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Arab News
31-05-2025
- Business
- Arab News
MENA startups accelerate with strategic deals
RIYADH: Startups across the Middle East and North Africa continued to attract capital, pursue strategic acquisitions, and expand regional footprints this week, underscoring the growing momentum in the region's innovation ecosystem. From early-stage funding rounds to regulatory milestones, founders and investors are positioning for scale amid a competitive and rapidly evolving market landscape. On the acquisition front, UAE-based Tech Universal Ventures has taken over the majority share of FixSquad, an Emirati mobile and electronics servicing brand, and ELVA11, a Swedish AI and software consultancy, as part of its strategy to build a global network of digital infrastructure companies. FixSquad operates across the Gulf Cooperation Council region with a hybrid consumer-enterprise model and is introducing a regional franchise framework, while ELVA11 offers software development, AI consulting, and digital education services from its offices in Malmo and Stockholm. 'These acquisitions reflect our strategy to build and back companies delivering core infrastructure for digital growth,' said Darko Atijas, chief operating officer at TUV. Fintech startup Stitch raises $10m seed round Riyadh-based Stitch has secured $10 million in a seed round led by Arbor Ventures, COTU Ventures, Raed Ventures, and Saudi Venture Capital, with additional support from family offices and angel investors. Founded in 2022, the company offers an API-driven platform that allows financial institutions to build and deploy digital solutions more efficiently than legacy infrastructure. 'At Stitch, our vision is to reinvent how financial and non-financial institutions bring banking and payment products to market,' said Mohamed Oueida, founder and CEO of Stitch. Qashio secures $19.8m to expand into KSA UAE-based spend management platform Qashio has raised $19.8 million in equity and non-equity funding. The round was led by Rocketship VC, with participation from MoreThan Capital, regional banks, and family offices. Founded in 2021, Qashio plans to enter the Saudi market and enhance its B2B loyalty program across MENA. Qashio previously raised $10 million in a seed round in 2022. BirdEye raises $586k pre-seed Saudi startup BirdEye has closed a $586,000 pre-seed funding round led by a private tech-focused fund. Founded in November by Abdullah bin Omairah and Abdulrahman Al-Hassan, BirdEye offers an operations management platform tailored for small and medium-sized retailers undergoing digital transformation. The investment will support the company's national expansion and team growth. Gainz closes 7-figure pre-seed round UAE-based Gainz has raised a 7-figure US dollar pre-seed round in a mix of equity and debt led by Antler MENAP, Lithium Holdings, and Eleventh Invest Inc. Founded in December, Gainz offers a Shariah-compliant crowdfunding platform that allows individuals to invest in vetted SMEs. The platform leverages AI to democratize access to working capital for businesses across the region. The new funding will go toward scaling operations and product innovation. COREangels MEA launches $10m fund COREangels MEA, in partnership with PTS Holdings and the Arab Academy, has launched a $10 million investment fund focused on early-stage fintech startups aligned with the UN Sustainable Development Goals. During its 5th Investment Committee in Cairo, five startups — eMaisha Pay, RentBeta, Aqua Offers, Monak, and Reeple — were selected to receive up to $150,000 each. The fund employs a hybrid model combining global angel networks with local innovation expertise. Toolmart raises seed funding Iraq-based B2B e-commerce startup Toolmart has secured seed funding from Plus VC, Oasis500, and other angel investors. Founded in 2022, Toolmart provides a digital procurement platform that helps enterprises reduce costs and streamline sourcing. The new capital will be used to expand its team and operations across the region. Valu to begin trading on EGX in June Egypt's leading buy now, pay later platform Valu is set to begin trading on the Egyptian Exchange during the week of June 22, following an in-kind share distribution by parent company EFG Holding. Official listing occurred on May 21, 2025. Founded in 2017, Valu operates in Egypt and Saudi Arabia and reported 3.1 billion Egyptian pounds in gross revenue and 423 million Egyptian pounds in net profit for 2024. Bloomspoon gets $218k on Shark Tank Dubai UAE-based greentech startup Bloomspoon raised $218,000 for 49 percent equity on Shark Tank Dubai. Founded in 2023 by Mostafa Khattab, Bloomspoon makes reusable cutlery from wheat straw embedded with seeds that can be planted after use. The funding will help expand product lines, boost retail distribution, and work toward B Corp. certification. Google launches second 'AI First' accelerator Google has launched the second edition of its 'Google for Startups Accelerator: AI First' program for the MENA and Turkiye region. The 12-week program is aimed at Seed to series A startups using AI to develop scalable solutions. It offers technical resources including cloud credits and mentorship. MENA sees 31 percent increase in M&A deals in Q1, led by UAE and tech sector According to EY's MENA M&A Insights report, the region recorded 225 deals worth $46 billion in the first quarter of the year, a 31 percent year-on-year increase in volume and 66 percent rise in value. Cross-border activity accounted for over half of all agreements and 81 percent of total value. The UAE led with 63 deals totaling $20.3 billion. The technology sector dominated domestic M&A, accounting for 37 percent of deal value. The largest domestic transaction was Group 42's $2.2 billion acquisition of a 40 percent stake in Khazna Data Centers.
