1.  PropertyFinder (🇦🇪 UAE), a proptech that allows filtered searching of available options for properties to buy and rent, has raised $90 million in debt from Francisco Partners, and the buyback of shares from BECO Capital.

2. Keyper (🇦🇪 UAE), a BNPL startup has raised $4 million in pre-series A funding and $30 million in Shariah-compliant sukuk financing, led by Dubai-based BECO Capital and Middle East Venture Partners.

3. WheeKeep (🇸🇦 KSA), a logistics startup that provides mobile self-storage units tailored for individuals and businesses, has raised an $8 million Series A round, led by the American investor FinTech Collective.

4. Lune (🇦🇪 UAE), a data analytics platform that helps banks and fintechs unlock the power of financial data has raised $1.5 million in a Seed round from Dubai Future District Fund, Plus VC, Reach International, and Judah Ventures, plus family offices and angel investors.

5. MDD (🇸🇦 KSA), a supply chain management and procurement startup, has closed an undisclosed Series A round.

6. eyewa (🇦🇪 UAE), an eyewear startup has raised an undisclosed funding round from General Atlantic. The investment, made earlier this year, hasn't been announced by the firm yet. Details on the round, including size and other investors, are unclear.

7. Airwater Co. (🇦🇪 UAE), a cleantech that designs and manufactures air-to-water technology to create clean water from humidity in the air, has raised an undisclosed investment from Abu Dhabi-based VC Tau Capital.

8. SARsatX (🇸🇦 KSA/🇦🇪 UAE), a space-tech startup that provides Earth Observation (EO) data and analytics to serve multiple sectors, has received an investment from Flat6Labs, following their participation in Cycle 3 of the Riyadh Seed Programme.

♻️ Introducing Revent, a tech device bank for SMEs, offering quality pre-owned devices on monthly subscriptions to businesses across the UAE and KSA.

And, they just secured $900,000 in their pre-Seed funding round!

• Co-founded by Baldeep Singh and Dhananjay Choubey in 2022, the start-up recently graduated from The Riyadh Techstars Accelerator programme.

💰 Investor lowdown: The pre-Seed round included prominent angel investors from the e-commerce and SaaS industries, along with Techstars.

📱 Difficulty scaling

The guys at Revent want to eliminate the high upfront costs of new devices, which hinder SMEs' ability to scale effectively.

According to Revent CEO Baldeep Singh, “There are approximately 2 million SMEs in UAE and Saudi Arabia who are spending up to 22% of their limited capital on depreciating assets like Laptops, Monitors, Phones etc.

“Revent is creating a bank of quality devices and an AI powered virtual IT desk that these SMEs can leverage to reduce their Capex and focus their capital on growth.”

🤸‍♀️ Keeping things flexible

Revent for Business offers SMEs the flexibility to scale devices as their company grows, without heavy upfront costs.

The benefits? Optimise costs by freeing up valuable capital with reduced upfront expenditures, embrace flexibility by scaling your device needs as your business evolves, and access cutting-edge technology to stay ahead of the curve with reliable, high-quality devices.

• Also, at Revent, each device is expertly checked and renewed. They undergo rigorous standard checks to qualify for listing, and all checks are transparently shared for your peace of mind. Minor issues are fixed by experts, and devices are listed only after passing all quality tests.

📈 What they’re saying

🔮 Flashforward

The fresh funding will be used to build a self-service platform for businesses to manage their devices, pay invoices, and raise support requests for AI-powered IT desk support, as well as to grow the client base in Saudi Arabia.

💫 On Monday in Riyadh, 12 startups were unveiled as the latest cohort of the Sanabil 500 MENA Seed Accelerator's seventh program. These companies will showcase their innovations live at a Demo Day on May 29th.

Featuring a diverse array of fintech, food tech, proptech, and AI companies, over 65% of the cohort has at least one woman co-founder. 

• Not only will the event host a gathering of VCs and corporate leaders, but it will also be live-streamed on YouTube - incase you want to tune in! 

Selected from over 400 applicants, the 12 finalists of the programme have received:

• One-on-one mentorship focused on business strategy development, fundraising, and growth.

• An equity investment exceeding USD $100,000 from 500 Global.

• Access to 500 Global’s extensive network of founders, community events, partners, and more.

🚀 Let’s meet the graduates:

🧠 Agile Loop (KSA): Putting a twist on task management with a self-learning AI that not only listens but also learns and operates computers autonomously.

💰 Comfi (UAE): Providing B2B transactions by offering upfront payments to suppliers while extending flexible payment terms to buyers.

🍼 Desert Farms (USA): Delivering Camel Milk directly to consumers with their innovative D2C baby formula.

⏱️ Doos (KSA): A lifestyle app promising to deliver everything you need, from daily essentials to indulgent wants, in under 30 minutes.

📑 Fai (KSA): Simplifying tax management for SMEs and individuals with an easy-to-use automated solution.

💹 Metric (UAE): Empowering business owners with a financial analytics app that turns scattered data into clear, actionable insights.

