Happy Friday, friends 👋 

In case you missed it, Saudi has introduced a new symbol for its local currency, the riyal.

The design, made up of Arabic calligraphy of the word riyal, will be implemented gradually for use in financial and commercial transactions, according to a statement from SAMA.

Enjoy this week’s edition! 👇

This week’s round-up is a 6 min read:

•  🇶🇦 QIA’s $1B fund of funds draws global VCs to Doha

• 🌴 Saudi’s Palm Ventures hits first close of $30 million debut early-stage fund

• 🚗 Dubai’s Dubizzle Group acquires Egyptian online car marketplace Hatla2ee

• 📈 Saudi e-commerce platform Nice One surpasses $2 billion market cap

• 💸 Tabby is now set to offer 6, 8, and 12-month plans in the UAE

• 🔈 Catch-up on Episode 25 of the VC React Podcast

You’ll get access to analysis, case studies, playbooks and interviews unpacking trends, companies, industries, and more. Become a member today.

🚀 Startup funding round-up

The Box (🇦🇪 UAE), a self-storage provider catering to the strong demand for flexible storage solutions among the UAE's expat population, has raised $12.5 million in debt financing from Shorooq.

Blum (🇦🇪 UAE), a decentralised exchange offering universal token access through gamification in a Telegram mini-app, has raised $5 million in a combined pre-seed and seed round led by gumi Cryptos Capital, Spartan, No Limit Holdings, YZi Labs, and OKX Ventures.

MANSA (🇦🇪 UAE), a stablecoin-based solution that offers payment providers in both emerging and mature markets a flexible and reliable way to manage liquidity challenges in cross-border payments, has raised $3 million in a pre-seed funding round led by Tether and co-led by Polymorphic Capital, with participation from other prominent investors including Octerra Capital, Faculty Group, and Trive Digital.

Qme (🇪🇬 Egypt), an AI-based digital infrastructure platform integrating booking, queuing, analytics, and payment solutions, has raised $3 million in a seed round led by AHOY and a group of angel investors from the GCC.

Dabchy (🇹🇳 Tunisia), an e-commerce marketplace for second-hand fashion, has secured a seven-figure USD round pre-Series A investment led by Janngo Capital and angel investors, including Karim Beguir, founder of InstaDeep.

SellEnvo (🇵🇸 Palestine), an AI-driven platform that consolidates and automates key e-commerce processes, has received an undisclosed funding amount from Ibtikar Fund.

Malakah (🇸🇦 KSA), a legaltech platform providing advanced legal guidance, contract generation and analysis, and case analysis via generative AI, has closed a $600k pre-seed round from angel investors.

Daleela by Motherbeing (🇪🇬 Egypt), an AI-powered women’s health app specifically designed for Arab women, has raised $200k in pre-seed funding from Madica.

Pixii Motors (🇹🇳 Tunisia), an e-mobility company offering eco-friendly electric transport solutions for urban areas, has also received $200k in pre-seed funding from Madica.

Premium deep-dive

Tipping the scales in favour of restaurants↗

This week, we had the pleasure of sitting down with Dani, CEO and co-founder of Supy, for a deep dive into all things restaurant tech, cost management, and market expansion.

VC

🇶🇦 QIA’s $1B fund of funds draws global VCs to Doha

💸 While Qatar has lagged behind its GCC neighbours in the regional startup ecosystem, QIA’s $1 billion Fund of Funds Program – first announced in February 2024 – is quickly levelling the playing field. With its second and third publicly disclosed investments now following home-grown Rasmal Ventures, things are starting to get interesting.

This time, QIA’s backing has attracted two global firms — Builders VC and Utopia Capital Management — to establish new offices in Doha.

⚙️ Breaking it down

Builders VC, a Silicon Valley-based early-stage investor targeting $400 million for its third fund — is setting up its Doha office under the leadership of Tarik Sultan.

With around 130 investments and 12–21 exits, its portfolio includes Carbon Health, Fieldwire, Colossal Biosciences, Pathos, and SafeAI.

The firm focuses on modernising traditional sectors like healthcare, industrials, real estate, and agriculture through technological innovation — a strategy that aligns with QIA’s emphasis on tech and healthcare.

Meanwhile, Utopia Capital Management, known for supporting high-growth startups in emerging markets, has also secured QIA funding to establish a new Doha HQ.

Utopia currently backs six startups in Southeast Asia—as part of The Radical Fund, a $40 million target initiative addressing inclusive climate transition challenges—and over 90 technology-driven ventures in Africa.

Spearheaded by Managing Partner Alina Truhina and General Partner Roo Rogers, Utopia’s expansion will bolster fintech, healthcare, commercial, and environmental technology ventures by connecting local entrepreneurs with international capital and expertise.

💭 Thoughts

QIA’s fund of funds approach is extremely exciting.

Attracting established international VCs with deep domain expertise and offering founders a dedicated launchpad – especially for deeptech and industrial solutions requiring more patient capital – can only be a good thing for the regional ecosystem as a whole.

💰 VC

🌍 Regional Funds

🌴 Saudi Arabia-based Palm Ventures has announced the initial close of its $30 million Fund I to back early-stage startups across MENA, with a strategic allocation for US-based AI. Founded by Dr. Yassir Nasief and Redwan Abudawood, the firm has already completed 13 direct MENA investments and four US-based AI deals through a mini-fund partnership with Cartography Capital, planning a total of 40 investments. Backed by over 40 investors and advisors, Palm Ventures’ portfolio includes Saudi fintech Nearpay, B2B procurement platform FIFOplus, Y Combinator-backed Erad, and B2B BNPL platform Mala Inc.

