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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

• Calo entered the UK market by acquiring Fresh Fitness Food and Detox Kitchen to fuel global growth.

• Animoca Brands opened a new office in Dubai to expand its presence in the region with Omar Elassar appointed as MD and Head of Partnerships.

• Nayla Finance was licensed by the Saudi Central Bank for microfinance services, raising the total number of licensed firms to 66.

• BoxCommerce launched in the UAE to help SMEs with digital tools and mobile commerce integration.

• BitGo MENA gained a VASP license from VARA to provide regulated digital asset custody in Dubai.

💸 Top Funding Rounds

• Erad, a Saudi fintech, secured a $16 million pre-series A round to grow Shariah-compliant financing for SMEs in Saudi Arabia and the UAE.

• UAE’s Fuze landed a $12.2 million Series A to boost its digital-assets infrastructure and drive crypto adoption.

• Saudi Tuba, an AI-powered healthtech startup, raised $8 million in pre-seed funding to transform healthcare management.

• True Gamers, a UAE esports chain, obtained $5 million in funding to expand across MENA and Europe.

• Dubai’s Zest Equity closed a $4.3 million pre-series A round to digitize private market transactions in emerging markets.

💰️ Notable Exits

• AI-driven health app Miran merged with fitness platform Welnes, to create a holistic health experience in Saudi Arabia, aiming to promote healthier lifestyles aligned with Vision 2030.

🏦 About Investors

• STV closed its $100 million NICE Fund I offering non-dilutive funding to growth-stage startups with Sharia-compliant profit-sharing, aiming to support scaling across Saudi and MENA markets.

• ZIGLabs, Disrupt.com, and DWF Labs launched a $25 million DeFAI fund at ZIGChain Summit to back AI-powered decentralized finance and digital wealth tools.

• Wa’ed Ventures signed an MoU with the Ministry of Environment, Water and Agriculture to boost strategic investments in sustainability-focused startups in Saudi Arabia.

🚀 Startup of the Week

Introducing our Startup of the Week 🏆

Erad

Erad, a Saudi-based fintech founded in 2022 by Salem Abu-Hammour, Faris Yaghmour, Abdulmalik Almeheini, and Youssef Said, has raised $16 million in a pre-series A round to expand its Shariah-compliant financing platform for SMEs in Saudi Arabia and the UAE. The company, backed by investors including Y Combinator, Nuwa Capital, and Aljazira Capital, uses proprietary data modeling to offer fast, non-dilutive funding—often within 48 hours—to underserved businesses in sectors like retail, F&B, healthcare, and e-commerce. Erad has already facilitated over $26.6 million in funding, supporting hundreds of businesses, including well-known names like Citron, Wixsana, and House of Pops.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

STV

STV (Saudi Technology Ventures), the largest technology-focused venture capital firm in the MENA region, was established in 2018 by Saudi Telecom Company. The firm has closed its inaugural non-dilutive funding vehicle, the STV NICE Fund I, with a $100 million commitment to support growth-stage startups in Saudi Arabia and the broader MENA region. This innovative fund offers Sharia-compliant, non-dilutive capital using the unique NICE (Non-Dilutive Investment in Callable Equity) instrument, enabling startups to scale without equity dilution. Already backing companies like Morni, RedBox, and Invygo, the fund aims to bridge the tech sector's financing gap while supporting Saudi Vision 2030 and economic diversification goals.

🤑 Opportunity Radar

Call for Applications: Omantel Accelerator Cohort 6

Apply to the Omantel Accelerator Cohort 6 by June 18th, 2025, and scale your tech startup with tailored support in Oman. This 6-month program offers free office space, mentorship, global networking opportunities, and access to potential investment from Omantel Innovation Labs. Ideal for post-MVP startups in 5G, IoT, AI, Cybersecurity, Big Data, Fintech, and Customer Experience, the accelerator kicks off in September 2025. Don’t miss your chance to grow within a thriving innovation ecosystem—apply now and transform your business with the backing of Omantel.