Last Week in Funding (19-25 February)

Last week, startups raised $13.8 million in disclosed funding, led by The Cloud, a Hub71 foodtech startup, which secured $12 million in a funding round.

See our full roundup of investments and investor news below.

The Cloud Secures $12 Million in Series B Funding

The Cloud, a Hub71 food tech startup, concluded its Series B funding round, securing $12 million out of its targeted $30 million.

GameCentric Raises $1.5 Million in Funding

India-founded and UAE-based gaming platform GameCentric Bilal Merchant, an angel investor based in Dubai, led a funding round that netted GameCentric $1.5 million.

PIESHIP Secures Undisclosed Pre-Seed Funding Round

PIESHIP, a Saudi company specializing in warehouse management solutions and innovative logistics services, closed an undisclosed pre-seed investment round from SEEDRA Ventures, Nama Ventures, and a group of angel investors.

Edtech Thiqa Tutoring Secures $300,000 Investment on Beban TV Show

UAE-based edtech Thiqa Tutoring raised $300,000 in investment during the latest episode of Beban TV show.

Also worth noting:

OpenAI Introduces New AI Text-to-Video Tool Sora

OpenAI, the company behind ChatGPT, introduced its first artificial intelligence (AI)-powered text-to-video generation model, Sora.

Tamimi Markets Acquires Al Raya Supermarkets

Saudi Arabia’s family-owned grocery chain, Tamimi Markets Company, finalized the acquisition of Al Raya for Foodstuffs Company.

Shahid VIP Set to Beat Netflix as Leading SVOD by 2029

The latest projections from Digital TV Research indicate a major shift in the subscription video-on-demand (SVOD) landscape of the Middle East, with Shahid VIP poised to surpass Netflix as the region's top platform by 2029.

Turki Al-Sheikh Launches Big Time Investment Fund

Turki Al-Sheikh Chairman of the Board of Directors of the Saudi General Entertainment Authority (GEA), unveiled the Big Time Investment Fund to enrich the landscape of Arabic content in film production, distribution, and manufacturing.

Sawari Ventures Seeks to Invest $150 Million in Egyptian Startups

Sawari Ventures, a venture capital company based in Egypt, is gearing up to launch a new fund earmarked for investing approximately $150 million in Egyptian startups.

Decline in M&A Activity Hits Egypt: Baker McKenzie

According to a recent report from Baker McKenzie, Egypt saw a 53% year-over-year (YoY) decline in merger and acquisition (M&A) deals in 2023. The report highlighted a downturn in both deal volume and value, with transactions plummeting to 139 and value sinking by 62% to $3.48 billion.

Thmanyah, Al-Thaqafeyah Partner to Expand Access to Arab Culture

Thmanyah has inked an agreement with Al-Thaqafeyah to broadcast and distribute its documentary productions on the Al-Thaqafeyah broadcast channel and on the streaming network Shahid.

Saudi Techies Nybl and Basserah Announce Merger

The Saudi Arabian science-based artificial intelligence (AI) firm Nybl and Basserah, specializing in data and robotic process automation, have officially announced the completion of their merger.

Saudi Arabia Launches $100 Million Film Fund

MEFIC Capital has launched the Saudi Film Fund, which has received a sizable capital injection of SR375 million ($100 million), with 40% of its funding coming from the Kingdom's Cultural Development Fund.

Plus VC, Tawaref to Streamline Company Setup Process in KSA

Plus VC (+VC), a venture capital firm focusing on early-stage tech startups in the MENA region, forged a partnership with Tawaref, a leading tech investment community, to enhance the incorporation process for portfolio companies within Saudi Arabia, leveraging Tawaref's Saudi Landing program.

Abu Dhabi Unveils Partnership for Regulatory Sandbox Program

The Abu Dhabi Department of Economic Development (ADDED) forged a partnership with Hub71, aiming to propel innovation within the emirate by bolstering the regulatory landscape for products and services.

Alinma Pay Invests in Sakani Ventures Fund

Alinma Pay, the Saudi financial technology company and the financial technology arm of Alinma Bank, revealed its investment in the Sakani Ventures' Sakani venture capital fund.

Saudi PIF Plans $70 Billion Annual Deployment

Saudi Arabia's sovereign wealth fund announces plans to escalate its annual capital deployment to $70 billion after 2025.

UAE Unveils $35 Billion Investments for Egypt’s Ras El-Hekma

Abu Dhabi-based investment powerhouse ADQ announced an investment initiative totaling $35 billion for the development of the Ras El-Hekma region in Egypt. 

Alat Partnerships Drive $100 Billion Tech Investments

Alat, the tech arm of Saudi Arabia's Public Investment Fund (PIF), unveiled plans to inject $100 billion into KSA's tech sector by 2030. The move is aimed at fostering innovation and sustainable growth.

Orbit Startups Accelerator Invests in 6 Diverse Ventures

Orbit Startups, a venture capital firm with a portfolio of over $180 million in assets, has unveiled its latest cohort of promising startups.

ENGIE Unveils Initiative to Back Climatech Startups

ENGIE, a global player in low-carbon energy and services, has announced the launch of a venture studio aimed at bolstering climatech startups across the Middle East.