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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

• Telegram has become profitable with over $1 billion in revenue for 2024, 12 million paid users, and more than $500 million in cash reserves.

• Oman, Qatar, and Saudi Arabia have all invested in Elon Musk's xAI, contributing to its $6 billion funding round.

• The Saudi Central Bank has granted a license to Majd Saudi Payments to operate electronic wallet services.

• Snowflake has opened a regional office in Saudi Arabia to support AI-driven insights and local data sovereignty for businesses in the MENA region.

• The Libyan Ministry of Communication and Political Affairs has signed an agreement with Forbes Middle East to host Libya's first Investment Summit.

💸 Top Funding Rounds

• Saudi edtech YNMO secured $5 million in a funding round led by Wa’ed Ventures to expand its platform across the GCC region.

💰️ Notable Exits

• Retail subscription for beauty ecommerce platform Nice One's IPO ran on Dec. 24-25, with 10% allocated for retail investors, marking KSA's 14th IPO of the year.

🏦 About Investors

• Saudi Venture Capital has announced its investment in Jadwa GCC Private Equity Fund 1, which aims to raise $400 million with a hard cap of $530 million.

• Value Makers Studio has launched Al Madinah Ventures, a $10 million fund to drive innovation and enhance Al Madinah’s economic growth.

• Forbes Middle East unveiled its first annual list of the Top Venture Capitalists, highlighting 30 VC firms leading the region’s startup ecosystem.

🚀 Startup of the Week

Introducing our Startup of the Week 🏆

YNMO

YNMO, a Saudi edtech company founded in 2017 by Fahad Alnemary, Abdullah Murad, and Faisal Alnemary, has raised $5 million in a funding round led by Wa’ed Ventures, with participation from Qatar Development Bank and Nour Nouf Ventures. YNMO is a platform designed to assist parents and educators in monitoring and supporting the development of children across various growth areas, including motor skills, cognitive development, language, emotional, and social skills. Specializing in educational and rehabilitative technology for children, including those with disabilities, YNMO aims to expand its services, introduce new features, and strengthen partnerships across the Gulf region. The investment will accelerate the company's mission to provide high-quality, AI-driven educational and therapeutic solutions, enhancing access to support for children with disabilities.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

Value Makers Studio

Value Makers Studio, a leading venture studio in Saudi Arabia specializing in supporting entrepreneurs and startups in the MENA region, has launched Al Madinah Ventures, a $10 million investment fund in collaboration with the Economic Development Centre and the Madinah Chamber of Commerce. Renowned for its success in investing in 10 startups valued at over $180 million, supporting more than 350 entrepreneurs, and creating over 800 jobs, VMS brings its expertise to this initiative aimed at transforming Al Madinah into a global innovation hub. By 2025, the fund seeks to attract over 30 investors annually, launch five new companies each year, and unlock the economic potential of the city, which is home to 60,000 SMEs contributing 7% of Saudi Arabia’s GDP.

 🤑 Opportunity Radar

Call for Applications: 100x Impact Accelerator

Apply to the 100x Impact Accelerator by 6 January 2025 for a 12-week program offering £150,000 in catalytic capital and access to world-class mentors, researchers, and policymakers. The program is open to social ventures addressing global challenges in areas such as climate, health, education, and equitable economies, with a focus on scalable, evidence-based solutions. Participants will join a cohort of like-minded entrepreneurs, gain long-term alumni membership, and present their work at a dedicated Summit Day.