🇩🇿 Algeria Telecom has unveiled an $11 million investment fund for AI, cybersecurity, and robotics startups during the Algerian CTO Forum, aligning with the country’s digital transformation goals. The government aims to create 20,000 startups, boost AI-focused universities and incubators, and expand national digital infrastructure, targeting a 7% AI contribution to GDP by 2027. Algeria also formed a National Scientific Council for AI in 2023 and recently launched a 2025–2030 AI strategy.

🌍 International Investments

☁️ Wa’ed Ventures, has invested in UK-based AI cloud startup Ori. Although financial terms weren’t disclosed, the deal will see Ori establish a Riyadh subsidiary to develop local talent and technologies. Ori, founded in 2019, offers cloud infrastructure tailored for AI and is among the first UK companies to deploy Nvidia’s H200 chips. Wa’ed Ventures, which manages $500 million and has earmarked $100 million for AI startups, has already invested in firms like South Korea’s Rebellions Inc. and AI platform aiXplain. Ori recently secured a $176 million funding round led by Telefonica and NextEra Energy, with plans to complete a larger round in 2025.

🤝 New LPs

🇸🇦 Riyadh Valley Company, King Saud University’s investment arm, has invested in BECO Capital Fund IV—an early-stage VC fund targeting Seed to Series A startups in MENA, especially in Saudi Arabia and the UAE, across sectors like fintech, proptech, construction tech, and retail tech. BECO previously secured a $20 million investment from SVC in November 2024 and is targeting a $150 million close early next year. To date, the fund has made seven investments—including Mala, Ejari, Brkz, Sirdab, Flapkap, Keyper, and ClearGrid — with ticket sizes from USD 1 million to $5 million and a target 10% ownership at entry. BECO now has $495 AUM.

🇴🇲 Golden Gate Ventures has received an investment from Oman Investment Authority through its tech arm, Innovation Development Oman, to bolster Oman’s startup ecosystem and drive high-impact investments in AI, deep tech, renewable energy, and health tech. The firm achieved a first close of $20 million for its inaugural $100 million MENA fund in May 2024, with key commitments from Qatari investors including Al Khor Holding, Al Attiya Group, and Sheikh Jassim Bin Jabor Al Thani. Golden Gate recently marked its first investment in the region by supporting UAE-based biotech startup BioSapien, which extended its pre-Series A round to $7 million.

 🤝 Acquisitions

🚗 Dubizzle Group, the UAE-based classifieds platform, has acquired Egyptian online car marketplace Hatla2ee for an undisclosed sum—marking its second automotive acquisition in less than a year after Drive Arabia—as part of its pre-IPO strategy. Founded in 2016 by Samy Swellam and attracting over 2 million monthly visitors, Hatla2ee facilitates the buying and selling of new and used cars, and its integration is set to enhance the automotive experience for Egyptian users in a market of 114 million people. This strategic expansion in Egypt complements Dubizzle’s broader regional portfolio, which includes Bayut for real estate listings, while the firm prepares for an IPO reportedly targeting between $500 million and $1 billion with facilitation from financial institutions like Emirates NBD, Goldman Sachs, HSBC, and Morgan Stanley.

👾 Niantic Inc., the company behind Pokémon Go, is in talks to sell its video-game business—including the Pokémon title and other mobile games—to Saudi Arabia-owned Scopely Inc. for around $3.5 billion, according to sources, though no deal is guaranteed. Scopely, acquired for $4.9 billion two years ago by Savvy Games Group—a subsidiary of Saudi Arabia’s Public Investment Fund—is eyeing a “genre-leading” mobile title to bolster its portfolio, a move aligned with its broader strategy to diversify into high-profile gaming assets in the Middle East. In August, Niantic also inked a deal with Savvy to expand its presence in Saudi Arabia, the UAE, and Egypt, highlighting the ongoing shift in the mobile gaming landscape.

 📈 Public Markets

💄 Saudi online beauty retailer Nice One has surpassed a $2 billion market cap—making it the largest listed online retailer in MENA—as its shares more than doubled since its IPO last month. Founded in 2017 by Omar and Abdulrahman AlOlayan, Nice One offers over 28,000 cosmetics and personal care products from more than 1,200 brands, reporting $186 million in revenue and $17.6 million in net profit for the first nine months of 2024. Shares peaked at approximately $18.2 last Thursday and are currently trading at around $17.3.

Ranked as the fourth highest-valued internet company in the Middle East, Nice One’s potential and challenges were detailed in our recent The Roadshow deep-dive series—check it out here.

⚙️ Tech

💸 Fresh from raising $160 million in a Series E round at a $3.3 billion valuation—making it MENA’s most valuable fintech — Tabby is now set to offer 6-, 8-, and 12-month plans in the UAE with flat rates of 5%, 9%, and 17%, though it remains unconfirmed whether these specific rates apply universally or were merely part of a single illustrative example. This move parallels global BNPL players like Affirm and Klarna, which have evolved beyond short-term, interest-free installments to accommodate bigger-ticket purchases and meet regulatory calls for clearer credit structures.

Digital financing options continue to gain momentum across the region, illustrated by credit card lending in Saudi Arabia soaring to an all-time high of $8.4 billion in 2024, a 16% annual increase that pushes credit cards to 6.66 percent of total consumer financing—more than double the share six years ago, according to SAMA.

💰 VC React Podcast: Episode 25

🎧 In this week's episode of the VC React Podcast, we review LEAP 2025, Tabby's achievement of a $3.3BN valuation, the rise of construction tech, and the ongoing influx of capital into early-stage funds.