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MENA firms raise $180m in 7-day funding blitz

Techrar, a subscription and billing management platform, raised $1.6 million in funding led by Wa’ed Ventures, the venture capital arm of Aramco. (Supplied)
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Updated 04 May 2025
Nour El-Shaeri
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MENA firms raise $180m in 7-day funding blitz

  • Activity reflects continued investor confidence in multiple sectors
Updated 04 May 2025
Nour El-Shaeri

RIYADH: Startups across the Middle East and North Africa kicked off the second quarter of 2025 with a wave of funding rounds, acquisitions, and strategic mergers.

The activity reflects continued investor confidence in sectors ranging from fintech and food tech to health tech and Software-as-a-Service. 

Saudi Arabia and the UAE led the charge, underscoring their growing prominence as hubs for regional startup innovation. 

Fintech startup Erad, based in the Kingdom, has raised $16 million in a pre-series A funding round with participation from Y Combinator, Nuwa Capital, and Khwarizmi Ventures, as well as Aljazira Capital, VentureSouq, Oraseya Capital, and Joa Capital. 

The round follows its $2.4 million pre-seed raise three years ago, backed by several of the same investors. 

Founded in 2022 by Salem Abu-Hammour, Faris Yaghmour, Abdulmalik Al-Meheini, and Youssef Said, Erad provides Shariah-compliant, data-driven financing to micro, small and medium-sized enterprises in Saudi Arabia and the UAE. 




UAE-based fintech Fuze has raised $12.2 million in a series A round led by Galaxy and e& capital, with participation from Further Ventures. (Supplied)

“While SMEs continue to power the GCC (Gulf Cooperation Council) economy, entrepreneurs in retail, F&B (food and beverage), healthcare, and beyond struggle to secure the capital they need to scale up. Over 60 percent of our customers are first-time credit takers, and we are proud to be partners in their growth while fostering financial inclusion,” Abu-Hammour said. 

The company claims its platform enables access to funding in as little as 48 hours. The new capital will support Erad’s geographic expansion, local hiring, and product development, aligning with Saudi Vision 2030’s goals to increase SME economic contribution.

Techrar secures $1.6m to scale recurring billing platform 

Techrar, a Saudi subscription and billing management platform, has raised $1.6 million in funding led by Wa’ed Ventures, the venture capital arm of Aramco. 

Founded in 2022 by Safwan Saigh, Fawzan Al-Khlawi, and Rania Shaker, Techrar focuses on managing subscriptions, memberships, and recurring billing. 

The investment will be used to expand the team, develop new products, and support customer acquisition.

iMENA Group secures $135m  pre-IPO investment 

Saudi-based iMENA Group has raised $135 million in a pre-initial public offering funding round through a combination of private placement and in-kind contributions. 

The round included participation from Sanabil Investments, FJ Labs, and SellAnyCar founder Saygin Yalcin, among other Saudi investors. 

Co-founded in 2012 by Nasir Al-Sharif, Khaldoon Tabaza, and Adey Salamin, iMENA is the parent company of platforms including OpenSooq, SellAnyCar, and Jeeny. 

The company will use the funds to increase its stake in these core businesses, pursue vertical and geographic expansion, and improve operational synergies across its portfolio. 

Healthtech startup Tuba raises $8m pre-seed round 

Saudi Arabia-based health tech startup Tuba has secured $8 million in a pre-seed funding round led by Al-Waalan Investment with participation from angel investors.  

Founded in 2025 by Fayez Al-Anazi, Tuba leverages artificial intelligence to enhance healthcare management by improving operational efficiency and creating more transparent, patient-centric experiences. 

The funds will be used to build technical infrastructure, grow the team, and scale operations in line with its vision of digitally transforming the healthcare sector. 

STV launches $100m Shariah-compliant fund

STV has announced the final close of its $100 million STV NICE Fund I, a non-dilutive capital vehicle aimed at supporting the growth of tech startups in Saudi Arabia through Shariah-compliant financing solutions.

Backed by SAB Invest’s Alternative Financing Fund, a CMA-licensed private fund, and several regional family offices, the initiative is supported by the National Technology Development Program.

The fund seeks to fill a key financing gap by offering non-dilutive capital to early- and growth-stage technology ventures.

Fuze raises $12.2m to expand infrastructure 

UAE-based fintech Fuze has raised $12.2 million in a series A round led by Galaxy and e& capital, with participation from Further Ventures. 

Founded in 2023 by Mo Ali Yusuf, Arpit Mehta, and Srijan Shetty, Fuze provides Digital-assets-as-a-Service, over-the-counter trading, and stablecoin infrastructure. 

