Where have startups reached in the Kingdom of Saudi Arabia?

Startups in the MENA region have raised significant funding, hailing a boom in venture capital.

Financial technology sector

The fintech sector in Saudi Arabia has made a big step as LYNK has successfully secured an investment round.

This financial payment came from prominent backers, Al-Fozan Holding and Ramla Holding Group, although the investment amount has not yet been disclosed.

Founded in 2023 by Thabet Al Subaie, LYNK works to connect financial institutions, commodity markets and beneficiaries through its Sharia-compliant services.

The company claims to handle up to 15,000 transactions per day, each executed in less than a minute, with a total value of more than SAR 5 billion.

$250 million debt financing for Saudi Arabia's BNPL Tamara

Tamara Giant was able to secure an additional $250 million in debt financing, bringing the total facility to $400 million.

The investment consists of a senior debt contribution of up to $200 million from Goldman Sachs, complemented by a $50 million tranche from Shorouk Partners.

Founded in 2020 by Abdul Majeed Al-Sokhn, Turki Bin Zaraa, and Abdul Mohsen Al-Babtain, Tamara provides its customers with the opportunity to purchase products in installments.

Last March, the company succeeded in raising a $150 million debt financing round, also from Goldman Sachs. This continued support from prominent financial institutions underscores Tamara's growing influence in the fintech sector.

Founded in 2020 by Abdul Majeed Al-Sokhn, Turki Bin Zaraa, and Abdul Mohsen Al-Babtain, Tamara provides its customers with the opportunity to purchase products in installments. (supplied)

“We are pleased to announce this significant debt financing, which is a testament to our excellent operating performance to date and our outlook for future growth,” said Stefan Marciniak, Tamara's CFO.

“In a challenging economic climate, we are grateful to Goldman Sachs and Shorooq Partners for their support. These funds will move us forward, enabling us to further develop our flagship BNPL product and invest in new and innovative products and services, which will strengthen our position as a leader in This industry.

The strategic use of this new financing is set to stimulate Tamara's expansion. With its capital, the company is poised to invest in developing new products and services, strengthening its position in the competitive BNPL market.

Saudi VMS Company invests in Egyptian Green

Egyptian edtech company Akhdar has successfully completed a six-figure funding round, led by Saudi venture studio, Value Maker Studio. This strategic investment aims to enhance green expansion efforts in the Saudi market.

Founded in 2016 by Muhammad Osama and Shadi Ahmed, Akhdar has achieved a distinguished position in the field of educational technology by providing a wide range of educational materials in the Arabic language.

Their offerings include over 2,500 pieces of content, including audio and written books, comprehensive book reviews, and engaging podcasts.

The latest funding underscores the growing interest in edtech solutions and reflects investors' confidence in green's potential for growth and impact.

This investment is considered a starting point for Al-Akhdar to strengthen its presence in the Middle East, starting with the Kingdom of Saudi Arabia.

Saudi cybersecurity startup COGNNA raises $2.25 million

Saudi Arabia-based cybersecurity startup COGNNA has raised $2.25 million in a seed funding round led by IMPACT46 and saw contributions from Vision Ventures and Faith Capital among other investors.

Founded in 2022 by Ibrahim Al-Shamrani and Ziad Al-Shehri, COGNNA specializes in leveraging artificial intelligence and cutting-edge data analysis to identify and neutralize threats in customers’ systems and networks.

Notably, COGNNA was part of the first-ever cybersecurity accelerator program launched by the Saudi National Cybersecurity Authority in August 2022, confirming its commitment to developing cybersecurity solutions.

UAE-based fintech startup Mafhoom Technologies raises $1.36 million

Concept Technologies, a UAE-based fintech startup, has raised US$1.36 million in a pre-seed funding round by Wafra II Investments, complemented by contributions from various angel investors.

Founded in 2022 by founders Ahmed Al-Khatib and Ziad Melhem, Concept is designed to enable users to manage their financial affairs more effectively.

It provides tools to optimize spending, lower bills, eliminate debt, and enhance financial literacy, while also helping users achieve their savings and investment goals.