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- MEA Tech & Startup Digest: Issue #105
MEA Tech & Startup Digest: Issue #105
Mehmet Gonullu
February 09, 2025
Welcome to the 105th edition of βThe CTO Showβs MEA Tech & Startup Digestβ!
From Qatar's groundbreaking $1 billion innovation fund to Saudi Arabia's ambitious startup support initiative, this week's digest captures the transformative investments and growing confidence in our region's tech ecosystem.
Whether you're one of our 2,348 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!
π Feature Stories: Major Moves
β’ Saudi Arabia's Massive Startup Initiative
In a landmark move for the Kingdom's entrepreneurial ecosystem, a Saudi venture capital firm SVC has announced a $1 billion investment aimed at supporting 800 startups and SMEs. This initiative, aligned with Vision 2030, will focus on high-growth sectors including fintech, e-commerce, and healthcare technology. The investment is expected to create thousands of jobs and contribute significantly to economic diversification. π Read More
β’ Qatar's Innovation Fund Launch
The Qatar Investment Authority (QIA) has launched a $1 billion fund to support startups and SMEs, marking a significant milestone for the country's tech ecosystem. The initiative kicked off with an investment in Rasmal Ventures, Qatar's first independent venture capital fund manager. Through Rasam Innovation Fund 1, which seeks $100 million in commitments, the program aims to promote innovation and support local and regional entrepreneurs. π Read More
β’ MENA E-commerce Breakthrough
The MENA region's e-commerce sector has demonstrated remarkable growth in 2024, recording a 30% increase from the previous year. UAE and Saudi Arabia led this surge, with mobile commerce accounting for over 70% of all online transactions. The trend shows strong smartphone shopping preferences among MENA consumers, with cross-border e-commerce gaining significant traction. π Read More
π° Notable Funding Rounds
β’ Growth & Series
Egyptian Fintech Khazna has secured $16 million in pre-Series B funding to fuel its Saudi Arabia expansion. The Cairo-based company, focusing on digital financial services for the underbanked, plans to establish operations in the Saudi market while enhancing its product offerings. π Read More
UAE's qeen.ai has raised $10 million in seed funding with participation from Wamda Capital. The Abu Dhabi-based AI startup specializes in natural language processing and machine learning applications, planning to expand its R&D efforts and regional presence. π Read More
Saudi's Forus | ΩΨ±Ψ΅ has secured $60 million in debt financing from European asset management firm Fasanara Capital . The Riyadh-based fintech aims to enhance its lending capabilities and support more SMEs with working capital solutions. π Read More
Turkish Fintech Fimple has raised $12 million from SmartFin Capital, positioning itself as a challenger to established players in the banking software industry. The Istanbul-based company offers a cloud-native core banking platform for rapid digital banking service deployment. π Read More
β’ Early Stage & Seed
Tunisian Fintech EasyBank has secured $370,000 to develop its digital banking solutions. The Tunis-based startup aims to revolutionize the local banking sector with user-friendly mobile banking services. π Read More
UAE's MYNE has closed a $2 million pre-seed round led by Scene Holding. The wealth and asset tracking platform plans to expand into Saudi Arabia and other GCC markets. π Read More
Visarun , a Dubai-based visa-as-a-service platform, has raised $700,000 in pre-seed funding from Swiss and UAE-based angel investors. The company uses AI and machine learning to streamline visa processing. π Read More
Saudi's vminds.ai has secured a six-figure pre-seed investment to develop AI solutions for businesses across various industries. The Riyadh-based startup plans to expand its team and accelerate market penetration in Saudi Arabia and the Gulf region. π Read More
π€ Strategic Moves & Initiatives
β’ Regional Growth
Foundation Ventures , an Egyptian VC firm, has announced the final close of its $25 million fund focused on early-stage technology startups across MENA. π Read More
Laton Ventures , a Turkish VC firm, has raised $50 million to invest in global game and app startups, highlighting Turkey's growing importance in the gaming ecosystem. π Read More
P1 Ventures , a Pan-African VC firm, has raised $50 million for its first institutional fund, focusing on early-stage startups across Africa in sectors including fintech, e-commerce, insurtech, and AI. π Read More
UAE's Yuze is expanding to India in Q2 2025, bringing its digital banking solutions for SMEs and freelancers to the subcontinent. The Dubai-based fintech is actively recruiting for strategic roles to tailor its services to the Indian market. π Read More
Beltone VC has invested in Moroccan eyewear startup LNKO to support its expansion across Africa. The Casablanca-based company will use the funding to enhance its technology and establish presence in key African markets. π Read More
β’ Market Insights
A comprehensive report on the Middle East and Africa (MEA) Venture Capital market reveals significant growth trends through 2030, with particular strength in fintech, e-commerce, and healthtech sectors. Government initiatives, especially in the UAE, Saudi Arabia, and Egypt, continue to play a crucial role in ecosystem development. π Read More
TΓΌrkiye's entrepreneurship ecosystem experienced a resurgence in 2024, with significant growth in investment activity across fintech, healthtech, and e-commerce sectors. Government support through tax incentives and technology development zones has played a crucial role in fostering this renewed entrepreneurial environment. π Read More
π Global Tech Spotlight
Ilya Sutskever's New Venture: The OpenAI co-founder and chief scientist's new stealth AI startup is reportedly in talks to raise funds at an approximate $20 billion valuation. While specific details remain undisclosed, the high valuation reflects significant investor confidence in Sutskever's expertise and the potential of advanced AI technologies. π Read More
π Worth cheching out:
- Alibaba released an AI model claiming to outperform DeepSeek-V3, one of the most advanced reasoning models on the market https://qwen2.org/qwen2-5-max/
- UAE and France Partner on β¬50 Billion AI Data Center :The UAE and France have announced a groundbreaking partnership to invest between β¬30 billion and β¬50 billion in building Europeβs largest AI-focused data center in France.
- Big Tech's$300B AI Spending Plans: Amazon, Microsoft, Alphabet, and Meta collectively announced over$300 billion in AI investments for 2025, focusing on data centers, chips, and large language model research. Amazon alone plans to spend$100 billion, primarily on AWS AI capabilities.
ποΈEpisodes Recap:
In this episode of The CTO Show with Mehmet, we dive into the evolving landscape of healthcare UX, AI-driven personalization, and innovative design strategies with Mary Borysova a seasoned product designer specializing in healthcare.
In this insightful episode of The CTO Show with Mehmet, we dive into the world of smart cities, digital transformation, and AI-driven urban innovation with Lawrence Eta ,a seasoned technology leader with experience spanning Toronto, Saudi Arabia, and beyond. Lawrence shares his expertise on how cities can harness AI, data, and infrastructure planning to build sustainable, people-centric urban environments.
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Best, Mehmet