1. Salla (🇸🇦 KSA), a SaaS e-commerce enablement platform has raised a $130 million pre-IPO investment round, led by Investcorp, along with Sanabil Investment and STV.

2. Moyasar (🇸🇦 KSA), an online payment gateway that provides electronic payment solutions has closed a $21M Seed funding round led by Jahez and with the participation of Derayah Ventures Fund.

3. Rabeh Financial (🇸🇦 KSA), a fintech specialising in crowdfunding services and equity exchange has closed a $800,000 Seed investment round during LEAP 2024, in collaboration with Mjalis Investment Company and several angel investors.

4. Buildnow (🇸🇦 KSA), a proptech offering a Build Now Pay Later solution - has raised $9.4m in seed funding, co-led by Raed Ventures and Khwarizmi Ventures, with participation from international VC’s and local angels, including Abdulla Elyas (co-founder of Careem).

5. LAWAZEM (🇸🇦 KSA), a B2B eCommerce marketplace that optimises spend on operational procurement needs, has closed a $8M Seed funding round led by Merak Capital, along with participation from angel investors.

6. Arzag Plus (🇸🇦 KSA), a B2B wholesale marketplace connecting hospitality businesses with suppliers, has raised a $3.2 million Seed round led by Sanaya Investment and Upturn Ventures.

7. fanZ (🇸🇦 KSA), an app that provides football live scores services in a gamified way has raised $1.5 million, with contributions from Saudi football stars Salem Aldawsari and Firas Albrikan, international investors like 500 Global and Le Augure, and various angel investors.

8. Zeroe (🇦🇪 UAE), a cleantech startup that allows companies to measure emissions, has announced a seed investment boost by the VOYAGERS ClimateTech Fund, taking the total raise to $2.3 million.

9. tookeez (🇲🇦 Morocco), a fintech start-up providing an ecosystem for loyalty programs aggregation, has announced a round of $1.5 million from the Azur Innovation Fund.

🌍 Say hello to RemotePass! A UAE-based HRtech platform that enables companies to easily hire, onboard, manage and pay remote teams globally.

And, they've just secured $5.5 million in Series A funding!

• Launched in 2020 by Kamal Reggad and Karim Nadi, the startup facilitates hiring contractors and full-time employees in more than 150 countries.

💰 Investor lowdown: The round was led by Istanbul-based 212 VC. Other participating investors include Endeavor Catalyst, Khwarizmi Ventures, Oraseya Capital, Flyer One Ventures, Access Bridge Ventures, A15 and the Swiss Founders Fund.

• BECO Capital led a pre-series A round in 2021 that included Wamda Capital, Khawarizmi VC, Flat6Labs, and Wealth Well to fund geographical expansion.

🏝️ Feeling remote  

As remote work becomes increasingly popular, companies globally are adapting, especially regarding onboarding procedures for new employees and navigating cross-border payment complexities.

This shift has led to a surge in demand for startups that provide HR, payroll and compliance tools for remote hiring.

⛵️ Smooth sailing

RemotePass aims to address the complexities of different countries and currencies, as well as the laws associated with financial services, by allowing businesses to onboard, pay, and manage their employees on one platform.

• Two years after its launch, RemotePass claims to have grown 35% month after month and doubled revenue between 2022 and 2023, primarily through referrals.

⚙️ Break it down

RemotePass generates revenue through a subscription model:

• The fee for engaging contractors is $40/month per active contractor.

• Subscription costs for hiring full-time employees range from $299 to $699/month each, varying by country and immigration or relocation needs.

The platform currently requires employer setup for contractors and full-time employees, aims to allow independent user access soon, potentially opening a new revenue stream.

🔮 Flashforward

RemotePass will use the fresh funds to improve its product's enterprise readiness, expand in Saudi Arabia by onboarding more businesses, and boost efforts towards product localisation.

🏗️ Meet BRKZ! A Saudi Arabia-based contech startup that offers a B2B platform for sourcing building materials and managing supply chains efficiently.

And, they've just secured $8 million in Series A funding!

• Founded in 2022 by Ibrahim Manna, BRKZ connects construction businesses with a broad range of suppliers and materials, coupled with versatile delivery and payment options.

