Startup Researcher - Middle East: Week 25, 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

• 💰️ Notable Exits

• 📈 Deep Dive Bites

• 🚀 Startup Of the Week

• 💼 Investor of the Week

• 🤑 Opportunity Radar

📰 Important News

• Nvidia is expanding into the Middle East and North Africa through a partnership with Ooredoo, deploying AI technology in data centers across several countries. Ooredoo will integrate Nvidia Tensor Core GPUs to offer advanced AI tools, including generative AI capabilities, supporting digital innovation in the region with a $1 billion investment in data center expansion.

💸 Top Funding Rounds

• Singapore-based V3V Ventures has invested $1.35 million in UAE's Directly.xyz and Eatr.com to advance blockchain in real estate and AI in nutritional planning. Eatr.com, an AI-powered nutrition and diet planning app, secured $350,000, while Directly.xyz received $1 million to facilitate direct real estate purchases from developers.

💰️ Notable Exits

• Riyadh-based fintech startup Rasan debuted on Saudi Arabia’s Tadawul exchange on June 13 with its IPO oversubscribed 129 times, raising $224 million. The company's shares surged 30% on the first day of trading, closing at SAR 48.1 ($12.83) and achieving a market cap of SAR 3.65 billion ($970 million).

📈 Deep Dive Bites

The UAE's startup ecosystem is booming, fueled by strategic location, robust infrastructure, and a business-friendly environment. Key sectors like fintech, e-commerce, and cloud kitchens are flourishing.

Investment surged to $1.85 billion in 2022 before a slight dip to $970 million in 2023, with notable exits and unicorns like Careem and Kitopi. Recent developments in 2024, including major partnerships and VC fund launches, highlight the UAE's dedication to innovation and growth.

Read the full article for more insights.

🚀 Startup Of the Week

Introducing our Startup of the Week 🏆

Rasan

Rasan, a Riyadh-based FinTech company founded in 2015, specializes in insurance and banking technology in the Gulf region. Known for brands like "Tameeni" and "Awal Mazad," Rasan raised a total of SAR 90 million ($24.02 million) in funding from Impact46 before going public. Its IPO on Saudi Arabia’s Tadawul exchange raised $224 million, with shares surging 30% and achieving a $970 million market cap. Rasan aims to drive innovation in the InsurTech sector.

💼 Investor of the Week

Impact46, the sole firm that invested in Rasan before its IPO, is a CMA-authorized asset management and advisory firm focused on alternative investment opportunities in Saudi Arabia. Headquartered in Riyadh, which lies on the 46th longitudinal line, Impact46 aims to empower entrepreneurs to make a significant impact. The firm boasts a diverse portfolio of over 35 companies, with five successful exits and investments exceeding 650 million SAR ($173.45 million). Impact46 manages assets worth more than 3.2 billion SAR ($850 million), focusing on sectors such as fintech, insurtech, and on-demand services. They support businesses from seed to pre-series A stages, offering funding opportunities ranging from $500,000 to $7 million.

🤑 Opportunity Radar

Anjal Z Techstars Founder Catalyst

Powered by the Abu Dhabi Early Childhood Authority (ECA), this unique 10-week program is designed for trailblazing innovators ready to redefine industries with groundbreaking tech solutions. Dive into the thriving UAE and MENA markets, guided by industry experts, visionary mentors, and inspiring speakers. Whether you're an early-stage startup or more established, this transformative journey offers masterclasses, mentorship, non-equity funding, and an all-expenses-paid trip to Abu Dhabi. Don't miss this chance to elevate your startup and make a lasting impact. Applications close 12.00 PM (BST) on 28 June 2024.