MENA Startup & Investment Insights: Dec 2–8, 2024 🚀

This week in MENA's vibrant startup ecosystem, we've seen groundbreaking investments, strategic partnerships, and exciting developments in public markets. From billion-dollar IPO announcements to promising seed-stage funding rounds, here’s your complete roundup of the region’s biggest news:

🤝 New Limited Partners Driving Regional Growth

SVC Invests in Aliph Fund I 🇦🇪 🇸🇦:
‍
Saudi Venture Capital (SVC) has committed to Aliph Fund I, a $250 million GCC-focused growth fund managed by Aliph Capital. The fund targets mid-market companies in Saudi Arabia and the GCC, focusing on value creation and tech enablement.

‍Highlight: Aliph Capital has also acquired a 25% stake in SANIPEX GROUP.

Investment details remain undisclosed.

‍Jada Fund of Funds Invests in Jadwa GCC Private Equity Fund I (🇸🇦):
Jadwa Investment, a leading Shariah-compliant firm, has launched its first regional blind pool fund, targeting SAR 1.5 billion with a hard cap of SAR 2.0 billion. The fund focuses on investing in GCC companies, particularly in Saudi Arabia, and builds on Jadwa's 16 years of single-asset funds success

‍.Highlight: This marks a significant expansion for Jadwa into regional growth opportunities.
‍
‍‍

📊 Public Markets: NICE ONE’s Billion-Dollar IPO

Saudi Arabia’s beauty e-commerce leader NICE ONE (نايس ون) is preparing for its IPO with a price range of SAR 32–35 per share.

Goal: Raise $322 million at a valuation exceeding $1 billion.

‍Details:
‍Offering: 34.65 million shares (30% of capital).
Key Investors: Masarrah Investment Company, Mohammed Abdulaziz Al Habib & Sons, and Frontier Investment Management.
First 9 months of 2024: $186 million in revenue and $17.6 million in net profit (doubling YoY).

With 28,000+ products and 1,200+ brands, NICE ONE is poised to revolutionize Saudi’s Main Market listing.
‍
‍‍

🌍 Global Investments: Mubadala Expands in Healthcare Tech

Abu Dhabi’s Mubadala Wealth Fund has taken a minority stake in US-based healthcare tech company Zelis, joining Norwest and HarbourVest.

Zelis specializes in connecting payers, providers, and consumers through its healthcare platform, furthering Mubadala's healthcare sector expansion.

‍Highlight: Majority ownership remains with Parthenon and Bain Capital.
‍‍

🚀 MENA Startup Spotlight Funding Rounds

1. Aanaab (🇸🇦 KSA)
An edtech platform offering Arabic K–12 teacher training has secured $7 million in Series A funding.Founders: Mounira Jamjoom, Naila AlKhalawi, and Fouad AlFarhan.
Investor: Dallah Investment Holding.
‍
2. Playgama (🇦🇪 UAE)
A game developer platform simplifying monetization for HTML5 games has raised $3 million.Founder: Dmitry Kachmar.
Investor: Led by The Open Platform and s16vc, with participation from FJ Labs, The Games Fund, TON Ventures, Velo Partners, and Kirill Eves.
‍
3. Nowlun.com (🇪🇬 Egypt)
A freight forwarding platform enabling price comparisons for services has raised $1.7 million in Seed funding.Founders: Moataz Khamis, Mahmoud Khaled, and Ahmed Emara.
Investor: Led by Nama Ventures, A15, with participation from 500 MENA and angel investors.
‍
4. ENAKL (🇲🇦 Morocco)
An urban mobility startup providing sustainable transport solutions has raised $1.4 million in pre-seed funding.Founders: Samir Bennani, Charles Pommarède, and Ahmed Omrane.
Investor: Catalyst Fund, Renew Capital, Digital Africa, STATION F, and business angels.
‍
5. HUMD (🇦🇪 UAE)
A printing and packaging solutions platform has secured additional investment after raising $272k in its pre-seed round.Founders: Mohammed Zakriya and Vardha Fazal.
Investor: Falak Investment Hub.
‍
6. Abikhdmh (ابي خدمة) (🇸🇦 KSA)
An e-transaction services app has raised $800k in seed funding.Founders: Abdulmohsen and Mohammed Al-Mufadli.
Investor: Undisclosed.

7. Konnect Networks (🇹🇳 Tunisia)
A cross-border payments platform simplifying complex financial flows has secured an undisclosed funding round.Founder: Amin Ben Abderrahman.
Investor: Renew Capital.
‍‍

🐢 Stay Ahead with Weekly Insights

Want to stay on top of MENA’s funding, startup, and tech news?
‍
Sign up for UX Elevation’s exclusive newsletter and get updates delivered directly to your inbo‍