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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

• 💰️ Notable Exits

• 📈 Deep Dive Bites

• 🚀 Startup Of the Week

• 💼 Investor of the Week

• 🤑 Opportunity Radar

📰 Important News

• The Central Bank of the UAE has kept the Base Rate for the Overnight Deposit Facility at 5.40%. This decision is in line with the recent action taken by the US Federal Reserve to keep the Interest Rate on Reserve Balances steady. By holding this rate constant, the CBUAE seeks to maintain stability in the domestic financial market, aligning with its overall monetary policy approach.

💸 Top Funding Rounds

• Saudi Arabia-based deeptech AI company Intelmatix has closed a $20 million Series A funding round led by Shorooq Partners to provide accessible AI and advanced analytics for both public and private sectors.

• UAE-based F&B e-commerce platform Watermelon Ecosystem has raised $4 million in Series A funding valuing the company at $29 million, with plans to use the investment to accelerate growth and enhance technology.

• UAE’s Verbatica has raised $700,000 in angel funding to boost its English and Arabic educational platform and expand into MENA, with plans for a $2 million round in November 2024.

• KSA-based SaaS provider Velents AI has raised an undisclosed investment round from Women Collective to enhance its AI-powered platform that automates the hiring process, reducing bias and cutting costs by 80%.

💰️ Notable Exits

• Dubai-listed Al Ansari Financial Services is set to acquire Bahrain’s BFC Group Holdings for $200 million, becoming the largest remittance and exchange provider in the GCC.

📈 Deep Dive Bites

Discover the vibrant landscape of angel investing in Saudi Arabia, where eight prominent networks are fueling the Kingdom's entrepreneurial boom. From Athaal Angels' regional focus to WomenSpark's mission of empowering female investors, explore how these networks are bridging the gap between innovative startups and crucial early-stage capital. Learn about their unique approaches, investment strategies, and the vital role they play in mentoring and connecting entrepreneurs.

🚀 Startup Of the Week

Introducing our Startup of the Week 🏆

Intelmatix

Intelmatix, a Saudi Arabia-based deeptech AI company, has recently secured $20 million in Series A funding, led by Shorooq Partners and joined by notable investors including Saudi Venture Capital Company and Saudi Technology Ventures. Founded in 2021 by MIT graduates Anas Alfaris, Almaha Almalki, and Ahmad Abdulkareem, Intelmatix aims to revolutionize decision-making processes for businesses and government entities in the MENA region through advanced AI and analytics solutions. The company's focus on providing accessible AI technologies aligns with Saudi Arabia's recent launch of a $40 billion AI fund, highlighting the kingdom's commitment to becoming a global AI powerhouse. With its enterprise-level AI solutions and the fresh influx of capital, Intelmatix is well-positioned to drive innovation and support the region's digital transformation efforts.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

Women Collective

Women Collective, a female-led investment group founded in 2014, has recently made headlines with its undisclosed investment in Velents AI, a Saudi Arabia-based SaaS provider. This marks Women Collective's second investment in a month and its first collective technology investment, highlighting the group's commitment to fostering gender diversity in the investment landscape. Led by experienced female investors, Women Collective aims to demonstrate outsized returns while creating a significant impact, particularly by supporting female founders and mixed teams. The investment in Velents AI, which offers an AI-powered platform to automate and de-bias hiring processes, aligns with Women Collective's mission to leverage women's unique characteristics - such as high EQ, strong social connections, and empathy - to drive high-return investments.

🤑 Opportunity Radar

Startupbootcamp MENA - Llama Design Drive

Apply to the Llama Design Drive AI accelerator program to revolutionize MENA with cutting-edge AI solutions. This 4-week intensive program offers startups the unique opportunity to tackle real-world challenges presented by established corporations in the UAE, KSA, and Egypt. Gain invaluable experience conceptualizing, developing, and pitching innovative generative AI products to address critical industry needs. Ideal for forward-thinking AI startups looking to make a tangible impact, the Llama Design Drive provides unparalleled access to complex business challenges and industry leaders. Seize this chance to accelerate your AI venture and apply before August 30th. The first cohort will take place in the UAE starting September 19th.