Hello there,

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 🌍

If you haven't subscribed yet, now's the perfect time. Don't miss the opportunity to supercharge your understanding and stay ahead in this dynamic world.

Ready? Let’s get right into it.

📰 Important News

• Saudi Data and Artificial Intelligence Authority announced the issuance of accreditation to AI service providers to boost quality and reliability.

• StartUp Bahrain and Brinc formed a strategic partnership to support startups in Bahrain and MENA.

• The Saudi Central Bank granted STC Bank approval to begin operations, enhancing the sector’s diversity and boosting competition.

• Paymob partnered with Woo to become its preferred payment provider in MENA, offering regional e-commerce merchants over 50 payment methods.

• Payments fintech Vyne, acquired by Tarabut last year, will shut down its UK operations in April 2025 as part of Tarabut’s global strategy.

💸 Top Funding Rounds

• Lendo secured a $690 million warehouse facility led by J.P. Morgan to expand SME financing in Saudi Arabia.

• Crowdfunding platform Foras obtained a $60 million credit facility from Fasanara Capital to provide over $150 million in financing to SMEs in KSA.

• BioSapien extended its pre-Series A round to $7 million to support clinical trials for its MediChip™ technology targeting colorectal cancer in the UAE.

• Maalexi raised a $3 million credit facility from Citi to enhance global food trade and support SMEs in agriculture.

• Silkhaus secured a multi-million dollar investment led by Nuwa Capital and Oraseya Capital to expand into KSA and enhance its short-term rental platform across the GCC.

💰️ Notable Exits

• Abu Dhabi National Hotels’ ADNH Catering has acquired 100% of Food Nation Catering to expand in the education sector, serving over 70,000 UAE students, following its recent IPO.

🏦 About Investors

• Abu-Dhabi based impact VC fund Natural Ventures opened a new office in The Hague following the first close of its $100 million fund in July 2024.

• Qatar Investment Authority led a $104 million Series B funding round for Alice & Bob to advance quantum computing, aligning with Qatar’s strategy to invest in next-generation technologies.

📊 Investment Highlights

Discover how Kuwait's startup ecosystem defied regional investment slowdowns in 2024. From proptech and fintech disruptors to e-commerce and traveltech pioneers, these resilient startups secured key funding rounds to fuel growth and regional expansion. Delve into the full article to explore the largest deals, the visionary founders behind them, and how Kuwait is shaping its role in the MENA startup landscape.

🚀 Startup of the Week

Introducing our Startup of the Week 🏆

Lendo

Lendo, Saudi Arabia’s leading debt crowdfunding platform, has secured a $690 million warehouse facility led by J.P. Morgan, marking a significant milestone for the Kingdom’s fintech sector. Founded in 2019 by Osama Alraee and Mohamed Jawabri, Lendo connects SMEs seeking financing with investors looking for short-term, Shariah-compliant returns. The facility, supported by Fintech Saudi, will enhance Lendo’s lending capacity, introduce innovative products, and expand SME coverage, aligning with Saudi Vision 2030’s goal to increase SME lending from 4% in 2018 to 20% by 2030. This development underscores growing international investor confidence in Saudi Arabia’s fintech ecosystem.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

Natural Ventures

Natural Ventures, an impact-focused venture capital firm dedicated to addressing global food and water security challenges through technology investments, has officially opened an office in The Hague. This expansion complements its existing presence in Abu Dhabi, reinforcing its mission to promote sustainable food and water systems worldwide. Founded in 2021 by a team of seasoned investors and experts, Natural Ventures has announced the first close of its $100 million inaugural fund back in July 2024, supported by leading institutions and the Dutch Ministry of Economic Affairs' Seed Capital program, managed by RVO. The fund supports investments within the Netherlands and globally, focusing on scalable tech solutions.

 🤑 Opportunity Radar

Call for Applications: Nordic Open Innovation Challenge 2024

Apply to the Nordic Open Innovation Challenge 2024 by February 17, 2025, and collaborate with leading Nordic corporations to drive innovation in quality control and sustainability. Open to startups and SMEs, this challenge offers over $35,000 in grants and funding support, mentorship, and co-development opportunities. Shortlisted participants will engage with industry leaders and gain access to state-of-the-art facilities to refine their solutions. Don’t miss your chance to contribute to building a more sustainable future. Submit your proposal today!