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Startup Wrap: MENA ventures draw $190m in multi-sector funding wave

Founded in 2010 by Renaud de Gonfreville and Eric Ouisse, ZIWO provides an Arabic-first, AI-powered cloud contact center-as-a-service platform. (Supplied)
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Updated 22 February 2026
Nour El-Shaeri
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Startup Wrap: MENA ventures draw $190m in multi-sector funding wave

  • Transactions include early-stage seed rounds and growth credit facilities
Updated 22 February 2026
Nour El-Shaeri

RIYADH: Startups across the Middle East and North Africa have secured fresh capital spanning fintech, artificial intelligence, cybersecurity, and beyond, reflecting sustained investor appetite for technology-led growth. 

The transactions include early-stage seed rounds, growth credit facilities, and multi-million-dollar series investments, alongside a strategic acquisition and a major cross-border AI stake. 

Saudi Arabia-based fintech CASHIN has raised $16 million in a series A round led by Impact46. Founded in 2021 by Omar Al-Rammah, Abdulkarim Zrik, and Obay Al-Madi, the company provides an AI-enabled unified platform that connects financial and operational activities for fuel station operators, integrating pumps, tanks, payments, and auxiliary services into a centralized system. 

CASHIN previously secured $1.6 million in a seed round in 2021 led by Investor Mine, with participation from BIM Ventures and several angel investors. 

The company will deploy the new funding to expand fuel station networks across Saudi Arabia, enhance AI and advanced analytics capabilities, and deepen integrations with regulators, suppliers, vehicle operators, and banking institutions. 

ZIWO secures strategic growth credit

UAE-based AI contact center platform ZIWO has secured a strategic growth credit investment from Ajeej Capital’s Amplify Growth Fund. The value of the investment was not disclosed. 

Founded in 2010 by Renaud de Gonfreville and Eric Ouisse, ZIWO provides an Arabic-first, AI-powered cloud Contact Center-as-a-Service platform, enabling enterprises to manage voice, messaging, and digital customer interactions through a unified system. 

The company closed a seven-digit pre-series B investment round in 2021. It will use the new funding to expand across the GCC, deepen regional partnerships and integrations, and accelerate the deployment of advanced AI automation and voice intelligence capabilities, following 6.6x revenue growth since its series A round. 

Madfu raises $25.5m pre-series A to scale Shariah-compliant BNPL 

Saudi Arabia-based fintech startup Madfu has raised $25.5 million in a pre-series A round led by Afaq Capital, with participation from angel investors. 

Founded in 2022 by Abdullah Al-Ibrahim, Ahmed Al-Wusheel, and Anas Al-Shaqir, Madfu provides Shariah-compliant buy now, pay later solutions that allow consumers to split purchases into up to six interest-free installments. 

The company will deploy the funding to expand its merchant network across Saudi Arabia, enhance its technology infrastructure, and develop new Islamic finance-aligned products, as it strengthens its position within the Kingdom’s digital payments ecosystem. 




Founded in 2021 by Manar Mahmassani, Rami Tabbara and Ricardo Brizido, Stake enables users to invest in fractional property ownership. (Supplied)

Solidrange raises $2.4m seed to advance AI-powered cybersecurity solutions 

Saudi Arabia-based cybersecurity startup Solidrange has raised $2.4 million in a seed round led by Sharaka Capital, with participation from Sadu Capital, SEEDRA Ventures, and Tali Ventures, the investment arm of stc. 

Founded in 2023 by Jamal Labani, Solidrange specializes in AI-powered Governance, Risk, and Compliance automation and cybersecurity awareness solutions. 

The company will use the funding to accelerate regional expansion, advance product and technical development, and deepen the integration of artificial intelligence across its platforms. 

Breadfast secures $50m pre-series C to expand across Africa 

Egypt-based e-commerce platform Breadfast has raised $50 million in a pre-series C round backed by Mubadala Investment Co., a Saudi billionaire family, SBI Investment Co., Olayan Financing Co., and other institutional investors. 

Founded in 2017 by Mostafa Amin, Muhammad Habib and Abdallah Nofal, Breadfast has evolved from a bread delivery service into a vertically integrated platform offering groceries, pharmaceuticals, payments, private-label products, and coffee shops. 

The company will use the funding to expand infrastructure, scale logistics, and explore entry into new African markets ahead of a larger series C round expected in the first half of 2026, as it positions itself for long-term growth and a potential global IPO. 

