Grubtech (🇦🇪 UAE), a platform that streamlines operations for restaurants and cloud kitchens, has raised $15 million in its Series B and Series A extension rounds. Founded by Mohamed Al Fayed, Omar Rifai, and Mohamed Hamedi, Grubtech serves 18 markets and has expanded into quick commerce categories like groceries and pharmacies. The round was led by Jahez Group, with participation from existing investors Addition and Oryx Fund.

iyris (🇸🇦 KSA), an agritech that boosts crop yields, cuts costs and risks, and extends growing seasons in tough farming environments has secured a $16 million Series A round led by Ecosystem Integrity Fund, with support from Global Ventures, Dubai Future District Fund, Kanoo Ventures, Globivest, and Bonaventure Capital.

YoLa Fresh (🇲🇦 Morocco), an agritech that connects farmers directly with retailers and food service companies has raised a $7 million pre-Series A funding round, led by Al Mada Ventures with participation from Algebra Ventures, E3 Capital, Janngo Capital, and FMO, the Dutch entrepreneurial development Bank.

GrowDash (🇦🇪 UAE), an SaaS platform that enables restaurant marketing and operational teams to build, execute, and manage profitable growth strategies across digital sales channels, has raised a $1.8 million Seed round led by Oryx Fund, a MENA-focused investment fund from Hambro Perks, and Oraseya Capital.

🏠 Say hello to Holo, a UAE-based proptech startup that simplifies the homeownership journey by offering digital mortgage services that allow buyers and homeowners to explore refinancing options.

And they just raised an undisclosed pre-Series A funding round, which Holo says was oversubscribed.

• Co-founded in 2020 by Michael Hunter CeMAP and Arran Summerhill, Holo provides the largest direct mortgage platform in the Middle East.

💰 Investor lowdown: This round was led by DFDF and Oryx Fund, along with Aditum Investment Management.

• FYI, in February 2023, Holo closed a seven-figure seed round led by Saudi’s Watheeq Proptech Venture and Hambro Perks Oryx Fund.

🔑 Simplifying home buying

Holo’s online platform enables individuals in the UAE to check their mortgage eligibility, compare 500 products from 20 different lenders, and receive personalised recommendations for the best possible deal based on their profile and preferences.

👪 For buyers? The platform guides users through completing their applications online with assistance from a dedicated case manager. The Holo team takes care of all the legwork, including coordinating with the bank to ensure the loan is processed efficiently.

• Holo is also free for users, earning revenue through commissions from banks for referring clients to their home financing products.

🔮 Flashforward

Holo will use the fresh funds to expand its footprint in the UAE and across the GCC, starting with Saudi Arabia. It also intends to use the funds to grow its team and diversify its product line.

🏥 UAE-based healthcare private equity firm, TVM Capital Healthcare, has closed a $250 million Afiyah Fund LP, led by JADA, PIF’s Fund of Funds Company, along with Saudi, GCC, and European investors. The Afiyah Fund aims to support domestic and international healthtech startups focusing on Saudi’s Vision 2030 medical priorities. Previous investments include Baraya Extended Care, DEBx Medical, and neurocare Group.

🇸🇦 Saudi Arabia’s Kingdom Holding, owned by billionaire Prince Alwaleed bin Talal, participated in the $6 billion Series B round of Elon Musk's AI startup xAI, valuing it at $24 billion. The round included investments from Valor Equity Partners, Vy Capital, Andreessen Horowitz, Sequoia Capital, and Fidelity Management & Research Company, aiming to support xAI's market launch to challenge OpenAI. Founded in 1996, Kingdom Holding already has significant investments in Musk’s platform "X".

📈 Venture debt (VD) in the MENA region reached an all-time high in 2023, growing 262% annually, according to MAGNiTT. VD facilities were 50 times their 2020 level, with Saudi Arabia, the UAE, and Egypt leading the market. Saudi Arabia captured $400 million, 53% of the region's total, while the UAE accounted for 50% of transactions.

🇩🇿 The Algerian Startup Fund (ASF) has partnered with national energy companies to launch the “Future of Energy Fund” to support and co-finance projects by Algerian startups in the energy and mining sectors. Established in late 2020, ASF provides equity investments from $32,000 to $960,000. ASF Director General Okba Hashani stated that negotiations with local companies are ongoing.

🚀 On May 29th, the 12 startups in batch 7 of the Sanabil 500 MENA Seed Accelerator Program participated in a Demo Day in Riyadh. Featuring diverse fintech, food tech, proptech, and AI companies, over 65% of the cohort has at least one woman co-founder. Check out each of the pitches here.

🤖 Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, has announced a plan to train one million people in AI prompt engineering over three years, part of the Dubai Universal Blueprint for AI. The ‘one million prompters‘ initiative includes training and competitions to develop crucial AI skills. This announcement came as Sheikh Hamdan honored winners of the Global Prompt Engineering Championship, which awarded Dh1 million in prizes across Coding, Literature, and Art.

💻 Saudi Arabia's Alat is partnering with Lenovo Group, investing $2 billion through zero-coupon convertible bonds. Lenovo will establish a regional headquarters in Riyadh and a new manufacturing hub focused on sustainable practices for the MEA region. The initiative is expected to create 15,000 direct and 45,000 indirect jobs in Saudi Arabia, contributing $10 billion in domestic investment impact by 2030.

📊 Oracle is opening two new data centres in Morocco, aiming to boost North Africa's growing IT ecosystem and enhance MENA's technology landscape. Located in Casablanca and Settat, these centres will bring Oracle's global cloud regions to 72, offering dedicated, hybrid, public, and multi-cloud services for enterprises, start-ups, universities, investors, and government services. Oracle did not disclose the investment value or projected opening dates. Microsoft, Amazon, IBM, and Alibaba Cloud have also opened cloud and data centres in the region.

• Interview. Igor Kaloshin Of AngelsDeck Global Ventures: 5 Things I Need to See Before Making a VC or Angel Investment

• Taking a step back. Unicorns Vs. Zebras: Rethinking What Counts For Entrepreneurial Success In The MENA Region

• Climate action. How MENA’s biggest actors can help the region’s suppliers and SMEs to decarbonize

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