Startup Researcher - Middle East: Week 18, 2024

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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 🌍

If you haven't subscribed yet, now's the perfect time. Don't miss the opportunity to supercharge your understanding and stay ahead in this dynamic world.

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

📰 Important News

• Swvl Holdings Corp turns a significant profit, reaching $3.1 million in fiscal year 2023, a notable shift from a previous loss of $123.6 million in 2022.

• Mubadala Capital joins Giant Ventures and Opera Tech Ventures as co-leads in a $60 million Series B funding round for New York-based Arbol, a climate risk management firm.

• BlackRock and Saudi PIF join forces to launch BRIM, a multi-asset investment platform in Riyadh, with a $5 billion investment. BRIM will focus on managing Saudi-specific assets to enhance the kingdom's asset management sector and attract foreign investment.

💸 Top Funding Rounds

• Saudi fintech firm Abyan Capital secured $18 million in Series A funding led by STV, with participation from Wa'ed Ventures and RZM Investment

• Oman's Bon Plus secured an undisclosed Seed investment from Omantel through Omantel Innovation Labs, as well as from Omani and regional angel investors.

💰️ Notable Exits

• Dubizzle Group, a leading online classifieds platform in the Middle East, has acquired Drive Arabia, a UAE-based automotive media and reviews platform, in an undisclosed deal.

• Bahrain's edtech platform, Playbook, acquired Queen Mode, a UAE-based NFT community for female entrepreneurs, aiming to further support women globally with masterclasses from successful regional figures.

🏦 About Investors

• Bahrain's Investcorp acquired NSEIT, the digital division of India's National Stock Exchange, in a $120 million deal.

📈 Deep Dive Bites

Explore the dynamic VC landscape in the Middle East through our latest article on the 20 most active firms in the region. From their investment strategies to notable portfolio companies, dive in to discover how they're driving innovation and shaping entrepreneurship. Read the full article for all the insights.

🚀 Startup Of the Week

Discover our Startup of the Week 🏆: Abyan Capital, a Saudi-based robo-advisory firm, recently secured a $18 million Series A funding round led by STV, with participation from Wa'ed Ventures.

Since its inception, Abyan has transformed the financial advising market in Saudi Arabia with its automated, Shariah-compliant savings and investment solutions. Abyan plans to expand its product line and platform with the new investment, furthering its mission of democratizing access to sophisticated financial tools.