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Arab News
16 hours ago
- Business
- Arab News
MENA startup funding grows in May as Egypt rebounds
RIYADH: Startups across the Middle East and North Africa secured $289 million across 44 deals in May, marking a 25 percent rise from April and a 2 percent increase year-on-year. While equity dominated the deal flow, debt financing represented just 9 percent of the total. Egypt led regional fundraising with $125 million, bolstered by Nawy's $75 million round and seven other deals totaling $50 million. The UAE followed with $86.7 million from 14 deals, while Saudi Arabia came third with $69 million from 15 transactions. Kuwait made a rare appearance in the top four, with two startups securing a combined $6 million. Despite the hype around artificial intelligence, fueled by a high-profile visit from US President Trump and Silicon Valley executives, funding in the sector was limited. AI startups attracted just $25 million across two deals, underscoring a gap between public narrative and private capital flows. Fintech maintained its lead among sectors, drawing $86.5 million through 14 rounds. Property technology followed, lifted by Nawy, while media technology firms raised $32 million. Construction technology firm WakeCap raised $28 million, one of the few notable later-stage rounds. Early-stage funding dominated the month, accounting for $161 million, with just one pre-series C deal recorded at $12 million. Business-to-business startups continued to command investor attention, raising $157 million across 29 deals. Hybrid startups secured $79 million, while B2C companies collected $53 million. The gender gap in startup funding persisted, with male-founded teams receiving 82 percent of capital, compared to 7 percent for women-led firms and 11 percent for mixed-gender teams. Stride Ventures doubles down on GCC with Saudi expansion Stride Ventures, a global venture debt firm, is deepening its presence in the Gulf Cooperation Council, centering its growth strategy on Saudi Arabia. The firm announced the opening of a second regional office, the doubling of its local team, and the release of the inaugural Global Venture Debt Report 2025, developed in partnership with Kearney. The report reveals that the GCC's venture debt market has grown at a compound annual growth rate of 54 percent—quadruple the global average—reaching $500 million in 2024 from $60 million in 2020. As part of its regional ambitions, Stride aims to triple its assets under management in the GCC by 2026 and is targeting $500 million in commitments over the next three to five years. 'Saudi Arabia is shaping the future of venture capital and private credit with intention and scale,' said Fariha Javed, partner at Stride Ventures, adding: 'We are seeing a new generation of founders who understand the value of non-dilutive capital to scale responsibly and an equally ambitious set of investors in the region ready to fuel their growth.' Javed said that Saudi Arabia is moving from being a capital source to becoming a capital magnet. Badir Fund backs Shorooq's Nahda Fund II to unlock SME credit The UAE-based Arab Fund for Economic and Social Development has committed capital to Shorooq Partners' Nahda Fund II through its Badir Fund for small and medium-sized enterprises. Founded in 2017, Shorooq is known for offering structured financing to growth-stage companies. Recent recipients include fintech firm Abhi and self-storage platform The Box, which received $15 million and $12.5 million in debt financing, respectively. 'This collaboration with the Badir Fund is a significant step towards empowering SMEs in the Arab region,' said Nathan Kwon, partner and credit head at Shorooq. 'By combining our expertise in structured financing with the Badir Fund's commitment to economic development, we can provide SMEs with the necessary resources to thrive.' Essam Al-Quorashy, secretary general of the Badir Fund. 'This investment from the Arab Fund will unlock vital growth opportunities for small businesses, promote their growth and foster financial inclusion of underserved segments across the Arab region,' Al-Quorashy added. ShipBee secures $235k to digitize logistics in Qatar Doha-based logistics startup ShipBee has closed a $235,000 pre-seed round, valuing the company at $1 million. The funding was led by Qatar's GrowthX, with contributions from two angel investors and $40,000 in founder capital. Founded in March 2024 by Tamer Raafat and Amer Azani, ShipBee provides a tech-enabled logistics platform integrating a digital marketplace, AI-powered software, mobile applications, and international express shipping. The funds will be used to grow the team, enhance the product, and expand regionally. 'This funding empowers us to scale our vision of simplifying logistics through cutting-edge technology,' said Tamer Raafat, co-founder and CEO. 'ShipBee's vision is to build a smart logistics ecosystem in Qatar and MENA using the power of AI and new technologies.' Hamad Al-Hajri, CEO and founder of GrowthX and Snoonu. 