quantitative funds, and alternative investment firms. 




Mansa Co-Founders. Supplied

The company, co-founded by Mouloukou Sanoh and Nkiru Uwaje, leverages stablecoins to streamline liquidity management for payment providers in emerging and developed markets.  
Since launching in August, MANSA has facilitated $27 million in transactions, with on-chain volume surging 574 percent from August to January 2025. 
The new funding will support the company’s expansion into Latin America and Southeast Asia. 
Egypt’s Qme raises $3m for AI business solutions 
Qme, an Egypt-based B2B SaaS startup, has raised $3 million in a seed funding round led by AHOY and a group of angel investors from the Gulf Cooperation Council. 
Founded in 2022 by Maged Negm, Qme provides AI-driven digital infrastructure for businesses, integrating booking, queuing, analytics, and payment solutions.  
The investment will be used to enhance the company’s technology, expand its market presence, and strengthen partnerships. 
UAE fintech Blum secures $5m in seed funding 
Blum, a UAE-based decentralized exchange, has raised $5 million in a pre-seed and seed funding round led by gumi Cryptos Capital, Spartan, No Limit Holdings, YZi Labs, and OKX Ventures. 
Founded in 2024 by Gleb Kostarev and Vladimir Smerkis, Blum offers token trading through gamification within a Telegram mini-app.  
The funding will support the platform’s infrastructure development, trading enhancements, and expansion across multiple blockchain networks. 
Tunisia’s Dabchy raises pre-Series A funding 
Dabchy, a Tunisia-based peer-to-peer fashion marketplace, has raised an undisclosed amount in a pre-Series A funding round led by Janngo Capital and angel investors. 
Founded in 2016 by Ameni Mansouri, Ghazi Ketata, and Oussama Mahjoub, Dabchy provides an e-commerce marketplace for second-hand fashion.  
The funding will support the startup’s expansion into Egypt, broaden its product offerings, and improve its platform. 
The Box secures $12.5m for storage expansion 
The Box, a UAE-based self-storage services provider, has secured $12.5 million in debt financing led by Shorooq Partners. 
Founded in 2007 by Wadih Haddad, The Box offers personal storage, record management, and moving services.  
The new capital will enable the company to expand its storage facilities and develop flagship locations. 
Palm Ventures closes $30m early-stage fund 
Palm Ventures, a MENA-focused investment firm, has closed a $30 million fund to support early-stage startups in the region, with a portion allocated to US-based AI ventures. 
Founded in 2014, Palm Ventures has backed 40 startups and collaborated with government entities to drive innovation.  
Between 2020 and 2024, the firm invested in 20 MENA and US-based AI startups. 
The new fund will target AI, fintech, and business solutions, supporting digital transformation in the region. 
Pinewood acquires 90.9 percent of Seez for $42m 
Pinewood Technologies PLC has acquired a 90.9 percent stake in UAE-based automotive SaaS platform Seez for approximately $42 million.  
The transaction, expected to close by March 19, 2025, will be funded through a mix of cash payments and newly issued shares. 
Seez specializes in AI and machine learning solutions for the automotive sector, including e-commerce and omnichannel products.  
Pinewood, which provides automotive intelligence solutions, aims to leverage Seez’s technology to enhance its agency management systems while reducing reliance on third-party AI licenses.  
The companies anticipate the acquisition will be earnings-accretive by fiscal year 2026. 
Oman Investment Authority partners with Golden Gate 
Oman Investment Authority has partnered with Singapore-based venture capital firm Golden Gate Ventures to strengthen Oman’s startup landscape. 
Through its technology arm, Innovation Development Oman, OIA has become a limited partner in Golden Gate Ventures’ new $100 million fund, which marks the firm’s first major venture capital initiative in the MENA region. 
The partnership aims to attract foreign investment into Oman’s technology sector while providing startups with funding, expertise, and market access. 
Golden Gate Ventures, which has backed around 100 companies since 2011 — including nine unicorns — views Oman as a promising innovation hub. 
Algerie Telecom launches $11m AI startup fund 
Algeria’s state-owned telecom company, Algerie Telecom, has announced an $11 million investment fund to support startups in artificial intelligence, cybersecurity, and robotics.  
The initiative was unveiled at the third edition of Algeria’s CTO Forum as part of the country’s national AI and digital transformation strategy. 
The investment will support the establishment of 20,000 startups, alongside efforts to develop AI-focused universities, incubators, and a nationwide expansion of digital infrastructure aimed at strengthening Algeria’s technological ecosystem. 

