Startup Researcher - Middle East: Week 24, 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

• Saudi PIF-backed Ceer has signed a $2.18 billion deal with Hyundai Transys to supply integrated EV drive systems for its vehicles over the next 10 years, starting in 2027. This agreement aligns with Saudi Arabia's Vision 2030, which aims to produce 500,000 EVs annually and increase EV penetration in Riyadh to 30%, with only EVs operating within the NEOM giga-project.

💸 Top Funding Rounds

• UAE-based contech Tenderd secured $30M in a Series A round led by A.P. Moller Holding, with participation from new and existing investors.

• Iraq-based e-commerce platform Orisdi raised a six-figure bridge round from existing investors, including Al Sharqiya TV Group, Iraq Venture Partners, and various angel investors.

• UAE’s Stake raised $14M in a Series A round led by MEVP, with participation from Wa'ed Ventures, Mubadala, and Republic.

• UAE-based hospitality platform Qstay raised $4.6M in a pre-Series A round via conventional and convertible debt.

• NOW Money closed a $4M equity round, marking its second funding round since being acquired in 2023.

🏦 About Investors

• Polynome Group Launches AI Fund: UAE-based Polynome Group has launched a $100 million fund to invest in AI startups, targeting technology, AI software, and robotics from Q1 2025.

• ISSF Invests in VentureSouq Fund II: Jordan’s ISSF has invested $2 million in UAE-based VentureSouq Fund II to support Jordanian startups, focusing on fintech.

📈 Deep Dive Bites

Saudi Arabia's startup ecosystem is thriving, driven by reforms, substantial investments, and a strong entrepreneurial spirit. Key sectors like fintech, e-commerce, health tech, and renewable energy are flourishing.

Funding skyrocketed from $647 million in 2021 to $2.3 billion in 2023, accompanied by notable exits and the rise of unicorns such as Tabby and Tamara. Recent developments in 2024 include significant investments from Aramco Ventures and Gulf Capital, underscoring Saudi Arabia's commitment to innovation and economic growth.

Read the full article for more insights.

🚀 Startup Of the Week

Introducing our Startup of the Week 🏆

Tenderd

Tenderd, a UAE-based startup founded in 2018 by Arjun Mohan, specializes in construction technology aimed at optimizing asset utilization and reducing emissions in heavy industries such as construction and logistics. Using AI-generated insights and advanced telematics, Tenderd enhances operational efficiency and sustainability across its client base.

In its latest milestone, Tenderd has secured a $30 million Series A funding round led by A.P. Moller Holding, with participation from new investors Quadri Ventures and Saurya Prakash, alongside continued support from existing backers Wa’ed Ventures and Nakhla Ventures. This funding infusion will fuel technological innovations and expand Tenderd’s global presence, reinforcing its position as a leader in transforming industrial operations through AI-driven solutions.

💼 Investor of the Week

Polynome Group, a prominent UAE-based technology company, has unveiled plans for a $100 million fund set to launch in early 2025. This fund is dedicated to supporting AI startups in fields such as technology, AI software applications, and robotics. The initiative, announced during the AI Retreat hosted by the Dubai Centre for AI Applications, aims to elevate Dubai's global standing as a hub for AI innovation.

The newly announced fund by Polynome Group targets seed, Series A, and growth-stage startups, with investments ranging from $500,000 to $5 million per company. It features a distinctive "Founders for Founders" model, leveraging Polynome Group's entrepreneurial expertise and successful track record in AI startups. This initiative underscores Dubai's role in advancing AI research and technology across the region.

🤑 Opportunity Radar

Zayed Sustainability Prize

The Zayed Sustainability Prize is seeking entries from organizations driving impactful sustainability solutions in Health, Food, Energy, Water, Climate Action, and Global High Schools.

Submit your innovative projects by 23 June 2024, 5:00 PM EST via the online portal. Register, verify your email, and begin your submission to showcase your commitment to sustainable development.