Startup Researcher - Middle East: Week 21, 2024

Hello there,

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

• Goldman Sachs established its MENA headquarters in Riyadh, becoming the first Wall Street bank to meet Saudi Arabia's requirement for foreign firms to have a regional base in the kingdom.

• Abu Dhabi National Oil Company (ADNOC) acquired an 11.7% stake in NextDecade’s Rio Grande LNG export facility in Texas and secured a 20-year supply agreement for the fourth liquefaction train

💸 Top Funding Rounds

• Dubai-based Merit, a customer and engagement technology company, raised $12 million in pre-Series B funding.

• Jordanian fintech Liwwa secured a $5 million loan from the United States International Development Finance Corporation (DFC).

• Plain Tiger, a UAE-based B2B marketplace, secured a $1.5 million seed investment from AngelSpark.

• UAE-based proptech Huspy has obtained fresh investment round led by Balderton Capital to develop a SuperApp.

🏦 About Investors

• UAE's Shorooq Partners and Korea’s IMM Investment Global launched a $100 million fund to support MENA startups in various sectors.

• Saudi Arabia's BIM Ventures partnered with Japan’s SBI Holdings to launch a $100 million joint investment fund to support Saudi startups.

• Riyad Capital, supported by Riyad Bank, launched the "1957 Ventures" fund to boost innovation in Saudi Arabia's fintech sector and accelerate the Kingdom's digital transformation.

📈 Deep Dive Bites

Discover Jordan's most promising startups in 2024 shaping the future in sectors like fintech, edtech, and healthtech. These innovative companies are driving economic growth and addressing key challenges.

Read the full article to learn more about these rising innovators.

🚀 Startup of the Week

Introducing our Startup of the Week 🏆

Merit

Merit, a UAE-based engagement technology company, enhances customer and employee engagement through innovative rewards and recognition programs. Founded in 2016 by Julie Barbier-Leblan, Merit has evolved from a B2C gifting solution to offering B2B engagement tools and technologies.

Recently, Merit raised $12 million in its pre-Series B funding round, surpassing its $5 million target. Led by Alistithmar Capital i-Cap, the round included Tech Invest Com and Hambro Perks Oryx Fund. This funding will support Merit's continued innovation and expansion after a successful 2023 with significant growth and a wider market presence.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

Shorooq Partners

Abu Dhabi-based Shorooq Partners, a leading technology investor in the MENAP region, has made the first close of its latest $100 million private credit fund. This new fund, launched in collaboration with IMM Investment Global, aims to capitalize on the growing private credit market in MENA, which has seen a 12% CAGR over the past five years. The first fund's notable investments include Pure Harvest and Tamara, showcasing Shorooq's commitment to supporting innovative startups.

Shorooq Partners focuses on seed to Series A startups, investing in sectors such as fintech, SaaS, platform verticals, and digital assets. Known for its hands-on approach, Shorooq Partners prefers to be the first cheque in and actively supports its portfolio companies.

🤑 Opportunity Radar

UAE GLOBAL ONLINE WEB3 COMPETITION

Join the UAE Global Online Web3 Competition to connect with innovators and investors worldwide! Pitch your web3 startup to top global VCs and investors for exposure and potential investment. Apply now for this virtual event and be part of the web3 revolution!

Application Deadline: May 31, 2024

Omantel Innovation Labs - Cohort 4

Join Omantel Innovation Labs' 6-month accelerator program for tech startups in Oman! Cohort 4 focuses on areas like 5G, IoT, Cyber Security, CX Tech, Big Data, Fintech, and AI. Alumni have raised $50k from investors. Apply now and get mentorship, desk space, and support to turn your ideas into successful businesses.

Dates: Aug 14 '24-Feb 7 '25 (6 months)