Happy Friday! We're checking in a bit later than usual today — one of us is currently soaring through the sky, while the other has been jet-setting across Europe all week. But as always, the show goes on!

On another note, I’m super excited to be attending SuperReturn and GITEX next week. If you’re going to be there too, feel free to drop me (Jamie) a message on LinkedIn or just hit reply to this email — it would be great to say hello 👋

Let’s dig in👇

P.S. Apologies for the lack of deep-dive this week. Normal service to resume from next week, we promise.

This week’s round-up is a 5 min read:

• 🏡 Ejari closes $14.65 million debt-equity Seed round to disrupt Saudi’s rental market

• 🇦🇪 UAE-based OCTA raises $2.25 million pre-Seed to automate accounts receivable for SMEs

• 🇸🇦 Saudi q-commerce Nana acquires gift card platform Rasseed

• 📈 Q3 MENA startup funding sees $696M in deals, 4x higher than last year

🚀 Startup funding round-up

Ejari (🇸🇦 KSA), a rent now, pay later (RNPL) solution tailored for the Saudi market has closed a $14.65 million seed round, which consists of a mix of debt and equity, led by Partners for Growth (PFG) and BECO Capital, along with participation from Alinma Bank, Rua Growth Fund, Vision Ventures (VV) and AQAR عقار. The round also saw the participation of existing investor, Salica Investments Oryx Fund.

OCTA (🇦🇪 UAE), a fintech platform that automates the process of collecting payments for SMEs, has raised a $2.25 million pre-Seed round, co-led by Quona Capital and Sadu Capital, with participation from Sukna Ventures, Plus VC, 500 Global, and several angel investors.

4Partners (🇦🇪 UAE), a Dubai-based dropshipping service provider that helps businesses launch and scale online stores by handling inventory, shipping, and order fulfilment through its global network of warehouses, has raised $3.6 million from undisclosed investors.

Krti (🇰🇼 Kuwait), a fintech that provides payment solutions for online merchants and shoppers has closed a $1.5 million pre-Seed round from Core Vision Investment under The Financial Academy | الأكاديمية المالية Financial Technology Investment Programme.

Konnect (🇹🇳 Tunisia), a cross borders payment solution provider that simplifies complex financial flows, has secured $1.3 million in seed funding from Founders Factory Africa, now known as 54 Collective.

QPay (🇴🇲 Oman), a newly licenced 'Buy Now, Pay Later' (BNPL) financial services provider, has closed an undisclosed Seed round, led by Cyfr Capital.

Yamm (🇸🇦 KSA), a logistics platform for ecommerce that simplifies the post-purchase experience for both consumers and merchants, has closed an undisclosed pre-Seed round, led by Flat6Labs, with participation from Judah Ventures along with other angel investors.

💸 Q3 Startup funding review

🌍 Q3 2024 saw a remarkable $696M in investments across 130 deals in MENA startups, nearly quadrupling the funding value of Q3 2023 and doubling the number of deals.

The investment value is almost evenly distributed between the UAE (33.6%), Saudi Arabia (30.3%), and Egypt (28.2%), which is notable given Egypt's ongoing economic challenges.

 🤝 Acquisitions round-up

🛒 Saudi Arabia-based grocery delivery startup Nana has acquired the Rasseed application for an undisclosed amount.

Founded in 2016, Nana focuses on fulfilling household grocery needs, while Rasseed, also founded in 2016, provides software solutions for purchasing branded and local gift cards. This acquisition aligns with Nana’s expansion plans to digitise the grocery shopping experience and add a "digital cards" category to its app, enhancing user convenience.

• In February 2023, Nana raised $133 million in a Series C funding round, and this move supports its strategic goals of expanding services and tapping into the growing digital cards market in Saudi Arabia.

 🤖 AI round-up

💸 Meta’s intelligent assistant, Meta AI, will soon support Arabic and be available in 10 Arab countries, including Algeria, Egypt, Saudi Arabia, and the UAE, as part of a global rollout across 21 new markets. Launched in 2023 to rival ChatGPT and other AI assistants, Meta AI is capable of complex reasoning, visualizing ideas, and solving nuanced problems.

🇸🇦 The Saudi Ministry of Commerce reported a 49% growth in commercial records related to AI technologies by the end of Q3 2024. The total number of commercial records in AI reached 10,183 during this period, up from 6,832 in the same quarter of 2023. Riyadh led with the most AI-related commercial records (6,316). Saudi has also achieved 14th place globally and first in the Arab world in the Global Artificial Intelligence Index, recognised for its leading government AI strategy.

⚙️ Tech round-up

🪙 The UAE has introduced amendments to its VAT regulations, exempting transfers and conversions of digital assets, including cryptocurrency. On Oct. 2, the Federal Tax Authority (FTA) released these amendments, which apply retroactively from Jan. 1, 2018. PwC, a leading consultancy, highlighted that other services such as managing investment funds are also exempt under the new rules.

🇪🇬 Google will start paying content creators in Egypt in local currency (EGP) from May 2025, shifting from its current practice of paying in USD. This change is part of a broader global move to make payments in local currencies, with Google already implementing this system in countries like Chile, Indonesia, Japan, Jordan, Mexico, and the UAE. Notably, the number of Egyptian YouTube channels earning over EGP 1 million has increased by 50% year-on-year.

📆 Events and Opportunities

🚀 Sanabil Startup Unlocked by 500 Global is an immersive 5-day program in Riyadh, Saudi Arabia designed to help individuals gain foundational knowledge and tools to take their idea to the next level!

🔑 What you get:

• Bespoke programming: Discover a tailored curriculum attuned to sectors in the region, including fintech, e-commerce, mobility, and more.

• Mentorship: Engage with local and global industry experts to embrace the entrepreneurial mindset, map out your ICP, and develop your business model.

• Actionable steps: Realise your strategic vision by breaking down goals into actionable steps through personalised support from our global team.

• Global network access: Access 500’s global network of founders, community events, partners, and more.

📍 Location: Riyadh, KSA
📅 Applications close: October 17, 2024.

📰 Recommended Reads

• Khaled Talhouni. The Formula For Success: The Portrait Of A (Truly) Great Founder In The MENAPT Region