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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

• The UAE Ministry of Economy partnered with Schneider Electric to support climate-tech startups through the NextGen FDI initiative.

• Tamara received a license from the Saudi Central Bank to offer consumer finance and BNPL services, expanding its financing solutions beyond SAR 5,000.

• Emirates NBD launched cryptocurrency trading services on its Liv X app, enabling users to buy, sell, and trade digital assets.

• Saudi deeptech firm Intelmatix launched the AI Academy, offering courses to help organizations integrate AI into operations and close knowledge gaps.

• UAE’s Smiles app partnered with Tencent Cloud to boost digital commerce, implementing Tencent’s Super App as a Service for the first time in the region.

💸 Top Funding Rounds

• Deem Finance secured $400 million in asset-backed financing from JP Morgan to expand lending capabilities and support SMEs and individuals in the UAE.

• Klaim raised $26 million to accelerate regional expansion, enhance medical insurance claim payments, and strengthen its presence in the UAE and KSA.

• BILRS obtained funding from Salica Spring Studios, backed by Al-Waha Fund of Funds, to scale operations, enhance technology, and expand its global reach.

💰️ Notable Exits

• Talabat acquired 100% of InstaShop for $32 million to expand its grocery and retail division in MENA, integrating InstaShop’s capabilities and boosting its $2.5 billion GMV while enhancing operations and customer insights.

• UAE-based investment firm Foras acquired a 36% stake in Bahrain's Beban crowdfunding platform to enhance access to capital for startups across the region and foster growth in the entrepreneurial ecosystem.

🏦 About Investors

• Saudi Venture Capital (SVC) invested in the Artal Growth Opportunities Fund to support high-growth companies in the GCC, focusing on technology-driven business models and driving commercial growth and expansion.

• SC Ventures partnered with Visa to develop solutions supporting MENA SMEs, aiming to drive digital transformation, improve efficiency, and foster sustainable growth in sectors like fintech, e-commerce, and healthcare.

🚀 Startup of the Week

Introducing our Startup of the Week 🏆

Klaim

UAE-based healthcare fintech startup Klaim has secured $26 million in funding, comprising $10 million in Series A equity and $16 million in financing, to accelerate regional expansion and enhance medical insurance claim payments. Led by Saudi-based Mad’a Investment with participation from CDG Invest, the funding will support Klaim’s growth in the UAE, Saudi Arabia, and Oman, as well as its technological advancements and partnerships with financial institutions and insurers. Founded in 2019 by Karim Dakki and Ghafoor Ahmad and headquartered in Abu Dhabi Global Market, Klaim recently expanded into Saudi Arabia through a $16 million healthcare financing fund in collaboration with Tharawat Tuwaiq Financial Company.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

Artal Capital

Artal Capital, a Saudi-based investment management firm licensed by the Capital Market Authority, manages the Artal Growth Opportunities Fund, a closed-end private equity fund that focuses on supporting high-growth companies in the GCC. The fund, backed by a strategic investment from Saudi Venture Capital (SVC), targets technology-driven business models and aims to drive commercial growth, market expansion, and enhanced corporate governance for its portfolio companies, particularly in Saudi Arabia. Artal Capital, formerly known as Value Partners, leverages its expertise to focus on sectors with strong growth potential, emphasizing digital solutions and post-investment value creation.

 🤑 Opportunity Radar

Call for Applications: Venture For ClimateTech Cohort 5

Apply to Venture For ClimateTech Cohort 5 by March 12, 2025, and take your climate innovation to the next level. This program provides early-stage entrepreneurs with up to $50,000 in non-dilutive funding, hands-on mentorship, and access to a global ecosystem of investors and experts. Over six months, selected teams will receive support in commercialization, business development, and scaling, culminating in an investor-focused Demo Day in NYC. If you're working on a breakthrough ClimateTech solution with potential impact in New York State, start your application now and join the next wave of climate innovators.