Welcome to our daily funding update for MENA startups. This brief will cover the latest funding news and investments from the region’s vibrant startup ecosystem.
17th August 2023 Funding and Investment Update
1. Saudi IoT Squared Acquires 100% of MachinesTalk to Accelerate Its Growth and Establish Itself as a Leading Provider of IoT Solutions in the Region.
The Saudi IoT Squared company, a subsidiary of STC Group, announced its acquisition of MachinesTalk by 100% without disclosing the deal’s value. It is worth mentioning that the ownership of Iot Squared is distributed equally between the Public Investment Fund of Saudi Arabia and STC Group, which stated in its statement that this acquisition agreement comes to contribute to accelerating the company’s growth and consolidating its position as a leading provider of IoT solutions in the region and a key supporter of promising growth sectors. The transaction reinforces the role of the Public Investment Fund in supporting the rapid growth of the Kingdom’s digital economy and STC Group’s leading role in adopting advanced digital technologies and leading digital transformation in the region, as well as contributing to keeping pace with the growing demand for IoT technologies and expanding the provision of comprehensive services and products in this promising market.
2. The Jordan Innovative Startups and SMEs Fund Invests $1.5 Million in Saudi Arabia’s Sadu Capital to Support Fast-Growing Jordanian Startups.
The Jordan Innovative Startups and SMEs Fund (ISSF) has revealed a $1.5 million investment in Saudi Arabia’s Sadu Capital, which invests in fast-growing early-stage startups. In return, Sadu Capital will promote innovation and entrepreneurship in Jordan. With this investment, Sadu will invest in Jordanian startups and help them expand regionally, driving their rapid growth. According to Sadu, this investment aligns with its vision to stimulate the development of the entrepreneurial ecosystem in Jordan, which creates jobs and drives economic growth by funding startups and helping them access the markets of Saudi Arabia and the GCC.
3. Nugttah for Brand Relations Raises $2.3 Million Seed Funding Round Led by Mawasem Development Company to Enhance Its Services.
Nugttah, a Saudi platform dedicated to building brand relationships with customers, announced that it had raised $2.3 million during a seed funding round led by Mawasem Development Company. Nugttah seeks to enable restaurant owners and retailers to retain their customers and reach new customers through the expertise of partners who founded the startup: Sumaya Al Zamil, Shahalil Al Yousef, and Madawi Al Zamil, and who have different experiences in technology and business development. Nugttah offers a range of technology solutions to enable businesses to elevate relationships with their customers, including marketing tools that will increase sales and visits to restaurants and cafes, flexible loyalty programs that contribute to digital transformation and pre-order services, and analytics that help understand customer behavior. Nugttah will use the new funding to enhance its services to meet the needs of its business customers.
4. Business Incubator and Startup Accelerator Antler Launches a $60 Million Fund to Develop the Region’s Entrepreneurship Ecosystem.
Antler is a Business Incubator and Startup Accelerator has announced its ambitious plans to expand its operations in the Middle East, North Africa and Pakistan (MENASA) region under the leadership of Dr Jonathan Doyer and Roman Asunçao with the launch of a $60 million fund. Through this expansion, Antler aims to contribute to the development of the entrepreneurship ecosystem in the region by supporting business founders from the early stages, finding the right partner for them, providing them with the skills and training they need, enhancing their access to a wide range of founders and consultants at the global and local levels, as well as developing their business expertise in the Middle East, North Africa, and Pakistan region, providing investment support from the pre-establishment stage, and following up with them to secure the necessary funding to develop their businesses through various stages. With the launch of the first cohort of its program in Riyadh in September, Antler will select more than 60 pre-establishment entrepreneurs from thousands of applications to develop a new business model and study their economic feasibility before starting the launch phase and scaling up its operations.
5. Business Intelligence Development Company Lumi AI Closes Its First Funding Round Led by B2B SaaS Investors Forum Ventures to Develop Its Platform for Launch in the Fall.
AI startup specializing in business intelligence development for enterprises and supply chains Lumi AI has announced the success of its first funding round led by B2B SaaS investors Forum Ventures and the participation of Annex Investments, the Al Nowais family, and some angel investors. Founded in April 2023, Lumi AI facilitates organizations’ access to data, insights, and predictive analytics by allowing businesses to create custom reports and run statistical models using clear language based on redefining how organizations interact with their data. The startup will use the pooled funds to propel itself into the next growth phase, fuel the development of its platform and expand its team in the market to prepare the company for the launch of its complete medium in the fall.
That’s all for today’s funding update. Stay tuned for more updates on the MENA startup scene, and remember to subscribe to our newsletter or browse our archives for more news and analysis.
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Last Updated on August 17, 2023 by Safiya K
