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Turkey’s Dream Games hits $5B valuation in CVC-led deal, early VCs exit as founders retain control

Turkey’s Dream Games hits $5B valuation in CVC-led deal, early VCs exit as founders retain control

Backed by over $2B in combined equity and debt financing (including from Blackstone), the move positions Dream Games to expand its “Royal Universe” following a breakout 2023 with $1.5B in revenue and the launch of Royal Kingdom.

Jamie Lane
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Money Fellows raises $13M pre-Series C to scale digital ROSCA platform across North Africa

Money Fellows raises $13M pre-Series C to scale digital ROSCA platform across North Africa

The round was co-led by Al Mada Ventures and DPI Venture Capital (via the Nclude Fund), with participation from Partech, CommerzVentures, and others.

Jamie Lane
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Nama Ventures becomes first foreign VC licensed by Saudi CMA

Nama Ventures becomes first foreign VC licensed by Saudi CMA

Originally Cayman-based, Nama has now localised its regulatory base to align with Vision 2030 and will launch Shariah-compliant funds targeting high-growth startups across Saudi, MENA, and select global markets.

Jamie Lane
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UAE’s CPX acquires Wa’ed-backed spiderSilk to bring offensive cyber-AI in-house

UAE’s CPX acquires Wa’ed-backed spiderSilk to bring offensive cyber-AI in-house

Founded in 2019 by Rami El Malak and Mossab Hussein, the startup has built an autonomous threat intelligence and exposure management platform used by public and private entities across MENA.

Jamie Lane
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Travis Kalanick’s CloudKitchens eyes IPO for Middle East unit

Travis Kalanick’s CloudKitchens eyes IPO for Middle East unit

Backed by Saudi Arabia’s PIF since a $400M investment in 2019, the ghost kitchen company operates under the KitchenPark brand in the UAE, Saudi, and Kuwait.

Jamie Lane
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UAE-based Fuze raises $12.2 million Series A from Galaxy and e& Capital to scale its digital assets infrastructure

UAE-based Fuze raises $12.2 million Series A from Galaxy and e& Capital to scale its digital assets infrastructure

Founded in 2023 by Mo Ali Yusuf (CEO), Arpit Mehta (COO), and Srijan R Shetty (CTO), Fuze enables banks, fintechs, and enterprises to embed regulated crypto and stablecoin products through its Digital Assets-as-a-Service platform.

Jamie Lane
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Saudi-based STV launches $100 million non-dilutive capital fund in partnership with SAB Invest and NTDP

Saudi-based STV launches $100 million non-dilutive capital fund in partnership with SAB Invest and NTDP

The fund uses a Sharia-compliant structure called Non-Dilutive Investment in Callable Equity (NICE) to offer growth-stage startups capital without giving up equity.

Jamie Lane
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iMENA Holding raises $135M and restructures as Saudi company ahead of IPO

iMENA Holding raises $135M and restructures as Saudi company ahead of IPO

The round was backed by Sanabil Investments (Public Investment Fund), FJ Labs, Saygin Yalcin (Founder of SellAnyCar.com), and several prominent Saudi investors.

Jamie Lane
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From the Gulf to the UK

From the Gulf to the UK

Calo absorbs Fresh Fitness Food and Detox Kitchen in UK launch, Fluent Ventures announces $40M fund to back emerging market founders, Rebel Foods raises $25M from QIA at $1.4B valuation plus this week’s MENA startup, VC, and tech news round-up.

Jamie Lane, +1
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Fluent Ventures announces $40M fund to back emerging market founders rebuilding proven models for local markets

Fluent Ventures announces $40M fund to back emerging market founders rebuilding proven models for local markets

Led by Alexandre Lazarow, the San Francisco-based firm is active across MENA, Latin America, Africa, and Southeast Asia.

Jamie Lane
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Calo absorbs Fresh Fitness Food and Detox Kitchen in UK launch

Calo absorbs Fresh Fitness Food and Detox Kitchen in UK launch

The move marks Calo’s first expansion beyond the Gulf and sets the stage for broader European growth.

Jamie Lane
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AWS and Manara to train 2,500 MENA engineers in cloud and AI with $3.6M upskilling push

AWS and Manara to train 2,500 MENA engineers in cloud and AI with $3.6M upskilling push

The programme follows AWS’s broader regional commitment, including a $5.3B investment in Saudi Arabia.

Jamie Lane