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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

• 📋️ Curated Lists

• 📈 Deep Dive Bites

• 🎙️ Expert Insights

• 🤝 Diversity Spotlight

• 🚀 Startup Of the Week

• 💼 Investor of the Week

• 🤑 Opportunity Radar

📰 Important News

• Dubai has allocated $204 million for innovation initiatives over the next two years, focusing on sectors like tech, sustainability, and education.

• Dubai Chambers supported the launch and growth of 485 digital startups in 2024, marking a 380% year-over-year increase.

• Snap Inc. opened a new office in Saudi Arabia and launched the Snap Creators Council to enhance the Kingdom's digital and creative ecosystem.

• MyFatoorah has partnered with Mastercard to launch an advanced digital payment gateway across the GCC, Jordan, and Egypt.

• Egyptian billionaire Naguib Sawiris has launched Moniify, a Dubai-based digital business platform targeting young professionals in emerging markets.

💸 Top Funding Rounds

• Eyewear retailer Eyewa raised $100 million in Series C funding led by General Atlantic, bringing its total funding to $130 million.

• Saudi cybersecurity firm Cipher raised $13.3 million in pre-IPO funding from Impact 46 to enhance its services and expand both locally and globally.

• UK-based Watercycle Technologies secured $5.6 million in Series A funding to scale its mineral recovery technology and expand across MENA.

• Mashreq Bank and Emirates NBD have invested in NewBridge, a platform for syndicated loans and private credit across EMEA.

• Omani online food ordering platform Fascano has closed its second funding round, led by the Oman Future Fund, to expand its technological services.

💰️ Notable Exits

• Talabat raised $2.04 billion in its IPO, setting a market cap of $10.16 billion, making it the largest global tech IPO of 2024 and the biggest in MENA.

• Iraqi edtech startup Eduba was acquired by a major telecom conglomerate in a seven-figure deal, following its success as a school management app.

• Naif Al Rajhi Investment acquired a strategic stake in Mawdoo3, an AI platform specializing in Arabic language content.

🏦 About Investors

• The Jordan-based ISSF invested $5 million in Vision Ventures' Saqr Fund II to support early-stage startups in the MENA region, particularly in Jordan.

• Flat6Labs announced investing in 10 Saudi startups in its 4th Riyadh Seed Program cycle, offering $133,000 and four months of acceleration support.

• Outlier Ventures announced the 10 startups selected for its inaugural FutureSpark Base Camp accelerator in Saudi Arabia.

📋️ Curated Lists

Discover how Kuwaiti startups are thriving with the support of leading incubators and accelerators. From comprehensive programs like Brilliant Scale and Cubical Services to specialized initiatives like Inspire U and Health Tech 2024, these organizations are pivotal in driving innovation and growth. Click here to read more about the dynamic ecosystem fostering entrepreneurship in Kuwait.

🚀 Startup Of the Week

Introducing our Startup of the Week 🏆

Eyewa

Eyewa, a leading MENA-based eyewear retailer, raised $100 million in a Series C funding round led by General Atlantic, with participation from Badwa Capital and Turmeric Capital, bringing its total funding to $130 million. Founded in 2017 by Moroccan entrepreneurs Mehdi Oudghiri and Anass Boumediene, the company transitioned from an online-only platform to an omnichannel model with over 150 stores across KSA, UAE, Kuwait, Bahrain, and Oman. Eyewa plans to use the funds to expand its network with 100 new stores in 2025, including entering Qatar, and establish a production facility and fulfillment center in Riyadh to enhance supply chain efficiency.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

ISSF

The Innovative Startups and SMEs Fund (ISSF), a Jordan-based fund established in 2017 with $98 million in capital from the Central Bank of Jordan and the World Bank, has committed $5 million to Vision Ventures' Saqr Fund II. This investment aligns with ISSF's mission to bolster Jordan's entrepreneurial ecosystem by providing financial support to innovative startups and SMEs, particularly in early funding stages. Led by CEO Mohammed Al-Muhtaseb, ISSF emphasizes creating employment opportunities, advancing export-oriented sectors, and connecting Jordanian startups to the Saudi and GCC markets, leveraging Vision Ventures’ strong regional network and track record.

 🤑 Opportunity Radar

Open Call by Pivotal: Action for Women’s Health

Apply for the Action for Women's Health open call and secure funding to enhance women's mental and physical health globally. With a total fund of $250 million, selected organizations will receive flexible funding ranging from $1 million to $5 million. This initiative is designed for organizations focused on serving women and improving health outcomes while centering equity in their approach. To participate, complete the Organizational Readiness Tool and familiarize yourself with the Open Call Rules. Interested organizations must register to apply before December 3, 2024. Complete applications are due before January 10, 2025.