Happy Friday and Diwali to those who celebrate! 🪔

We’re on the road again, so we’ll keep this short and sweet – and let this week’s edition speak for itself.

P.S. Our deep dive this week, is a recap of FWDstart’s first year! Check it out here 🎉 

Enjoy this week’s edition 👇

This week’s round-up is a 5 min read:

• 🤖 Wa’ed Ventures earmarks $100m to invest in AI start-ups

• 💸 $300m Beta Lab Fund launches to back Saudi, Asian deeptech startups

• 💰 Wasoko-MaxAB valued at $526m after merger

• 🏗️ Riyadh-based proptech Ayen acquires Egypt-based contech Elmawkaa

• 🔈 Catch-up on Episode 16 of the VC React Podcast

🚀 Startup funding round-up

NorthLadder (🇦🇪 UAE), a used electronics replacement platform, has raised $10 million in a Series B round led by Tali Ventures (stc Group) with support from Dutch Founders Fund and Crescent Ventures.

ARKTECH (🇸🇦 KSA), a proptech startup providing real estate investment solutions through utility contract trading, has closed a $1 million pre-Seed round, led by Core Vision Investment.

Nabt (🇸🇦 KSA), an agritech operating a B2B marketplace connecting farmers directly with businesses, has raised $1.5 million in a Seed round, led by Merak Capital with participation from angel investors.

Pass (🇶🇦 Qatar), a delivery app providing fast and reliable P2P and business services, has raised $2.7 million in a pre-Series A funding round from undisclosed investors.

Tharawat Green Exchange (TGE) (🇸🇦 KSA), a Web3 provider supporting sustainability initiatives by connecting carbon off-setters with local nurseries and land projects via a blockchain-enabled platform, has raised $450,000 from Adaverse.

💰 VC round-up

🤖 Saudi Aramco’s VC arm, Wa’ed Ventures, has allocated $100 million to early-stage AI start-ups, aiming to position Saudi Arabia as a global AI hub. An advisory board of AI leaders from Meta, Amazon, MIT, Oxford, and other renowned institutions will guide Wa’ed in sourcing strategic deals and localising global innovations. Established in 2013, Wa’ed manages a $500 million portfolio, with recent AI-focused investments including Rebellions, AiXplain, Intella, and Tenderd.

🦾 Beta Lab, a Saudi-based deep tech fund and studio, launched with $300 million in capital on the first day of FII 2024 to fuel startup growth and encourage cross-border innovation between MENA and SEA across fintech, digital health, AI, and smart mobility. The fund is supported by the Saudi Ministry of Investment, Research, Development, and Innovation Authority, Hong Kong Science and Technology Parks Corporation (HKSTP), and MDI Ventures by Telkom Indonesia.

🇸🇦🇯🇵 Saudi Arabia’s BIM Ventures and Japan’s SBI Holdings have launched BIM Capital, a joint venture targeting growth across Saudi Arabia and the Middle East. BIM Capital will drive investments in private equity, venture capital, debt, and real estate development, aiming to secure $200 million in foreign direct investment and reach $2 billion in AUM.

🔬 ScienceWerx has launched its MENA Chapter in Riyadh with a $100 Million EverGreen Pre-Seed Fund to turn Saudi Arabia’s R&D into high-growth businesses in AI, healthtech, and deep-tech. EverGreen aims to bridge MENA’s $43 billion IP gap with partnerships, tech transfer, and incubation resources, empowering Saudi innovators to transform local R&D into competitive global ventures.

🇸🇦 Global growth investor General Atlantic has opened a new office in Riyadh. With nearly $1 billion invested across the MENAT region — including stakes in eyewa, Property Finder, and Trendyol — the firm aims to deepen its support for local entrepreneurs in sectors like tech, healthcare, fintech, consumer markets, and climate tech.

👷‍♂️ Iwan Ventures, Saudi-based VC fund, has launched a new Venture Builder focused on supporting startups in AI, Fintech, and eCommerce with a targeted investment of $13.3M.

🌍 Global investments roundup

🚁 Derq, a specialist in AI-powered transportation solutions, has secured a strategic investment from UAE’s e& Capital and US’s AT&T Ventures to boost its expansion in the US and Gulf regions. Founded in 2016 by Dr. Georges Aoude, Derq integrates AI and IoT with connected infrastructure to provide road safety insights, traffic control, and connected vehicle applications.

🚖 Saudi Arabia’s Tasaru Investments, a subsidiary of the PIF, has invested in Blacklane, a German-based global chauffeur service founded in 2011. This investment is part of Blacklane's Series G funding round, which includes participation from Mercedes-Benz Mobility and other prominent investors. Blacklane plans to launch its premium chauffeur services in Riyadh and Jeddah.

 🤝 Acquisitions round-up

🏗️ Ayen, a Riyadh-based real estate inspection platform, has acquired Egypt-based Elmawkaa, a contech startup, in a seven-figure deal. CEO Ali Al-Mohsen highlighted the acquisition as crucial to Ayen’s growth, with plans for a pre-IPO funding round to fuel further expansion. Elmawkaa CEO Ebrahem Anwar thanked supporters, including Flat6Labs and Hub71, for their pivotal roles in the startup’s journey.

🔓 Edafa Venture Capital, Egypt-based VC firm, has acquired Taskedin, Egypt-based Saas platform, for an undisclosed sum. Taskedin was founded in 2021 and provides enterprises with a secure single access workspace to manage their organisation.

 🤖 AI round-up

🇸🇦 Saudi Arabia’s PIF and Google Cloud are launching a global AI hub near Dammam, expected to add $71 billion to GDP and create high-skilled jobs in alignment with Vision 2030. Utilising Google’s AI technology, the hub will advance Arabic-language AI applications and drive growth in sectors like healthcare and finance, positioning Saudi Arabia as a leading AI and tech destination.

؏ Google’s AI Opportunity Initiative for MENA commits $15 million through 2027 to expand AI access and reach 500,000 people. It includes an Arabic AI curriculum under Maharat min Google and a Village Capital grant to support underserved communities, including women and youth. Google will also fund UAE university research and support healthcare AI applications in the UAE and Saudi Arabia via startAD.

⌨️ Tech round-up

🤳 TikTok will open its regional HQ in Riyadh in early 2025, CEO Shou Zi Chew announced at the FII conference. With 540 companies now setting up HQs in the Kingdom, Saudi policy mandates in-country HQs for foreign firms to contract with government entities.

🤝 African B2B platforms Wasoko and MaxAB merged back in August 2024 and are now valued at $526 million, according to VNV Global. The combined company, backed by $230 million in funding, serves 450,000 merchants across Africa. Pre-merger, Wasoko’s valuation stood at $346 million, underscoring the impact of their unified market presence.

💰 VC React Podcast: Episode 16

🎧 This week on VC React: Sawari Ventures' $200M fund sparks a look at MENA’s OG VCs and lessons for new fund managers. We explore Shorooq and Amplify’s $15M boost for Pakistan’s Abhi, highlight Mala Inc.'s $7M pre-seed for “procure now, pay later,” and wrap with insights on Dubizzle and talabat’s IPO outlook in Dubai.

📰 Recommended Reads

• Noor Sweid. The Road Ahead: Will the Next Era of Mobility Take Us Back To Where We Started?