The company says it has processed over $2 billion in digital asset volume to date. The funds will be used to accelerate regional and global expansion, enhance product offerings, and grow the team. 

Calo enters UK market through dual acquisition 

Saudi-headquartered food tech startup Calo has expanded into the UK with the acquisition of Fresh Fitness Food and Detox Kitchen, two established brands in the health-focused food delivery sector. 

Founded in Bahrain in 2019 by Ahmed Al-Rawi and Moayed Al-Moayed, Calo offers personalized meal subscriptions for health-conscious consumers. 

The company raised $25 million in a series B round in December 2023, led by Nuwa Capital, with participation from STV, Khwarizmi Ventures, and regional family offices. 

Calo currently operates in Saudi Arabia, the UAE, and Bahrain, as well as Qatar and Kuwait, and plans to go public in Saudi Arabia by 2027. 

Miran and Welnes merge to form holistic health platform 

AI-driven health and fitness app Miran has merged with Welnes, a fitness community platform, in a strategic move to combine personalized technology with a community-based approach. 

Miran offers tailored meal plans, workout routines, and health insights through AI. Welnes, backed by Flat6Labs, Samurai Incubate, UI Investments, and angel investors, connects users with coaches and wellness programs. 

The merged entity aims to deliver a comprehensive health platform targeting the growing wellness market in Saudi Arabia. 

Zest Equity raises $4.3m to scale secondary shares platform 

Zest Equity, a UAE-based fintech enabling secondary share transactions, has raised $4.3 million in pre-series A funding. 

The round was led by Prosus Ventures and included participation from Morgan Stanley Inclusive and Sustainable Ventures. 

Founded in 2021 by Rawan Baddour and Zuhair Shamma, Zest Equity facilitates secondary share sales for ecosystem participants such as founders and venture capitalists. 

The company will use the capital to grow in Saudi Arabia and the UAE, hire specialized talent, and develop its technology infrastructure. Zest previously raised $3.8 million in a seed round in October 2023. 

BloomPath raises $1.3m pre-seed to enhance workflow analytics 

US-based SaaS startup BloomPath has raised $1.3 million in a pre-seed round led by RAED Ventures, with participation from Ulu Ventures, Wamda Capital, +VC, and angel investors. 

Founded in 2024 by Mohammad Kotb and Ahmed Gad, BloomPath offers AI-powered workflow tools designed to track progress, analyze patterns, and monitor team performance. 

The funding will support product development, team expansion, and customer acquisition. 

Hushday raises $550k to launch premium retail platform 

UAE-based e-commerce startup Hushday has raised $550,000 in a pre-seed round from undisclosed regional investors. 

Founded earlier this year by Jennifer Cohen Solal and Riad Djabri, Hushday offers an invitation-only platform for consumers to access premium and luxury brands’ excess inventory while preserving brand positioning and pricing. 

The company plans to launch in the UAE and expand into Saudi Arabia, Qatar, and Kuwait. 

iQ Cars raises 7-figure seed round to expand automotive platform in Iraq 

Iraq-based automotive platform iQ Cars has raised a seven-figure seed round led by Euphrates Ventures. 

Founded in 2020 by Amer Salih, iQ Cars operates an online marketplace featuring more than 34,000 car listings and over 1,000 dealerships. 

The company, now registered as Iraq’s first private joint stock company, plans to expand across the country while enhancing transparency and innovation in the sector, according to a press release.

Topics: Start-up of the Week MENA

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How AI and financial literacy are redefining the Saudi workforce

Updated 26 December 2025
Waad Hussain
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How AI and financial literacy are redefining the Saudi workforce

  • Preparing people capable of navigating money and machines with confidence
Updated 26 December 2025
Waad Hussain

ALKHOBAR: Saudi Arabia’s workforce is entering a transformative phase where digital fluency meets financial empowerment. 

As Vision 2030 drives economic diversification, experts emphasize that the Kingdom’s most valuable asset is not just technology—but people capable of navigating both money and machines with confidence.

For Shereen Tawfiq, co-founder and CEO of Balinca, financial literacy is far from a soft skill. It is a cornerstone of national growth. Her company trains individuals and organizations through gamified simulations that teach financial logic, risk assessment, and strategic decision-making—skills she calls “the true language of empowerment.”

An AI-driven interface showing advanced data insights, highlighting the increasing demand for leaders who can navigate both technology and strategy. (creativecommons.org)

“Our projection builds on the untapped potential of Saudi women as entrepreneurs and investors,” she said. “If even 10–15 percent of women-led SMEs evolve into growth ventures over the next five years, this could inject $50–$70 billion into GDP through new job creation, capital flows, and innovation.”