💰 Investor lowdown: The investment round was co-led by 9900 and BECO Capital, with participation from Aramco’s Wa’ed Ventures, Knollwood Investment Advisory, RZM Investment, and MISY Ventures. 

• Following this Series A financing, the total capital raised by BRKZ has reached $13.55 million. 

🌍 Construction conundrum

The total value of various infrastructure, transport, and building projects across the MENA region is $2.5 trillion. Yet, the procurement process for construction projects remains cumbersome and inefficient.

Compared to global standards, the region faces a fragmented supply chain, operational inefficiencies, and limited access to financial resources.

• The impact? Elevated costs, delays, and a struggle to secure competitive pricing for quality materials.

🪚 Competitive edge 

This is where BRKZ’s platform steps in, offering competitive prices across a wide selection of materials.

The startup uses an RFQ process via its app or WhatsApp for purchases, taking 30 seconds. This allows customisation and negotiation for bulk construction orders, ensuring competitive prices. Common materials are processed quickly, with specialised ones taking longer, yet still faster than traditional stores.

• To date, BRKZ claims to have facilitated over $170 million quotations across nearly 1,200 products from more than 350 suppliers

⚙️ Break it down

🏢 For suppliers? They gain access to a broad customer base without the traditional marketing expenses. The platform's simplified portal allows suppliers to customise prices based on size, location, and delivery options, maximising their reach and efficiency.

👷 For contractors? BRKZ offers a seamless platform for sourcing materials and managing supplies, focusing on same or next-day delivery. This efficiency not only saves time but also reduces project overheads, ensuring materials are on-site when needed.

🔮 Flashforward:

BRKZ plans to utilise the fresh funding to advance its platform capabilities and extend its reach throughout the MENA region.

🇸🇦 Saudi Arabia’s National Development Fund (NDF) and the Social Development Bank (SDB) will jointly establish two venture capital funds with a combined value of $120 million, in an effort to boost the gaming and esports sectors in the kingdom.

• The two funds, which will be managed by IMPACT46 ($40 million) and Merak Capital ($80 million), will be concentrated on offering equity investments to gaming and eSports companies as development funding, with the goal of boosting local content production and speeding up growth.

🇧🇭 InvestCorp announced the establishment of a $500 million fund in Saudi Arabia, which includes a $35 million investment from Saudi Venture Capital Co. The fund will focus on investing in Saudi companies in their growth stages.

🇧🇭 Oasis Capital unveiled their “Oasis Fund II,” a $100 million venture dedicated to empowering international tech founders in their early stages.

🇸🇦 Saudi Arabia’s Takamol Holding announced its $53 million venture capital arm - Takamol Ventures. The VC is established to support early-stage technology companies in the Middle East and African markets.

🌍 Plug and Play, announced a $50 million fund, making it its first in the region. P&P intends to invest in Saudi, Middle Eastern, and North African startups with a focus on software and tech development.

🇸🇦 X by Unifonic, a startup itself, also unveiled its new seed fund worth $15 million investment, focusing on software as a service and business-to-business ventures in the MENA region, Pakistan, and Turkiye.

🇸🇦 In Riyadh, Ibrahim Neyaz of Saudi Arabia's National Technology Development Program launched five initiatives totalling over $600 million to boost tech and startups.

• "Fuel": $266 million to support VC funds in deep tech from pre-seed to pre-IPO stages.

• "Artificial Intelligence Mission": Another $266 million to foster AI research, training up to 1,000 in AI, and launching 70-100 AI startups within five years.

• "Source Tech": $15 million to encourage IT firms' growth in Saudi Arabia, aiming to create 2,000 jobs and enhance women's ICT sector participation.

• "Transform+": $33 million to accelerate cloud adoption among startups and SMEs.

• "Fund Swift": $26 million for bridge financing to startups, promising up to 50% of VC commitments.

• Big brother. Emotion-tracking AI on the job: Workers fear being watched – and misunderstood

• Spooky. Anthropic’s Claude 3 causes stir by seeming to realize when it was being tested

• Ring ring. The AI phones are coming

• Rumble in the jungle. OpenAI and Elon Musk

👋 Message from the team

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