'ShipBee perfectly aligns with Qatar's strategic goals by combining innovation with logistics excellence. I firmly believe ShipBee has the potential to become a leading technology-driven logistics platform, both regionally and globally,' Al-Hajri added. Kumulus Water raises $3.5m to scale atmospheric water tech Kumulus Water, a startup headquartered between France and Tunisia, has secured $3.5 million in seed funding to scale its off-grid water production systems. The round included support from Bpifrance, through the France 2030 SGPI initiative and the Ile-de-France Region, as well as regional VCs Khalys Venture, Flat6Labs, PlusVC, and beverage company Spadel. Several family offices and founders from Europe and North Africa also participated. Co-founded by Iheb Triki and Mohamed Abid, Kumulus develops atmospheric water generators that extract drinking water from air humidity — offering infrastructure-free solutions for underserved communities. The new capital will fund the launch of its industrial-grade Kumulus Boks machines and expand operations across France, Spain, and Tunisia, with Saudi Arabia identified as the next market entry point. EightClouds closes $20m round early, eyes consumer sector growth UAE-based alternative investment firm EightClouds has completed its $20 million capital raise ahead of schedule, closing the round in 11 months instead of the planned 24. The firm plans to deploy the funds into strategic acquisitions and initiatives targeting scalable, consumer-focused brands across the Gulf. EightClouds, which focuses on transforming capital into economic prosperity, is concentrating its activities in the food, beverage, and hospitality sectors. These industries, the firm notes, are driven by evolving consumer preferences and digital innovation. The company's expansion strategy will focus on the UAE and Saudi Arabia, markets it views as primed for rapid growth due to policy support and infrastructure readiness. Khwarizmi Ventures eyes $120m for second MENA-focused fund Saudi venture capital firm Khwarizmi Ventures is planning to raise up to $120 million for its second fund, aimed at supporting early-stage startups across the Middle East and North Africa. The fund will target investments from seed to series A stages and is expected to close by the end of 2025. Speaking to Alarabiya Business, managing partner Abdulaziz Al-Turki described the regional climate as a 'golden opportunity' for early-stage investors. 'The number of unicorns in MENA has grown from zero a decade ago to eight today,' he said, adding: 'By 2035, that number could reach 60.' Khwarizmi Ventures' strategy is designed to place capital early in companies with strong scaling potential ahead of larger funding rounds. Edtech startup Taawoni raises $1.6m to expand training platform Saudi-based education technology company Taawoni has closed a $1.6 million investment round led by M Capital and supported by undisclosed investors. The startup, founded in 2021 by Aliyah Al-Ghubayn, operates a platform focused on cooperative training and professional development. Taawoni enables collaboration between universities and employers to deliver co-op training programs that provide students nearing graduation with real-world work experience. The new funds will be used to drive growth and integrate more deeply into both the education and human resources technology ecosystems across the region. Expansion into new regional markets is also planned.
Fintech News ME
2 days ago
- Business
- Fintech News ME
MENA Startups Raise $289M in May as Egypt Leads Recovery
The startup ecosystem in MENA experienced renewed momentum in May 2025, securing a total of US$289 million across 44 deals. This reflects a 25% increase compared to April and a modest 2% rise year-on-year. Debt financing accounted for only 9% of the total investment, with the bulk of capital directed towards equity deals. Egypt regained its position as the region's leading recipient of funding, largely thanks to Nawy 's notable US$75 million round. According to Wamda, seven other Egyptian startups collectively raised US$50 million, marking activity levels not seen since July of the previous year. The UAE followed with US$86.7 million raised across 14 deals, while Saudi Arabia trailed closely behind with US$69 million from 15 deals. Meanwhile, Kuwait made a rare appearance on the investment radar, with two startups securing a combined US$6 million, positioning the often-overlooked GCC nation in fourth place. AI remained a hot topic in the Gulf, especially following a high-profile visit by US President Trump and prominent Silicon Valley AI executives. The diplomatic event prompted both Saudi Arabia and the UAE to announce major plans to enhance their local AI ecosystems. However, despite the political attention and media excitement, investment in AI startups fell short of expectations. The sector drew only US$25 million across two deals, underscoring the disconnect between the narrative and actual funding activity. Fintech continued to lead in sectoral funding, attracting US$86.5 million through 14 rounds. Proptech followed closely, buoyed by Nawy's large raise, while mediatech companies brought in a total of US$32 million from two deals. Construction technology also made a notable contribution, with WakeCap raising US$28 million. There was a marked absence of late-stage funding activity in May. Just one pre-Series C round was recorded, amounting to US$12 million. Early-stage investments dominated, accounting for US$161 million of the total capital raised. Investor preference continued to lean towards business-to-business (B2B) models. B2B startups attracted US$157 million across 29 deals, while hybrid B2B/B2C companies brought in US$79 million. In contrast, business-to-consumer (B2C) startups received significantly less attention, with nine companies raising a combined US$53 million. The gender gap in startup funding remained pronounced. Startups founded exclusively by men secured 82% of the total capital. Female-founded ventures garnered just 7%, while teams comprising both male and female founders attracted nearly 11%.
