Startup Researcher - Middle East: Week 20, 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

• 🏦 About Investors

• 📈 Deep Dive Bites

• 🚀 Startup Of the Week

• 💼 Investor of the Week

• 🤑 Opportunity Radar

📰 Important News

• RedBird IMI, a joint venture between Abu Dhabi’s International Media Investments and RedBird Capital, has acquired All3Media for $1.45 billion. This deal marks their largest transaction since forming in December 2022, securing approval in the USA, UK, and Germany.

💸 Top Funding Rounds

• UAE-based Property Finder raised $90 million in debt financing from Francisco Partners.

• UAE's Rent Now Pay Later startup, Keyper, secured $34 million in combined equity and credit financing, boosting its total raised capital to over $40 million.

• Saudi-based MDD successfully concluded its Series A funding round, raising $26.6 million.

• Saudi logistics startup WheeKeep raised $8 million in a Series A round led by American investor Fintech Collective.

• UAE-based data analysis startup Lune raised $1.5 million in a Seed round led by DFDF.

🏦 About Investors

• Golden Gate Ventures, a Singaporean VC firm, secured the first close of its $100 million MENA fund, backed by $20 million from Qatari investors including Al Khor Holding, Al Attiya Group, and others.

• Saudi HRtech Qsalary and Itqan Capital launched an $80 million fund to accelerate salary payments and manage expenses, offering growth opportunities for investors.

• Saudi Venture Capital (SVC) invested $30 million in General Atlantic's private equity fund, targeting high-growth tech-enabled companies across various sectors, to attract global investors.

📈 Deep Dive Bites

Bahrain's startup scene has fluctuated over the past three years, with funding rising from $43 million in 2021 to $124 million in 2022 before dropping to $13 million in 2023. Notable startups like Rain, Calo, and CoinMENA have attracted significant investments.

Key investors such as Investcorp, Almoayed Technologies, and Hope Ventures have been instrumental in driving growth. In 2024, investments in startups like Ahlan App and partnerships through Hope Ventures' "Beban" TV show highlighted continued support for innovation.

For more insights into Bahrain's dynamic startup ecosystem, read the full article.

🚀 Startup Of the Week

Introducing our Startup of the Week 🏆

Property Finder

UAE-based proptech Property Finder has secured $90 million in debt financing from Francisco Partners. Founded in 2007 by Michael Lahyani and Renan Bourdeau.

Property Finder offers a robust property search platform across the MENA region, including Qatar, Bahrain, and Egypt. The new funds will support expansion into Saudi Arabia and Turkey, enhancing its market share and technological capabilities.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

Golden Gate Ventures

Singapore's Golden Gate Ventures secured its inaugural $100 million MENA fund, with $20 million from Qatari investors, including Al Khor Holding and Al Attiya Group. The fund focuses on sectors like alternative energy, B2B AI, and fintech, aiming to drive Qatar's economic growth and innovation.

Golden Gate Ventures, founded in 2011, is an early-stage venture capital firm that supports founders across three continents. With investments in over 90 companies, including nine unicorns and two IPOs, the firm has a track record of empowering audacious founders globally. Notable companies in its portfolio include Carro, Coda Payments, Stripe, Carousell, Xendit, AngelList, and Multiplier

🤑 Opportunity Radar

• UAE Global Demoday by Speaker Lab

  The UAE Global Demo Day in Dubai offers startups a chance to pitch their ideas to local venture funds, angel investors, and global VCs, while also providing networking opportunities with potential partners and clients.

  Application deadline: 31/05/2024

• TASMU Accelerator 2024

  The TASMU Accelerator, launched by Qatar's Ministry of Communications and Information Technology, supports tech startups in sectors like transportation, healthcare, and tourism, offering up to QAR 600K in funding and QAR 1.8Mn in in-kind services with no equity taken. The 2024 cohort features a 100% virtual program.

  Application deadline: 10/06/2024

• Demo Day of EWA Accelerator

  The EWA Accelerator stands as a global hub, empowering early-stage startups and prioritizing women entrepreneurs. Committed to fostering excellence and innovation, it provides unparalleled support and resources in the startup ecosystem.

  Demo Day date: 23/05/2024