Topics: startups

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AI will never replace human creativity, says SRMG CEO 

Updated 30 January 2026
Lama Alhamawi
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AI will never replace human creativity, says SRMG CEO 

  • Speaking to Maya Hojeij, senior business anchor at Asharq with Bloomberg, Jomana R. Alrashid expressed pride in SRMG platforms that had absorbed and adopted AI
Updated 30 January 2026
Lama Alhamawi

RIYADH: Jomana R. Alrashid, CEO of Saudi Research and Media Group, highlighted how AI cannot replace human creativity during a session at The Family Office’s “Investing Is a Sea” summit at Shura Island on Friday. 

“You can never replace human creativity. Journalism at the end of the day, and content creation, is all about storytelling, and that’s a creative role that AI does not have the power to do just yet,” Alrashid told the investment summit. 

“We will never eliminate that human role which comes in to actually tell that story, do the actual investigative reporting around it, make sure to be able to also tell you what’s news or what’s factual from what’s wrong ... what’s a misinformation from bias, and that’s the bigger role that the editorial player does in the newsroom.”

Speaking on the topic of AI, moderated by Maya Hojeij, senior business anchor at Asharq with Bloomberg, the CEO expressed her pride in SRMG platforms that had absorbed and adopted AI in a way that was “transformative.”

“We are now translating all of our content leveraging AI. We are also now being able to create documentaries leveraging AI. We now have AI-facilitated fact-checking, AI facilities clipping, transcribing. This is what we believe is the future.”

Alrashid was asked what the journalist of the future would look like. “He’s a journalist and an engineer. He’s someone who needs to understand data. And I think this is another topic that is extremely important, understanding the data that you’re working with,” she said.

“This is something that AI has facilitated as well. I must say that over the past 20 years in the region, especially when it comes to media companies, we did not understand the importance of data.”

 

The CEO highlighted that previously, media would rely on polling, surveys or viewership numbers, but now more detailed information about what viewers wanted was available. 

During the fireside session, Alrashid was asked how the international community viewed the Middle Eastern media. Alrashid said that over the past decades it had played a critical role in informing wider audiences about issues that were extremely complex — politically, culturally and economically — and continued to play that role. 

“Right now it has a bigger role to play, given the role again of social media, citizen journalists, content creators. But I also do believe that it has been facilitated by the power that AI has. Now immediately, you can ensure that that kind of content that is being created by credible, tier-A journalists, world-class journalists, can travel beyond its borders, can travel instantly to target different geographies, different people, different countries, in different languages, in different formats.”

She said that there was a big opportunity for Arab media not to be limited to simply Arab consumption, but to finally transcend borders and be available in different languages and to cater to their audiences. 

 

The CEO expressed optimism about the future, emphasizing the importance of having a clear vision, a strong strategy, and full team alignment. 

Traditional advertising models, once centered on television and print, were rapidly changing, with social media platforms now dominating advertising revenue.

“It’s drastically changing. Ultimately in the past, we used to compete with one another over viewership. But now we’re also competing with the likes of social media platforms; 80 percent of the advertising revenue in the Middle East goes to the social media platforms, but that means that there’s 80 percent interest opportunities.” 

She said that the challenge was to create the right content on these platforms that engaged the target audiences and enabled commercial partnerships. “I don’t think this is a secret, but brands do not like to advertise with news channels. Ultimately, it’s always related with either conflict or war, which is a deterrent to advertisers. 

“And that’s why we’ve entered new verticals such as sports. And that’s why we also double down on our lifestyle vertical. Ultimately, we have the largest market share when it comes to lifestyle ... And we’ve launched new platforms such as Billboard Arabia that gives us an entry into music.” 

Alrashid said this was why the group was in a strong position to counter the decline in advertising revenues across different platforms, and by introducing new products.

“Another very important IP that we’ve created is events attached to the brands that have been operating in the region for 30-plus years. Any IP or any title right now that doesn’t have an event attached to it is missing out on a very big commercial opportunity that allows us to sit in a room, exchange ideas, talk to one another, get to know one another behind the screen.” 

The CEO said that disruption was now constant and often self-driving, adding that the future of the industry was often in storytelling and the ability to innovate by creating persuasive content that connected directly with the audience. 

“But the next disruption is going to continue to come from AI. And how quickly this tool and this very powerful technology evolves. And whether we are in a position to cope with it, adapt to it, and absorb it fully or not.”

Topics: The Family Office Saudi Research and Marketing Group (SRMG) artificial intelligence (AI) Jomana Alrashid

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