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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

• KSA-based fintech unicorn Tamara has received preliminary approval from the Saudi Central Bank for a consumer finance and BNPL license.

• Fintech unicorn Tabby is planning to go public on the Saudi stock market by 2026 but has not yet set a specific date for the offering.

• Telegram has updated its privacy policies to allow abuse reports on private chats following the arrest of its founder Pavel Durov in France.

• UAE FemTech Adaye launched in the GCC, offering organic, sustainable menstrual products aimed at improving health and promoting period positivity.

💸 Top Funding Rounds

• UAE-based fintech Ziina closed a $22 million Series A round led by Altos Ventures, to support its expansion from a payment platform to an end-to-end financial services provider

• UAE’s HRtech startup Cercli raised $4 million in a seed round led by Afore Capital to accelerate growth and attract top talent.

• Saudi fintech Malaa secured $17.3 million in Series A funding led by SNB Capital to expand its range of investment and savings products.

• KSA-based Autotech Syarah raised $60 million in Series C funding led by Artal Capital to support its expansion and growth.

• Saudi fintech The Lending Hub raised $3.2 million from Embark Saudi and angel investors to enhance its peer-to-peer financing solutions.

💰️ Notable Exits

• Tabby acquired Saudi digital wallet Tweeq to expand its financial services, enhancing its BNPL offerings with digital spending accounts and money management tools.

• Tarabut acquired Vyne to enhance its open banking services with real-time A2A payments, strengthening its financial connectivity.

• UAE's leading Agritech Silal acquired a majority stake in Al Bakrawe Holding, enhancing its position as a top UAE supplier of fresh produce with a broader sourcing network.

🏦 About Investors

• SAB Invest announced the launch of its first venture capital fund to support early and growth-stage fintech startups in Saudi Arabia, aligning with Vision 2030’s financial innovation goals.

📈 Deep Dive Bites

Discover how Iraq Venture Partners (IVP) is pioneering Baghdad's startup ecosystem as the first and only Iraq-based VC firm. From the IVP Catalyst Fund fueling early-stage tech startups to programs like #ScaleIraq, designed to enhance investment readiness, IVP is transforming the landscape for Iraqi entrepreneurs. Explore how IVP is bridging the gap between local startups and regional investors.

🚀 Startup Of the Week

Introducing our Startup of the Week 🏆

Ziina

Dubai-based fintech startup Ziina has raised $22 million in a Series A funding round, led by Altos Ventures. The round saw participation from notable investors, including Fintech Collective, Avenir Growth, Activant Capital, Y Combinator, FJ Labs, MEVP, and Jabbar Internet Group. Founded in 2021, Ziina began as a peer-to-peer payment app and has since expanded its offerings to include payment gateways and POS solutions for SMEs in the UAE. The funding will support Ziina’s expansion as it moves toward launching ZiiCard, transforming into a comprehensive financial services provider. The company recently secured a Stored Value Facility license from the Central Bank of the UAE, with a focus on enhancing outbound payment solutions.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

SAB Invest

SAB Invest, a subsidiary of the Saudi Awwal Bank (SAB), has launched its first venture capital fund to support early and growth-stage fintech startups in Saudi Arabia. Announced at the 24 Fintech event in Riyadh, the fund is designed to drive financial innovation in line with Vision 2030’s Financial Sector Development Program. By leveraging its deep expertise in the Saudi market, SAB Invest will provide financial backing, strategic guidance, and access to its vast network for selected startups. SAB Invest, established in 2008, operates as an independent investment firm with extensive experience in managing securities and delivering innovative solutions for both private and institutional clients.

 🤑 Opportunity Radar

London Business School MENA Startup Competition 2024

Apply to the LBS MENA Startup Competition by September 14th, 2024, and take your startup to the next level. Connect with prominent VCs, gain valuable exposure, and compete for significant cash prizes in one of the most anticipated competitions in the MENA region. Open to founders with a solid MVP or those who have completed a pre-seed or seed round, this competition offers mentoring by industry experts and matchmaking with top regional investors. The virtual semi-finals take place on October 7th, 2024, with the final pitch competition held in Dubai later this year.