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Welcome to another edition of 🔍 Startup Researcher - Middle East, your essential digest delivering the latest news and premium insights on startups and venture capital across the region 🌍

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📰 Important News

• Ant International and Iraqi fintech Qi Card have launched SuperQi, a digital banking app aimed at boosting financial inclusion in Iraq.

• Telegram introduced third-party account verification with a focus on improving safety, preventing scams, and offering new monetization features.

• Egyptian AgriTech startup Renil announced plans to establish a new company in Saudi Arabia after raising $450,000 in funding.

• The Sharjah Entrepreneurship Festival has launched the Startup Showcase competition to support innovative ideas and startups.

💸 Top Funding Rounds

• Saudi-based foodtech Calo secured $25 million in Series B funding led by Nuwa Capital to expand operations, introduce AI-driven personalization, and pursue a Saudi IPO by 2027.

• Saudi startup Vreal raised Pre-Seed funding from numu Angels Investment Community to revolutionize e-commerce with 3D product modeling technology, aiming to enhance shopping experiences.

💰️ Notable Exits

• Devsinc acquired Alchemative to dominate the $22 billion regional digital retail and eCommerce market, enhancing its presence in Pakistan, the UAE, and Saudi Arabia while boosting its fintech and eCommerce capabilities.

• Stagwell expanded its MENA presence by acquiring Create. Group, a leading digital communications agency in the Middle East, integrating it into the Code and Theory Network to enhance global digital transformation.

🏦 About Investors

• SVC announced its investment in Global Ventures' $150 million third fund to boost startups in Saudi Arabia, MENA, and Sub-Saharan Africa, focusing on AI, supply chain, agritech, and cloud computing innovation.

🚀 Startup of the Week

Introducing our Startup of the Week 🏆

Calo

Calo, a Saudi-based foodtech startup founded in 2019 by Ahmed Alrawi and Moayed Almoayed, has raised $25 million in its Series B funding round, led by Nuwa Capital with participation from STV, Khwarizmi Ventures, and regional family offices. The company, which offers personalized meal subscriptions across the GCC region, plans to expand further with AI-driven personalization, launch new products, and explore retail opportunities. Calo has also set its sights on a Saudi IPO by 2027. Since its inception, the startup has raised a total of $53.6 million and has achieved impressive growth, delivering over 10 million meals in 2024 alone. The Series B round was oversubscribed, prompting an additional $25 million raise scheduled for Q1 2025.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

Global Ventures

Global Ventures is an international venture capital firm, founded in 2018 and headquartered in Dubai, that specializes in investing in growth-stage companies led by visionary founders with a global outlook. The firm has recently secured a significant investment from the Saudi Venture Capital Company (SVC) in its third fund, which surpasses $150 million. This partnership is designed to accelerate entrepreneurship and foster the growth of startups across the MENA and Sub-Saharan Africa regions. The new fund will focus on high-potential technological sectors, including supply chain modernization, agricultural innovations, cloud computing, and artificial intelligence. Having already funded over 66 startups across 10 markets, Global Ventures is committed to harnessing technology to drive innovation and growth in emerging markets, reinforcing its position as a key player in these regions.

 🤑 Opportunity Radar

Call for Applications: Y Combinator Spring 2025

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