Stake raises $31m series B to expand fractional real estate platform 

UAE-based proptech platform Stake has raised $31 million in an oversubscribed series B round led by Emirates NBD, with participation from Mubadala Investment Company’s MENA Venture Capital Fund, MEVP, and Property Finder, as well as STV NICE, Wa’ed Ventures, GFH Partners, and Ellington Properties. 

Founded in 2021 by Manar Mahmassani, Rami Tabbara and Ricardo Brizido, Stake enables users to invest in fractional property ownership and private real estate funds starting from 500 dirhams. 

With the latest round, the company’s total funding reaches $58 million. Stake will use the proceeds to expand its regulated offering in Saudi Arabia, scale its cross-border investment model, advance tokenization initiatives in collaboration with Property Finder, and grow new products such as StakeOne, as it deepens institutional partnerships and pursues international expansion. 

Flextock raises $12.6m series A to strengthen e-commerce infrastructure 

Egypt-based e-commerce infrastructure startup Flextock has raised $12.6 million in a series A round led by TLcom Capital, with participation from Conjunction Capital, Capria Ventures, and Access Bridge Ventures, as well as Foundation Ventures, BY Venture Partners, and JIMCO. 

Alter Global, MSA Capital, and other investors also took part.

Founded in 2021 by Mohamed Mossaad and Enas Siam, Flextock operates across Egypt and Saudi Arabia, offering an integrated platform combining fulfillment, delivery aggregation, and cross-border enablement, as well as sales-channel access and embedded merchant financing through a unified technology system. 

In 2021, the company closed a $3.25 million pre-seed round from regional investors including Foundation Ventures, Jameel Investment Management Company, and Bridge Ventures, alongside undisclosed angel investors in the GCC. 

Flextock will use the new funding to expand infrastructure, enhance its end-to-end product suite, and accelerate merchant acquisition across core markets, supporting small and medium-sized enterprise growth and regional e-commerce expansion. 

Deep.SA extends pre-seed round with Vision Ventures participation 

Saudi AI startup Deep.SA has announced the participation of Vision Ventures in its pre-seed round, extending a previously raised SR4.5 million ($1.2 billion) from TAM and Raed Ventures. 

Founded in 2025 by Mohammed Daggas, Deep.SA develops locally hosted AI platforms and models tailored for government and enterprise clients, focusing on operational efficiency, cost optimization, and secure data environments aligned with Saudi regulations. 

The investment extends a $1.2 million pre-seed round announced in August led by Tam Development and Raed Ventures. 

The company will use the funding to accelerate product development, expand Saudi-built AI infrastructure, and scale its recently launched “alPlatformai” platform, which enables secure, compliant access to artificial intelligence models. 

Dawar acquires stake in BekyaPay to expand recycling traceability 

Egypt-based circular economy platform Dawar has acquired a strategic stake in consumer recycling app BekyaPay, extending its digital oversight to the household level. 

Founded in 2017, Dawar functions as a digital infrastructure layer for recyclable material flows, recording over 90,000 verified tonnes across 22 governorates and connecting collection points, aggregators, and traders within a unified traceability system. 

The acquisition integrates source-level collection into Dawar’s architecture, enhancing data visibility and positioning the platform as compliance infrastructure amid tightening extended producer responsibility and environmental, social and governance reporting requirements. 

Charikaty raises $150,000 on ‘Qui Veut Investir Dans Mon Projet?’ 

Morocco-based regulatory tech startup Charikaty has raised $150,000 during season three of “Qui Veut Investir Dans Mon Projet?” with backing from Ilan Benhaim and Karim Amor. 

Founded by Amr Mouaqit and Driss Sijelmassi, Charikaty offers fully digital company formation services in Morocco, simplifying legal structuring, registration, modifications, and compliance processes for entrepreneurs. 

The company will use the funding to enhance its technology, expand operations across Morocco, and scale services for small and medium-sized enterprises and the Moroccan diaspora, aligning with the country’s Maroc Digital 2030 strategy.

Topics: Start-up of the Week MENA

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Iran conflict intensifies risk for specialty insurers: Moody’s 

Updated 8 sec ago
Arab News
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Iran conflict intensifies risk for specialty insurers: Moody’s 

Updated 8 sec ago
Arab News

RIYADH: The Iran conflict has increased tail risk for Gulf specialty insurers according to Moody’s Ratings, although diversified firms are expected to face manageable losses under its baseline scenario.

The agency said the conflict has effectively blocked the Strait of Hormuz, through which just five vessels per day transited in the first eight days of March, down from a pre-conflict average of around 100 daily transits, citing Portwatch data. 