Tawfiq, one of the first Saudi women to work in banking and later an adviser to the Ministry of Economy and Planning on private sector development, helped design early frameworks for the Kingdom’s venture-capital ecosystem—a transformation she describes as “a national case study in ambition.”

“Back in 2015, I proposed a 15-year roadmap to build the PE and VC market,” she recalled. “The minister told me, ‘you’re not ambitious enough, make it happen in five.’” Within years, Saudi Arabia had a thriving investment ecosystem supporting startups and non-oil growth.

Opinion

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At Balinca, Tawfiq replaces theory with immersion. Participants make business decisions in interactive simulations and immediately see their financial impact.

“Balinca teaches finance by hacking the brain, not just feeding information,” she said. “Our simulations create what we call a ‘business gut feeling’—an intuitive grasp of finance that traditional training or even AI platforms can’t replicate.”

While AI can personalize lessons, she believes behavioral learning still requires human experience.

Saudi women take part in a financial skills workshop, reflecting the growing role of financial literacy in shaping the Kingdom’s emerging leadership landscape. (AN File)

“AI can democratize access,” she said, “but judgment, ethics, and financial reasoning still depend on people. We train learners to use AI as a co-pilot, not a crutch.”

Her work aligns with a broader national agenda. The Financial Sector Development Program and Al Tamayyuz Academy are part of Vision 2030’s effort to elevate financial acumen across industries. “In Saudi Arabia, financial literacy is a national project,” she said. “When every sector thinks like a business, the nation gains stability.”

Jonathan Holmes, managing director for Korn Ferry Middle East, sees Saudi Arabia’s digital transformation producing a new generation of leaders—agile, data-literate, and unafraid of disruption.

“What we’re seeing in the Saudi market is that AI is tied directly to the nation’s economic growth story,” Holmes told Arab News. “Unlike in many Western markets where AI is viewed as a threat, here it’s seen as a catalyst for progress.”

Saudi Arabia's Vision 2030 and the national AI strategy are producing “younger, more dynamic, and more tech-fluent” executives who lead with speed and adaptability. (SPA photo)

Holmes noted that Vision 2030 and the national AI strategy are producing “younger, more dynamic, and more tech-fluent” executives who lead with speed and adaptability. Korn Ferry’s CEO Tracker Report highlighted a notable rise in first-time CEO appointments in Saudi Arabia’s listed firms, signaling deliberate generational renewal.

Korn Ferry research identifies six traits for AI-ready leadership: sustaining vision, decisive action, scaling for impact, continuous learning, addressing fear, and pushing beyond early success.

“Leading in an AI-driven world is ultimately about leading people,” Holmes said. “The most effective leaders create clarity amid ambiguity and show that AI’s true power lies in partnership, not replacement.”

He believes Saudi Arabia’s young workforce is uniquely positioned to model that balance. “The organizations that succeed are those that anchor AI initiatives to business outcomes, invest in upskiling, and move quickly from pilots to enterprise-wide adoption,” he added.

DID YOU KNOW?

• Saudi women-led SMEs could add $50–$70 billion to GDP over five years if 10–15% evolve into growth ventures.

• AI in Saudi Arabia is seen as a catalyst for progress, unlike in many Western markets where it is often viewed as a threat.

• Saudi Arabia is adopting skills-based models, matching employees to projects rather than fixed roles, making flexibility the new currency of success.

The convergence of Tawfiq’s financial empowerment approach and Holmes’s AI leadership vision points to one central truth: the Kingdom’s greatest strategic advantage lies in human capital that can think analytically and act ethically.

“Financial literacy builds confidence and credibility,” Tawfiq said. “It transforms participants from operators into leaders.” Holmes echoes this sentiment: “Technical skills matter, but the ability to learn, unlearn, and scale impact is what defines true readiness.”

Saudi women in the transportation sector represent the expanding presence of female talent across high-impact industries under Vision 2030. (AN File)

As organizations adopt skills-based models that match employees to projects rather than fixed job titles, flexibility is becoming the new currency of success. Saudi Arabia’s workforce revolution is as much cultural as it is technological, proving that progress moves fastest when inclusion and innovation advance together.

Holmes sees this as the Kingdom’s defining opportunity. “Saudi Arabia can lead global workforce transformation by showing how technology and people thrive together,” he said.

Tawfiq applies the same principle to finance. “Financial confidence grows from dialogue,” she said. “The more women talk about money, valuations, and investment, the more they’ll see themselves as decision-makers shaping the economy.”

Together, their visions outline a future where leaders are inclusive, data-literate, and AI-confident—a model that may soon define the global standard for workforce transformation under Vision 2030.
 

 

Topics: Eye On AI financial literacy Editor’s Choice

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