Wamda
27-05-2025
- Business
- Wamda
Tech Universal Ventures expands footprint with dual acquisitions in UAE, Sweden
UAE-based Tech Universal Ventures (TUV) has acquired FixSquad (UAE) and ELVA11 (Sweden) as part of a strategic push to expand its presence across the GCC and global markets. The acquisitions align with TUV's vision to build a network of companies delivering core digital infrastructure and scalable, intelligent services across consumer, enterprise, and education sectors. FixSquad, a mobile and electronics servicing brand, operates across the GCC with a hybrid consumer–enterprise model and is rolling out a regional franchise framework. ELVA11, headquartered in Malmö and Stockholm, is a high-performance AI and software consultancy known for its engineering culture, with services spanning software development, consulting, and digital education. Press release: Tech Universal Ventures (TUV), a UAE-based investment holding firm, has acquired two high-growth technology companies—FixSquad (UAE) and ELVA11 (Sweden)—as part of its strategic push to scale intelligent services and expand its footprint across the Gulf and global markets. FixSquad is a fast-scaling mobile and electronics servicing brand operating in both the consumer and B2B spaces, with a growing footprint across the GCC. The company is currently rolling out a regional franchise model to standardise service delivery and expand B2B partnerships with enterprise clients. ELVA11, based in Malmö and Stockholm, is a high-performance software and artificial intelligence (AI) company known for its strong engineering culture and scalable consulting and education services. Darko Atijas, Chief Operation Officer at TUV, commented: 'These acquisitions reflect our strategy to build and back companies delivering core infrastructure for digital growth. FixSquad's hybrid consumer-enterprise model positions it as a foundational player in regional service delivery, while ELVA11 brings AI-native capabilities we believe will define the next era of global software.' Mohamed Rafeeque, CEO of FixSquad, commented: 'We've built Fixsquad on the principles of reliability, scale, and smart service. With TUV's backing, we're now accelerating our regional rollout and expanding our B2B offering to meet the demands of a fast-evolving digital services market.' Jim Roslund, founder and CEO of ELVA11, commented: 'We are incredibly excited about our new partnership with TUV. Their strategic insight and innovation-driven mindset are perfectly aligned with our mission. This investment not only validates the hard work and vision of our team but also gives us the resources to scale faster and serve our clients even better. Securing this level of support in a challenging market speaks volumes about the trust placed in our model, our people, and our potential.' Looking ahead, TUV will continue to focus on strategic investments across system integration, technology servicing, and education-led digital infrastructure. These acquisitions mark a clear step toward building a connected, scalable network of companies positioned to lead in regional transformation and global innovation.
Zawya
27-05-2025
- Business
- Zawya
UAE's Tech Universal Ventures acquires FixSquad and ELVA11
Dubai, UAE – Tech Universal Ventures (TUV), a UAE-based investment holding firm, has acquired two high-growth technology companies— FixSquad (UAE) and ELVA11 (Sweden) —as part of its strategic push to scale intelligent services and expand its footprint across the Gulf and global markets. FixSquad is a fast-scaling mobile and electronics servicing brand operating in both the consumer and B2B spaces, with a growing footprint across the GCC. The company is currently rolling out a regional franchise model to standardize service delivery and expand B2B partnerships with enterprise clients. ELVA11, based in Malmö and Stockholm, is a high-performance software and artificial intelligence (AI) company known for its strong engineering culture and scalable consulting and education services. Darko Atijas, Chief Operation Officer at TUV, commented: 'These acquisitions reflect our strategy to build and back companies delivering core infrastructure for digital growth. FixSquad's hybrid consumer-enterprise model positions it as a foundational player in regional service delivery, while ELVA11 brings AI-native capabilities we believe will define the next era of global software.' Mohamed Rafeeque, CEO of FixSquad, commented: 'We've built Fixsquad on the principles of reliability, scale, and smart service. With TUV's backing, we're now accelerating our regional rollout and expanding our B2B offering to meet the demands of a fast-evolving digital services market.' Jim Roslund, founder and CEO of ELVA11, commented: 'We are incredibly excited about our new partnership with TUV. Their strategic insight and innovation-driven mindset are perfectly aligned with our mission. This investment not only validates the hard work and vision of our team but also gives us the resources to scale faster and serve our clients even better. Securing this level of support in a challenging market speaks volumes about the trust placed in our model, our people, and our potential.' Looking ahead, TUV will continue to focus on strategic investments across system integration, technology servicing, and education-led digital infrastructure. These acquisitions mark a clear step toward building a connected, scalable network of companies positioned to lead in regional transformation and global innovation. TUV continues to play a key role in boosting the UAE's position as a leading M&A hub in the region. In 2024, the UAE recorded 96 inbound deals valued at $7.6 billion—representing 67% of total inbound deal value across MENA—solidifying its status as the region's top investment destination About Tech Universal Ventures (TUV) Tech Universal Ventures (TUV) is a technology and investment firm specializing in acquiring, scaling, and exiting high-value businesses across the education and technology sectors. Operating in 5 countries, TUV targets companies with valuable intellectual property and strong growth potential. TUV's current focus spans acquisitions in both education and technology, including partnerships with educational infrastructure providers. For media inquiries or interview requests, contact: communications@