Moody’s baseline scenario assumed the conflict would be relatively short-lived with navigation through the passage eventually resuming at scale. In this scenario, losses are expected to be manageable for large, diversified insurers due to careful risk selection, aggregate claims limits and reinsurance protection. 

Amid widening conflict that has disrupted shipping in the region, the US International Development Finance Corp. on March 11 announced a $20 billion reinsurance facility, with Chubb serving as lead partner, according to Reuters. 

Without such war-risk coverage, ships and cargo worth hundreds of millions of dollars remain exposed to attacks in the waterway, through which about one-fifth of global oil flows normally pass. 

“Specialty insurers and reinsurers, which provide tailored coverage of complex risks such as marine, aviation and political violence, face increased likelihood of severe events leading to outsized claims as a result of the Iran conflict,” the report said. 

Moody’s added that “they are also benefiting from an increase in the price of political violence and terrorism coverage amid rising demand from businesses looking to protect assets in the region.” 

Since Feb. 28, the UK Maritime Trade Operations has recorded 17 incidents affecting vessels in the Arabian Gulf, Strait of Hormuz and Gulf of Oman, including 13 attacks and four reports of suspicious activity.

Marine insurers on March 5 issued notices of cancelation to terminate or reprice hull and cargo war-risk cover, which protects ships and cargo from damage caused by acts of war. 

“In fast-moving conflicts, war-risk cover can become more expensive or may be canceled on short notice depending on the wording,” said Pillsbury Winthrop Shaw Pittman LLP, the international law firm, in a blog post. 

The Lloyd’s Market Association confirmed that the vast majority of approximately 1,000 vessels in the Arabian Gulf, with an aggregate insured value exceeding $25 billion, remain covered in the London market, although at higher prices and under more restrictive terms. 

Beyond the immediate insurance implications, the disruption is creating cascading operational challenges for ship operators. “Longer maritime voyages can mean more fuel, more crew time and missed contractual delivery windows as chokepoints become chokeholds,” Pillsbury added. 

Protection and indemnity clubs, which cover liability risks such as oil spills, have reinstated some war-risk cover but halved liability limits for the Gulf to $250 million per event, forcing ship owners to retain more risk. 

On March 6, the US International Development Finance Corp. announced a reinsurance facility to cover losses up to approximately $20 billion on a rolling basis to facilitate passage through the Strait of Hormuz, initially focusing on hull and cargo coverage. 

Moody’s noted that prolonged vessel detention could trigger “blocking and trapping” provisions in war risk policies, allowing total loss claims after 12 months of detention, a scenario that could lead to clustered claims and legal disputes. 

Aviation sector on alert 

Aviation insurers face similar challenges, with airspace closures and missile activity increasing risks to aircraft on the ground at major regional airports. While insurers have largely maintained coverage, they have intensified monitoring and retain options for rapid repricing if conflict escalates. 

The report drew parallels to the Russia-Ukraine conflict, where approximately 400 aircraft valued at over $10 billion were detained in Russia, leading to complex litigation and ultimately exposing contingency war risk policies to significant losses. 

Moody’s added: “We see few parallels with the current conflict, where physical damage is the main driver of loss. We also estimate that there is more risk to primary war risk insurance than to contingency covers in this case.” 

Political violence coverage in focus 

Demand for political violence and terrorism insurance has risen sharply at significantly increased prices, a positive for insurer business volumes but one that increases exposure to potential further escalation. 

Loss reports are already emerging, with Bapco Energies in Bahrain reportedly notifying insurers of damage to its refinery complex from recent attacks. 

Legal uncertainty surrounds these policies, the report warns, as distinctions between war, terrorism and civil commotion are frequently contested in scenarios involving coordinated attacks or proxy actors. 

Outlook 

The concentration of high-value assets in the Gulf region increases potential for loss accumulation compared to recent geopolitical tensions such as Russia’s invasion of Ukraine. A prolonged conflict would raise the probability of larger, more complex loss scenarios. 

“War exclusion clauses will also provide some insulation, although these will likely face legal challenges in some cases,” Moody’s noted.

The conflict has also heightened cyber risk exposure for global insurers, with potential for Iranian state-aligned cyberattacks on Western corporates representing a material tail risk. 

Past Iranian state-backed cyberattacks have not breached cyber insurance attachment points, but legal uncertainty remains over the application of war exclusions. 

Energy insurance is considered less vulnerable due to well-dispersed assets, though attacks on infrastructure or prolonged production disruption could generate correlated claims across property, energy, marine and credit lines. 

Topics: War in Iran moody's ratings maritime insurance

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