Startup Researcher - Middle East: Week 23, 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 🌍

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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

• Tumodo and Tabby Enhance Business Travel Management: UAE-based Tumodo has partnered with Saudi fintech Tabby to enhance business travel management and promote sustainable travel practices, boosting the UAE's travel industry's growth.

💸 Top Funding Rounds

1. Saudi fintech startup SiFi raised $10M in a seed round led by Sanabil Investments and RAED Ventures.

2. Dubai and London-based fintech Elevate raised $5M to offer FDIC-insured USD accounts for freelance workers in emerging markets.

3. UAE AI startup qeen.ai raised $2.2M in pre-seed funding, led by Wamda Capital and various regional and international investors.

4. Dubai-based Growdash, a SaaS platform for restaurant marketing and operations, secured $1.8M in seed funding led by Oryx Fund and Oraseya Capital.

🏦 About Investors

• Rasmal Ventures Launches $100M Fund: Doha-based Rasmal Ventures has launched a $100 million fund, securing over $30 million in its first close to invest in MENA and global startups across sectors like supply chain logistics, climate-tech, and AI.

📈 Deep Dive Bites

Jordan's startup ecosystem has been thriving, with increased entrepreneurial activity and innovation. Despite a decline in investment from $109 million in 2021 to $9.5 million in 2023, resilience and potential for growth remain strong. Key players include Oasis500, Beyond Capital, Dash Ventures, ISSF, Propeller Inc, and AB Ventures LP. Significant developments in 2024 include investments by ISSF, strategic fintech partnerships, and international support, highlighting Jordan's growing prominence in innovation and entrepreneurship.

For more insights, read the full article.

🚀 Startup Of the Week

Introducing our Startup of the Week 🏆

SiFi

Saudi Arabia-based fintech company, Simplified Financial Solutions Company (SiFi), has successfully closed a $10 million seed round. The investment was led by Sanabil Investments and RAED Ventures, with additional contributions from anb seed, Rua Ventures, Byld, and KBW Ventures, among others.

Founded in 2010, SiFi is dedicated to simplifying finance management for organizations. The platform offers innovative solutions such as smart corporate cards, real-time insights into corporate spending, and automated expense management workflows. This funding will enhance these offerings and deliver greater value to SiFi’s customers.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

Rasmal Ventures

Rasmal Ventures, a Doha-based VC firm, has launched its debut $100 million fund, Rasmal Innovation Fund I, aimed at investing in startups in Qatar, the Middle East & North Africa, and globally. The fund achieved a first close at over $30 million, backed by various institutions, family offices, and high net-worth individuals.

As the first home-grown Qatari VC fund, Rasmal Ventures is sector-agnostic, with a particular interest in supply chain logistics, climate-tech, fintech, B2B SaaS, and AI. The fund focuses on pre-series A and series A stages, with selective investments in seed and series B stages. Rasmal Ventures aims to leverage Qatar's strategic location to foster the growth of tech startups in the region and build the next generation of unicorns.

🤑 Opportunity Radar

Leaders in Fintech Awards 2024

Entrepreneur Middle East invites nominations for the prestigious Leaders in Fintech Awards 2024, recognizing the trailblazers and innovators shaping the future of the MENA fintech landscape. Set to take place at Habtoor Palace Dubai on June 27, 2024, this exclusive event will honor outstanding individuals and enterprises driving innovation in the fintech sector. Nominations are open until June 19, 2024. Don't miss this opportunity to showcase your achievements or those of your enterprise in the fintech space. Submit your nominations today for a chance to be celebrated at the Leaders in Fintech Awards Gala Dinner.