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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

• PIF-owned Sanabil Investments and Orbit Startups announced the launch of Sanabil Accelerator by Orbit to support early-stage tech startups in MENA.

• Abu Dhabi launched the ADRA to centralize business registration, streamline licensing, ensure regulatory compliance, and enhance transparency.

• Checkout.com has partnered with noqodi to enhance payment services in the UAE by integrating advanced payment technology and offering more payment options.

• Lucid Motors has become the first EV manufacturer to join Saudi Arabia's "Made in Saudi" program.

• Audiomob partnered with Abu Dhabi Gaming to enhance in-game advertising technology, enabling brands to deliver ads without interrupting gameplay.

💸 Top Funding Rounds

• Riyadh-based Zension Technologies, a subscription platform for enterprise device leasing and upgrades, secured $30 million in Series A funding.

• Jeel Pay, a Saudi fintech specializing in educational financing, closed a $6.7 million pre-Series A funding round led by JOA Capital.

• Revie completed a $2.5 million seed round led by Sanabil Venture Studio to scale its platform connecting users with contractors and designers.

• Palestinian company Tap raised $1 million led by Invest International to expand its remote job platform powered by AI.

• Milkstraw AI secured $600,000 in pre-seed funding led by Flat6Labs to automate cloud cost management and expand its presence across MENA.

💰️ Notable Exits

• Nice One debuted on Tadawul at $9.32 per share, after its IPO saw 139.4x institutional and 7.9x retail oversubscription, surging by 30% on the first day.

• Dubai-based Backpack Exchange announced its acquisition of FTX EU for $32.7 million to expand its crypto derivatives in Europe, but FTX disputes the sale, asserting full ownership.

🏦 About Investors

• Energy Capital Group closed its $161 million ECG2.0-Fund2 with backing from Jada Fund of Funds and Saudi Fransi Capital.

• Mintiply Capital and Fuel Venture Capital formed an exclusive partnership to support early-stage startups in the GCC, particularly in the UAE, combining local expertise and international resources to foster innovation and growth.

📊 Investment Highlights

Discover how the UAE is cementing its role as a global startup hub in 2024, with groundbreaking ventures securing significant funding across sectors like fintech, SaaS, and proptech. From Eyewa's expansion to Lean Technologies' scaling in open banking, these startups are driving innovation and reshaping industries. Delve into the full article to explore the success stories, growth trajectories, and how these companies are contributing to the diversification of the UAE’s economy and its entrepreneurial ecosystem.

🚀 Startup of the Week

Introducing our Startup of the Week 🏆

Zension Technologies

Zension Technologies, a Riyadh-based subscription platform founded in 2018 by Khalid Saiduddin and Nikos Anastasiadis, has secured $30 million in Series A funding to expand its offerings of device leasing, warranties, and tech upgrades for enterprises. The funding round was led by Wa’ed Ventures, Sumitomo Corp., and Global Ventures. Zension’s platform supports a circular economy by providing flexible device subscriptions, promoting sustainability through recycling and refurbishment. The company aims to reshape access to consumer tech in the region and is positioned as a key player in Saudi Arabia's growing tech ecosystem.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

Energy Capital Group

Energy Capital Group, founded in 2008, is a leading industrial investment firm with expertise in executing local and international deals exceeding $5 billion. The company focuses on strategic partnerships to drive innovation in the Kingdom. ECG has successfully closed its ECG2.0-Fund2 at $161 Million, receiving substantial backing from Jada Fund of Funds, Saudi Fransi Capital, and other investors. The fund targets sectors like oil and gas, petrochemicals, energy, water, metals, and mining, while also promoting operational efficiency through global technologies. ECG plans to launch a $300 million fund for expanding investments in manufacturing and innovative services, further contributing to Saudi Vision 2030.

 🤑 Opportunity Radar

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