In the Middle East and North Africa, the startup ecosystem witnessed significant developments, including funding rounds, acquisitions, and licensing activities. Silkhaus, a property tech startup from the UAE, secured a multi-million-dollar investment from US-based Partners for Growth in a pre-Series A round to expand into the Saudi market. Tumodo, a UAE-based travel tech platform, raised $35 million in a pre-seed funding round to enhance its growth in the UAE, invest in product development, and explore partnerships in the MENA region. Adaverse, a web3 and blockchain venture fund, expanded its operations to Saudi Arabia and invested in Shariah-compliant fintech Takadao. Egyptian logistics startup Bosta received an undisclosed investment from Axian Group to boost its services in the region. Qatar's Droobi Health and India's Smit.fit merged to form DroobiSmit, aiming to become a leading digital healthcare provider in the Middle East and South Asia. Paymob obtained a Payment Service Provider license from Oman's Central Bank, allowing it to facilitate online and in-store payments in the country. Saudi Aramco allocated $4 billion to its global venture capital arm, doubling its previous investment, to support disruptive technologies and collaborate with innovative startups in line with its long-term strategy.
The local startup environment witnesses a diverse range of activities.
Updated: Jan 21
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