Happy Friday, friends 👋 

Thank you so much again for the very lovely responses that we received in response to our deep-dive this week, where we outlined our vision for the future of the publication – the support and backing is not taken lightly and tremendously appreciated. If you missed the edition, you can find out what I’m talking about here.

Our first edition will feature a "Lessons Learned" interview with Khalid Baareh, where he shares how an $80M Series B turned into a strategic acquisition, the realities of an exit – timelines, expectations, and how founders can prepare – and his experience building again as a second-time founder. To read the piece, become a premium member here.

Now, without further ado, enjoy this week’s edition 👇

This week’s round-up is a 6 min read:

• 🇵🇸 Palestine’s TAP secures $1 million to scale AI-powered job hunting platform

• 📬 Abu Dhabi’s ADQ offers to buy Aramex at $1.2 billion valuation

• 👾 Dubai-based Sigma Capital launches $100M Web3 fund

• 💰 Halo AI closes $6 million Seed round to expand AI-powered networking platform beyond Saudi

🚀 Startup funding round-up

Halo AI (🇸🇦 KSA), a platform that uses AI-powered influencer matching to automate brand marketing alignment, has closed a $6 million Seed round, led by RAED Ventures and Shorooq, along with other investors.

Amwal (🇸🇦 KSA), which offers payment and instalment solutions for e-commerce platforms through an gateway that enables instant financing, has raised $4 million in a Seed round led by Waed Ventures, the Saudi Company for Financial Technology, TA Ventures, Shorooq, and Outliers Ventures.

Opteam (🇦🇪 UAE), a contech company that empowers construction teams with tools for progress monitoring, real-time dashboards, and intelligent schedule optimisation, has raised an undisclosed pre-seed round led by Plus VC, with participation from Dar Ventures, SIAC Ventures, and Oraseya Capital.

Teammates.ai (formerly Uktob.ai) (🇦🇪 UAE), a platform offering AI colleagues to handle tasks like customer support and email management in 50 languages, has raised an undisclosed funding round from Hustle Fund, Access Bridge Ventures, Oraseya Capital, Beyond Capital, and other angel investors.

Washminute (🇲🇦 Morocco), a smart, eco-friendly car wash solution, has secured a $600K pre-Seed round, led by Witamax, Tamwilcom, and a business angel from the Moroccan sports industry.

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HRtech

Palestine’s TAP secures $1 million to scale AI-powered job hunting platform

🇵🇸 Palestinian-Dutch company TAP has secured a $1 million investment to expand its impact in Palestine, Jordan, and Lebanon, where it currently operates, and to launch its next-gen AI-powered platform to transform job hunting for high-potential youth.

• Founded in 2018 by Jafar Shunnar and Christian Vezjak, TAP initially focused on creating jobs in Gaza. Over time, it has evolved into a fully scalable tech solution, with plans to launch its job-hunting platform in early 2025.

💰 Investor lowdown: The funding round was led by Invest International in the Netherlands, with contributions from impact angel investors.

• In October 2023, TAP also raised $1 million in a Seed round led by Wamda Capital, with participation from the World Bank, Loyal VC, and other angels.

⚙️ Breaking it down

TAP has achieved impressive growth in Palestine, creating over 100 remote jobs in 2024, up from 30-40 in 2023. Despite the challenges of operating in a region marked by occupation and systemic injustice, TAP is empowering marginalised youth by providing life-changing opportunities. Expanding into Lebanon and Jordan in early 2024, TAP continues to tackle similar employment barriers across the region.

In 2024, TAP launched an AI-driven job creation platform aimed at empowering youth to take control of their job search, build global networks, and secure meaningful remote opportunities. The platform, currently being tested through pilot projects with three leading education NGOs, is already meeting the growing demand for scalable job solutions in the region.

📖 Key quote

“Jobs are the ultimate equaliser, especially remote jobs – they break down barriers and level the playing field, no matter the circumstances or local limitations,” said Jafar, co-founder and CTO of TAP, who was born and raised in Nablus, Palestine, where he continues to live and innovate.

🔮 Flashforward

TAP aims to create 1,000 jobs in 2025 with the launch of its AI-powered job-hunting platform and expanded regional partnerships, building on the valuable experience gained in recent years.

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🇵🇸 Empowering Palestinian tech talent ↗

Last year, we told the TAP founding story, you can check it out above ☝️

📈 Public markets

📬 Abu Dhabi sovereign fund ADQ has offered to acquire full control of Aramex in a deal valuing the courier company at 4.39 billion AED ($1.2 billion). ADQ, through its subsidiary Q Logistics Holding LLC, plans to buy shares not owned by Abu Dhabi Ports, which holds a 22.69% stake.

• Shareholders would receive 3 AED per share, while Aramex's stock closed at 2.31 AED.

• This acquisition would strengthen ADQ’s presence in the transport and logistics sector, as it already controls ports, airports, and Abu Dhabi’s flagship carrier.

