MEA Tech & Startup Digest: Issue #104

Author

Mehmet Gonullu
February 02, 2025

Welcome to the 104th  edition of “The CTO Show’s MEA Tech & Startup Digest”!

From BioSapien's groundbreaking medical technology to Lendo's record-breaking facility from JP Morgan, this week's digest captures the innovative spirit and growing investment confidence in our region's tech ecosystem.

Whether you're one of our 2,326 subscribers or new to our community, we're excited to share these valuable insights into tech, startups, and entrepreneurship.

Grab your coffee and let's unpack what's making headlines!

 

🌟 Feature Stories: Major Moves

• UAE's Healthtech Revolution

UAE-based BioSapien has extended its pre-Series A funding round to $7 million, marking a significant milestone in medical innovation. The company is accelerating clinical trials for its flagship MediChip™ technology, with promising applications in oncology and orthopedics. Global Ventures led the round, with strategic participation from Endure Capital, highlighting growing confidence in the region's healthtech sector. 🔗 Read More

• Saudi Arabia's Fintech Milestone

In a groundbreaking move for Saudi Arabia's fintech sector, Lendo | ليندو has secured a massive $690 million facility from JP Morgan. The Riyadh-based company is set to become one of the region's largest alternative lending platforms, expanding its SME financing and working capital solutions. This strategic partnership opens doors to global financial markets, positioning Lendo as a key player in the Kingdom's fintech revolution. 🔗 Read More

💰 Notable Funding Rounds

• Growth & Series

Saudi's Ebana | إبانة has closed an impressive $266 million pre-Series A round led by SoftBank Vision Fund 2. The Dubai-headquartered company's AI-powered real estate valuation platform is set to expand into Saudi Arabia and Egypt, while enhancing its machine learning capabilities for market analysis. 🔗 Read More

South African insurtech Naked has raised $38 million to expand its digital insurance platform. Led by IFC, with participation from Yellowwoods and Hollard, the funding will support the company's AI-driven insurance products for cars and homes. Since its 2018 launch, Naked has seen its customer base double annually. 🔗 Read More

US-based Colossal Biosciences, backed by Saudi Arabia's Public Investment Fund, has secured $200 million in Series C funding. The company's ambitious de-extinction projects, including the woolly mammoth and Tasmanian tiger revival, could lead to groundbreaking collaborations with Saudi research institutions. 🔗 Read More

• Early Stage & Seed

UAE's Silkhaus has received a seven-figure growth round to fuel its expansion into Saudi Arabia. The short-term rental management platform plans to establish operations in Riyadh and Jeddah, while enhancing its technology stack to streamline operations in the new market. 🔗 Read More

Maalexi , the UAE-based agri-fintech startup, has secured a $3 million debt facility from Citi. Having facilitated over $10 million in transactions, the company provides crucial financial solutions for farmers across MENA, supporting thousands with working capital and equipment financing. 🔗 Read More

Saudi Arabian edtech UpLevel - Smart Digital Mentoring & Coaching has secured pre-seed funding to enhance its AI-powered learning platform. The Riyadh-based company offers personalized online learning experiences across the Middle East, with strong backing from regional investors signaling growing confidence in the Saudi edtech sector. 🔗 Read More

Palestinian startup Nabeeh has received investment from Ibtikar Fund to expand its AI-powered tutoring platform. Already supporting over 100,000 K-12 students through adaptive learning technology, the company plans to enhance its content library and improve its personalization algorithms. 🔗 Read More

🤝 Strategic Moves & Initiatives

• Regional Growth

Egyptian loyalty company Dsquares has acquired a majority stake in Cairo-based food delivery startup Prepit. The strategic move integrates Prepit's technology into Dsquares' loyalty programs, creating a comprehensive offering for businesses and consumers while paving the way for potential expansion into other African markets. 🔗 Read More

Kenyan fintech Sevi has secured funding from Renew Capital to expand its stock financing platform. The Nairobi-based company provides working capital solutions to small retailers for inventory purchases, with plans to scale across Kenya and explore neighboring East African markets. 🔗 Read More

Saudi Arabian fintech Simplex has raised $13 million, led by SVC and Impact46, to propel its digital payment solutions for SMEs. The company plans to strengthen its market position and explore partnerships with major financial institutions in the Kingdom. 🔗 Read More

• Market Insights

A new report highlights significant opportunities for African healthtech innovators, particularly in telemedicine and AI-driven diagnostics. The study notes a 50% increase in healthtech investments across Africa, with Nigeria, Kenya, and South Africa emerging as major innovation hubs. Digital health records and diagnostic solutions present particularly promising opportunities for growth. 🔗 Read More

 🔍 Worth cheching out: 

 

-   Daxa.ai built Proxima—a secured knowledge retrieval platform that makes GenAI adoption safe and cost-efficient. Proxima comes with powerful data guardrails built-in—the same guardrails trusted by leading BFSI and US government organizations to ensure compliance and protect sensitive information. Daxa, Inc

 

-     OpenAI has released o3-mini, a cost-effective reasoning model optimized for tasks in science, technology, engineering, and mathematics (STEM), particularly excelling in math, coding, and science. It offers faster responses and improved accuracy compared to previous models, while maintaining low cost and reduced latency.

🎙️Episodes Recap:

 

 

“Accessing funding shouldn’t be a roadblock to growth. Startups and small businesses deserve a financial ecosystem that supports their ambitions.” – Malachi Halliday

 

In this episode of The CTO Show with Mehmet, Malachi Halliday founder of HFS and a 15-year veteran of the UAE startup ecosystem, joins Mehmet to discuss the pressing issue of cash flow challenges faced by startups and small businesses. Together, they explore innovative funding solutions, the structural hurdles in the UAE, and the importance of financial preparedness for growth.

 

 

“Most companies can’t answer the fundamental questions about their AI models—where they’re used, how they’re performing, and if they’re compliant. That’s where AI governance comes in.” — Jim Olsen

 

In this episode of The CTO Show with Mehmet, we dive deep into AI governance, compliance, and risk management with Jim Olsen , the CTO of ModelOp, a leading AI governance firm. As AI adoption accelerates, enterprises must navigate the complexities of AI governance, regulatory compliance, and business strategy.

 

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Thank You 🙏: Your engagement drives our shared journey forward. Here's to another week of innovation and growth!

 

Best, Mehmet