📶 MLNetworks (Morocco): Enhancing Telco efficiencies through an end-to-end data platform that optimises network design and operation.

📄 Octa (UAE): Ensuring timely B2B payments with a one-click automated invoice collection process.

🐔 Poultry Sync (UAE): This AI-powered platform ensures poultry compliance and maximises profitability.

🏠 Reno (UAE): Helping homeowners turn their renovation dreams into reality with a digital platform that manages the entire process.

💸 Sav (UAE): A financial platform that educates and engages users in smarter spending and saving through a gamified experience.

📣 Sweply (KSA): Streamlining digital marketing by allowing users to create, manage, and analyse campaigns across multiple platforms from a single interface.

P.S. Applications are already open for the next cohort for any interested parties, check the programme out here!

🇶🇦 Singapore-based Golden Gate Ventures has launched a $100 million MENA fund, with $20 million from Qatari investors, including Al Khor Holding, Al Attiya Group, and Sheikh Jassim Bin Jabor Al Thani. The fund will support early-stage startups in cleantech, fintech, healthtech, B2B AI, deeptech, and edtech sectors. This is the first international VC fund managed within Qatar. In December 2023, the firm established an office in Saudi Arabia as part of its Middle East expansion.

🏦 Riyad Capital, a subsidiary of Riyad Bank, has launched 1957 Ventures, a new investment vehicle for fintech startups in Saudi Arabia. This is the firm's second venture capital fund, following the Riyad Taqnia Fund (RTF), which was founded in 2016 and invests in seed to Series B companies such as Foodics, Trukker, Beehive, and Souqalmal. Riyad Capital has not yet disclosed the investment stages for 1957 Ventures.

📈 Egypt-based investment firm Glint has completed the first close of its second venture fund at $3 million, supported by Wadi Degla Group. Glint Fund II, led by Tarek Aboualam and Youssef Helmy Habib, will offer early-stage investments ranging from $250,000 to $500,000 to Egyptian entrepreneurs. Glint has previously supported startups such as Darwinz.ai, Iqraaly, Wasla, Kashier, and Filkhedma.

🇸🇦 Saudi Arabia-based HRtech Qsalary has partnered with Itqan Capital to launch an $80 million investment fund. The fund aims to provide investors with opportunities for financial growth by accelerating salary payments and managing scattered expenses. Founded in 2022 by Mohammed Badwi and Amr Abu Shady, Qsalary offers a digital platform and application for accelerated salary payment services for employees.

🇧🇭 Bahrain-based Investcorp has closed its Investcorp Technology Partners V (ITP V) fund with $570 million in commitments from LPs across Europe, North America, Asia, and the GCC. ITP V targets controlling stakes with investments between $30 and $75 million in software, data and analytics, cybersecurity, and fintech. It has invested in VEDA, HWG Sababa, Zift Solutions, and NetRom.

💰 Saudi Venture Capital (SVC) has pledged $30 million to a private equity fund managed by US-based General Atlantic. Founded in 1980, General Atlantic manages $84 billion in assets. The fund will invest in high-growth, tech-enabled companies in Saudi Arabia across consumer, financial services, healthcare, life sciences, and technology sectors.

🚀 Standard Chartered and C3 have launched the sixth edition of the Women in Tech Accelerator in the UAE, supporting 10 female-led tech startups. The programme offers mentorship, seed capital, and resources to foster innovation and growth. Applications open this week, with selected startups preparing for an October 2024 Demo Day. Three businesses will receive AED 550,000 (USD 150,000) in equity-free seed capital.

⭐️ The Dubai chapter of The Indus Entrepreneurs (TiE) has launched the fifth annual TiE Women MENA Programme 2024 to support women entrepreneurs in the MENA region. The program includes mentorship, financial advisory, strategy coaching, and investor pitch workshops. Winners will receive prizes up to $50,000 at the global finals and $25,000 at the MENA finals in Dubai. Applications are open until June 1, 2024.

🌍 Egyptian think tank Entlaq and Startups Without Borders have launched an incubation program for immigrant and refugee entrepreneurs and an international startup expansion program. The program aims to help immigrants and refugees build ventures in Egypt and transition into the formal economy, while working to improve the regulatory environment for non-national businesses. The pilot program has received support from government and development sector stakeholders.

🏝️ UN Tourism has launched the second Women in Tech Startup Competition: Middle East to support women-led sustainable tourism startups. The competition targets early-stage startups in three categories: People and Skills, Green Travel Solutions, and Market Innovators. Key partners like Almosafer and Plug and Play will provide mentorship and investment opportunities. Applications are open, with winners announced at the AIM Congress in Abu Dhabi.

• Spare a penny? Hoards of European VCs are hunting for Gulf LPs

• Déja vu. Ilya Sutskever, OpenAI co-founder and longtime chief scientist, departs.

• All hail the Zuck. Mark Zuckerberg’s makeover: midlife crisis or carefully crafted rebrand?

• Virtual Boy. The bizarre rise and quick fall of Nintendo’s enigmatic red console

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