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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

• Carta received ADGM’s Financial Services Permission and opened its regional HQ at Hub71 to grow fund operations and equity services in MENA.

• Saudi Arabia launched a national AI incubator, backing 20 startups with funding and mentorship under Vision 2030 to boost its tech economy.

• PayTabs announced the launch of its AI-powered payment orchestration platform platform, set to cross $86.63 billion in transaction processing.

• UAE’s SCA introduced the region’s first Finfluencer License with a 3-year fee waiver to regulate financial content and protect investors.

💸 Top Funding Rounds

• Qashio secured $19.8 million in a mix of equity and non-equity funding to expand corporate cards, loyalty, and compliance in Saudi Arabia and MENA.

• Stitch raised $10 million in seed funding to grow API-driven payments and onboarding in East Africa and the Middle East.

• Taawoni landed $1.6 million led by M Capital to expand its AI platform linking universities and companies in Saudi Arabia.

• Gainz secured seven-figure pre-seed funding to grow its Shariah-compliant AI SME lending platform across the GCC.

• BirdEye received $586,000 to expand its retail tech and hire locally in Saudi Arabia, supporting SMEs under Vision 2030.

💰️ Notable Exits

• UAE-based Tech Universal Ventures acquired FixSquad and Sweden’s ELVA11 to expand digital infrastructure and smart services across the Gulf and global markets.

• M+C Saatchi Middle East acquired DUNE | 23 to boost its sport and entertainment expertise expanding its regional presence with 160+ team members.

🏦 About Investors

• Saudi’s Humain plans a $10 billion VC fund to invest in global AI startups and attract US tech firms while leveraging new laws and subsidies to boost AI infrastructure.

• LIFE mobilized its global Lebanese diaspora to support startups through international pitch nights that connected founders with investors and mentorship, driving growth.

🚀 Startup of the Week

Introducing our Startup of the Week 🏆

Qashio

Qashio, a UAE-based fintech founded in 2021 by Armin Moradi, offers a spend management platform and is the first in the UAE to issue corporate employee cards. It raised $19.8 million in a mixed funding round led by Rocketship VC, with participation from MoreThan Capital and regional banks to expand into Saudi Arabia and grow its B2B loyalty program across MENA. With 800%+ YoY revenue growth and profitability in Q1 2025, Qashio is rapidly scaling as a category-defining fintech serving SMEs and enterprises.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

Humain

Humain, a state-owned AI company in Saudi Arabia launched in May 2025 under the Public Investment Fund and Vision 2030, plans to raise a $10 billion venture fund to invest in AI startups across the U.S., Europe, and Asia. The company is engaging with major U.S. tech firms like Andreessen Horowitz, OpenAI, and xAI, while securing partnerships with Qualcomm, Nvidia, AMD, and Amazon to build a data center network targeting 1.9 gigawatts of capacity by 2030. Humain aims to process 7% of global AI training and inferencing by 2030 as part of a broader $77 billion investment to boost Saudi Arabia’s AI infrastructure and global tech presence.

🤑 Opportunity Radar

Call for Applications: Cartier Women’s Initiative Awards

Apply to the Cartier Women’s Initiative Awards by 2 p.m. CEST, June 24, 2025, and gain access to funding, global visibility, and a transformative fellowship experience. Open to impact entrepreneurs from around the world, this opportunity includes regional awards across nine global regions and a Science & Technology Pioneer Award for women driving breakthrough innovations. Selected fellows receive tailored support to grow their business and leadership skills. If you're a mission-driven founder leveraging business as a force for good, don’t miss this chance to join a powerful community of changemakers. Start your application today.