💰 VC round-up

🚀 Sigma Capital has launched the $100 million Sigma Capital Fund I to accelerate Web3 innovation globally, focusing on early-stage startups, liquid tokens, and fund-of-fund allocations. The fund will target sectors such as DeFi, blockchain infrastructure, gaming, and the metaverse. Led by Vineet Budki, and with a presence in Dubai, Singapore, and the Cayman Islands, the firm plans to invest in 100 projects, 25 tokens, and 10 fund-of-funds over the next three years. The team has already partnered with leading players like Polygon Technology, Morningstar Ventures, the Blockchain Founders Fund, and Woodstock Fund.

🩺 Sanabil Investments has formed a strategic partnership with Redesign Health, a US-based venture builder specialising in launching healthcare startups, to establish the "Sanabil Startup Studio" in Saudi Arabia. The studio aims to launch and support at least 20 healthcare startups, providing an integrated system for idea development, innovation, and commercial support. Redesign Health has incubated more than 60 companies such as Scriptology, UpLift, Vivid Health and Baton – and raised a $175M fund in December 2024.

🇪🇬 The Central Bank of Egypt has invested $24.5 million in 8 fintech companies through the "Nclude Fund". The fund's capital has increased to $105 million since 2022. Managed by Development Partners International, it attracts foreign investments, with every dollar invested bringing in five from abroad. Backed by top Egyptian banks and companies, the fund's initial investments include fintech firms like Khazna, Lucky, Mozare3, and Paymob.

🇯🇴 JoPACC, in partnership with the ISSF, has launched an incubation program to support fintech startups at pre- and post-MVP stages. The program aims to help startups formalise and scale their businesses by providing services in areas such as legal, technology, market testing, business financials, and go-to-market strategies.

🇸🇦 MEVP has announced that Rabih I. Khoury, General Partner & Chief Exit Officer, will relocate to Riyadh to support the growth of MEVP’s VC franchise in Saudi Arabia. MEVP has been investing in Saudi since 2012, with portfolio companies like HyperPay and Nana. SVC recently invested in MEVP’s $150M Middle East Venture Fund IV to support high-growth startups in KSA.

🌍 Global investments round-up

🇦🇪🇫🇷 Further Ventures, backed by Abu Dhabi’s ADQ, has led a $16 million Series A funding round for French crypto wallet firm Dfns. New investors, including Motive Partners, Wintermute, and Motier Ventures, joined existing backers like White Star Capital and Hashed. The funding will help Dfns expand globally, with a focus on the UAE, EU, UK, and US markets. Dfns enables businesses to manage digital assets on blockchains and serves over 130 fintechs globally. Further Ventures, which launched a $200 million fund in 2022, also led fintech CredibleX’s $55 million Seed round back in December.

🇰🇷 Shorooq has led a $3M funding round for Eugenius, a Korean media company founded by production manager Eugena Jung (정유진), with experience at Disney, CJ ENM, and Munhwa Broadcasting Corporation. Eugenius aims to connect Korean and MENA cultures through innovative entertainment, including a K-pop Music Academy Show and a Soccer Variety Series.

 🏦 Acquisitions

📞💰 Egypt-based fintech Raseedi has acquired Kashat and its subsidiary, Pharos Microfinance S.A.E., in an equity deal to expand its product offerings, including instant loans. Raseedi, founded in 2018, serves underbanked users by offering cheaper calls, saving tips, bill payments, and Airtime loans without requiring a credit history. Kashat, also founded in 2018, provides instant small loans to the financially excluded. The acquisition will allow users to access loans up to 3,000 EGP through a fully digital eKYC process, using Raseedi's unique credit scoring algorithm. Both companies plan to scale this solution across Africa and Asia, support.

📱 UAE-based SaaS company LivLyt has been acquired by Singapore’s ZenAdmin in an undisclosed deal. ZenAdmin, an IT management platform for global teams, is expanding into the Middle East with this acquisition. With this acquisition, ZenAdmin’s device leasing and lifecycle management services will extend to over 150 countries. LivLyt, founded in 2022, helps businesses track SaaS usage and manage redundancy, while ZenAdmin, also founded in 2022, manages user access across devices and accounts.ing financial inclusion.

💸 Fintech

⛓️ DAMAC Group has partnered with blockchain firm MANTRA to tokenise real-world assets (RWAs) in the Middle East, enabling fractional ownership and tokenised real estate investment opportunities. The collaboration will focus on token-based financing for assets valued at $1bn or more, spanning real estate, hospitality, and data centres. DAMAC’s assets will be available on MANTRA Chain in early 2025, enhancing transparency and accessibility for global investors. Led by John Patrick Mullin, MANTRA secured $11 million in a March 2024 investment round led by Shorooq Partners, with participation from multiple investors.

📲🇸🇦 The Saudi Central Bank (SAMA) has partnered with Google to launch Google Pay in 2025 via the Mada network. The service will enable secure transactions in stores, apps, and online, and allow users to manage Mada and digital credit cards through Google Wallet.

🗓️ Opportunities

📢 Applications are now open for Misk Accelerator (Cohort 11)! 🇸🇦 This three-month program is designed to help launch and accelerate the growth of your tech startup. The top-performing startups will receive guaranteed investment from Plug and Play Tech Center. Apply now!

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