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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

• Space42 secured a $5.1 billion contract with the UAE government to extend secure communication services for 17 years.

• Saudi-based Tawuniya launched a virtual accelerator to support MENA insurtech and fintech startups.

• D360 Bank received SAMA approval to launch digital operations, offering Shariah-compliant financial services through its app.

• The i-be Center and Majaz Foundation have launched the "Majaz Incubator" to back startups developing solutions for the Arabic language.

• Bank AlJazira has signed an MoU with Sukna Ventures to support Saudi startups, focusing on fintech and digital transformation.

💸 Top Funding Rounds

• UAE-based CredibleX secured $55 million in equity and debt funding, led by Further Ventures, to expand its SME-focused financial platform.

• UAE’s Web3 fintech Klickl raised $25 million in Series A funding, led by Web3Port Foundation and Aptos Labs, to expand its Web3 banking services.

• KSA-based AI infrastructure provider OmniOps secured $8 million from GMS Capital Ventures to scale operations and advance sustainable AI solutions.

• Revibe, a UAE-based refurbished electronics marketplace, secured $7 million in Series A funding to expand into emerging markets.

• InvoiceQ, a Jordan-based SaaS e-invoicing provider, secured $1.2 million in pre-Series A funding to expand across the GCC.

💰️ Notable Exits

• Tadawul’s WAMID has acquired the remaining 49% of DirectFN for $58.7 million gaining full ownership as part of its growth strategy.

• Catalyst Partners Middle East is planning to acquire Egypt’s digital lending marketplace Qardy through a share swap to expand its presence in the sector.

🏦 About Investors

• Saudi Venture Capital has committed to MEVP's $150 million Middle East Venture Fund IV to support tech startups across the GCC and North Africa.

• Iraq and the Netherlands launched the $2.71 million second phase of the Orange Corners Innovation Fund to empower Iraqi entrepreneurs.

• Oman Investment Authority invested in Elon Musk’s AI startup xAI, acquiring an undisclosed stake as part of its strategy to diversify its portfolio.

🚀 Startup of the Week

Introducing our Startup of the Week 🏆

CredibleX

CredibleX, a UAE-based fintech platform dedicated to providing innovative lending solutions for small and medium-sized enterprises, has successfully raised $55 million in seed funding. The funding round featured a combination of equity investment, led by Further Ventures, and debt financing from Kilgour Williams Capital and other contributors. Founded in 2023 by Ahmad Malik, Anand Nagaraj, and Hassan Reda, CredibleX is on a mission to boost financial access for SMEs, addressing a critical gap in the market by offering tailored lending solutions. The new funding will support the company's vision of empowering SMEs to unlock growth opportunities and drive economic progress.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

MEVP

Middle East Venture Partners (MEVP), founded in 2010 by Walid Hanna and headquartered in Dubai, United Arab Emirates, is a leading venture capital firm specializing in early and growth-stage investments in technology startups across the GCC and Levant. The firm focuses on sectors such as e-commerce, mobility, SaaS, IoT, and e-health. MEVP recently received a $150 million investment from Saudi Venture Capital (SVC) for its Middle East Venture Fund IV. This funding will support high-growth startups in Saudi Arabia and the region, helping them scale from seed to Series A, B, and potentially IPOs, contributing to the development of regional technology champions. The firm is led by Ali Almajthoob, Ankit Sarwahi, and Sarrah Aljuaid.

 🤑 Opportunity Radar

Call for Applications: Spartners Incubator

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