Startup Researcher - Middle East: Week 22, 2024

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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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Let's delve into the core sections of our weekly newsletter:

• 📰 Important News

• 💸 Top Funding Rounds

• 💰️ Notable Exits

• 🏦 About Investors

• 📈 Deep Dive Bites

• 🚀 Startup Of the Week

• 💼 Investor of the Week

• 🤑 Opportunity Radar

📰 Important News

• Saudi Arabia Invests in xAI: Saudi Arabia emerged as a key investor in Elon Musk's startup xAI, contributing to its recent $6 billion Series B funding round, with Kingdom Holding and Prince Alwaleed Bin Talal holding a $1.89 billion stake.

• Thndr Expands to UAE: Thndr entered the UAE market with an ADGM license, enabling it to offer US-listed securities without minimum investment requirements, following its success in Egypt.

• Moody’s Confirms Saudi Arabia's Credit Rating: Moody’s confirmed Saudi Arabia’s 'A1' credit rating with a positive outlook, citing progress in reforms and diversification projects since 2016.

💸 Top Funding Rounds

1. Saudi agritech iyris has secured a $16M Series A funding round led by Ecosystem Integrity Fund (EIF).

2. Grubtech secured $15M funding led by Jahez Group, with B&Y Ventures and Hambro Perks Oryx Fund participating.

3. Dubai-based startup Growdash secured $1.8M seed funding led by Oryx Fund and Oraseya Capital.

4. UAE-based proptech Holo secured pre-Series A funding round, led by DFDF and Oryx Fund.

🏦 About Investors

• TVM Capital Healthcare Launches Afiyah Fund LP: TVM Capital Healthcare launched the $250M Afiyah Fund LP, led by JADA and PIF’s Fund of Funds Company, to support Saudi healthtech startups and international entrants aligning with Vision 2030 priorities.

📈 Deep Dive Bites

Discover the top startups shaping Kuwait's tech scene in 2024, from ed-tech platforms like Baims to innovative fintech solutions like Kem. These ventures reflect Kuwait's entrepreneurial spirit and promise for growth across diverse sectors.

Read Full Article for more details.

🚀 Startup Of the Week

Introducing our Startup of the Week 🏆

iyris

Saudi agritech startup iyris specializes in developing innovative solutions to address global food security challenges while minimizing environmental impact. With a recent $16 million Series A funding round led by Ecosystem Integrity Fund (EIF) and supported by other institutional investors, including Global Ventures and Dubai Future District Fund (DFDF), iyris is poised to expand its reach and enhance its existing product offerings. The funding will support the delivery of iyris' international sales pipeline for its SecondSky greenhouse covers and nets, as well as the development of its heat-blocking products and resilient plant genetics.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

TVM Capital Healthcare

TVM Capital Healthcare, a UAE-based healthcare private equity firm, has launched the $250 million Afiyah Fund LP, with leading investment from JADA, PIF’s Fund of Funds Company, and a consortium of Saudi, GCC, and European investors. The Afiyah Fund is dedicated to supporting domestic healthtech startups and international entrants aligning with Saudi’s Vision 2030 healthcare priorities. With anticipated co-investment opportunities from its LP base, TVM Capital aims to mobilize $400–500 million in the Saudi healthcare sector, building on its track record of successful investments in the region.

🤑 Opportunity Radar

Omantel Innovation Labs - Cohort 4

Join Omantel Innovation Labs' 6-month accelerator program for tech startups in Oman! Cohort 4 focuses on areas like 5G, IoT, Cyber Security, CX Tech, Big Data, Fintech, and AI. Alumni have raised $50k from investors. Apply now and get mentorship, desk space, and support to turn your ideas into successful businesses.

Dates: Aug 14 '24-Feb 7 '25 (6 months)