Yahoo
28-05-2025
- Business
- Yahoo
6 contech startups snare a collective $101M
This story was originally published on Construction Dive. To receive daily news and insights, subscribe to our free daily Construction Dive newsletter. Startups that help contractors decarbonize buildings, manage their workforces and make jobsites safer were some of the businesses that benefitted from fresh infusions of investor funding in the second quarter of 2025. Here are six startups that caught investors' eyes and raised capital for their businesses. $28 million Dubai, United Arab Emirates-based WakeCap, a project intelligence software that uses sensors to track construction and safety progress, raised $28 million in a Series A funding round, the firm announced on May 13. Via a sensor that attaches to a construction hard hat, WakeCap's tech picks up data around the jobsite, which is uploaded through its network and onto the platform, according to the company's website. The company said it provides information related to worker access and equipment utilization as well as safety alerts and progress tracking. Users report a 91% reduction in safety issues, a 25% productivity gain and 70% faster incident response times, according to the news release. The new capital will be used to scale WakeCap's presence across existing and new markets, deepen its product capabilities, grow its team and expand integrations with key industry platforms, according to the news release. $23 million San Francisco-based Miter, which offers cloud-based field operations and expense management solutions, announced a recent $23 million Series B funding round led by existing investors Bessemer Venture Partners and Coatue Management, according to a May 19 news release. The round brings its total funding to $38 million. Miter helps contractors modernize their back-office and field operations by connecting human resources, finance and operations into one platform, according to the news release. The company says it typically replaces desktop-based applications or industry-agnostic software. Some of the platform's functions include tools to help with job costing, payroll compliance, employee onboarding, time-tracking, expense management and benefits administration. The firm wrote that builders leveraging the platform save between 20 to 40 hours per week on payroll processing alone. $22 million U.K.-based Converge, an artificial intelligence-powered concrete management and decarbonization tech firm, completed a $22 million investment round, according to a May 21 news release. The startup's flagship platform, ConcreteDNA, offers a suite of solutions for generative and predictive AI mix insights, real-time concrete monitoring and data management, according to the news release. The offering helps builders make faster, data-driven decisions, reduce embodied carbon and minimize resource waste, the company said. With the funding, Converge plans to accelerate its commercial expansion and the development of ConcreteDNA. $14.5 million Montreal-based Exterra, a startup that turns mining waste into sustainable building materials, announced a 20 million Canadian dollar ($14.5 million) funding round on May 6. Exterra's offering comes in two segments — using its technology, one process can take waste and produce low-carbon metal oxides alongside other by-products, and another mineralizes carbon dioxide in a single step without the need for carbon capture. It also uses Quebec's low-carbon hydroelectric grid to generate high-demand co-products, which include amorphous silica used for low-carbon building materials. Exterra's commercialization strategy centers on its upcoming asbestos mitigation Hub I project, scheduled to begin construction in 2027 in Quebec, according to the release. The company said it will become the world's largest asbestos mitigation plant, with an annual capacity to process over 300,000 tons of asbestos mine tailings annually. $10.5 million Charlotte, North Carolina-based Field Materials, which developed an AI platform for material and equipment procurement, completed a $10.5 million Series A funding round, the firm announced on April 30. The raise brings the company's total funding amount to $19 million. Using proprietary large language models, Field Materials' AI-product takes in vendor quotes, delivery slips and invoices and automatically enters the data into nine major construction accounting systems. The company said this reduces purchase order and invoice processing time by 90%, improves margins and helps contractors get volume pricing. The company touts large contractors among its customers, including Concord, California-based Swinerton, Sacramento, California-based Teichert and Salt Lake City-based Big-D Construction. With the money, Field Materials plans to double its team and triple its revenue in 2025, according to the news release. $3 million Suffolk Technologies, the venture capital arm of Boston-based builder Suffolk Construction, has invested in Somerville, Massachusetts-based Sublime Systems, a low-carbon cement manufacturer, the firm announced in a May 20 news release. The total influx was $3 million, the venture capital firm told Construction Dive via email. Sublime's manufacturing process replaces the traditional combustion-driven kiln with a proprietary ambient temperature electrochemical process that produces a cement that significantly reduces carbon emissions, according to the release. It has the potential to achieve cost parity at scale with conventional Portland cement, the announcement said. The announcement comes on the heels of a long-term contract that tech giant Microsoft signed with Sublime Systems to buy low-carbon cement to meet its sustainability goals by reducing its construction emissions, according to the news release. In addition, the U.S. Department of Energy selected Sublime Systems last year for an up to $87 million award to speed up construction of a low-carbon cement manufacturing plant in Holyoke, Massachusetts. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CairoScene
15-05-2025
- Business
- CairoScene
Saudi-Based WakeCap Raises $28 Million to Expand AI Construction Tech
Founded in 2017 by Hassan Albalawi, WakeCap provides AI-powered solutions for visibility and efficiency on construction sites. May 15, 2025 Saudi-based construction tech startup WakeCap has raised $28 million in a Series B funding round led by global investment firm 3S Capital. Other participants in the round include an undisclosed group of investors from the US, Europe, and the MENA region. Founded in 2017 by Saudi entrepreneur Hassan Albalawi, WakeCap provides AI-powered solutions to enhance visibility and operational efficiency on construction sites. The startup's wearable IoT hardware enables real-time monitoring of workforce activity and equipment usage, helping project managers reduce delays, improve safety compliance, and boost overall productivity. WakeCap currently operates in more than 150 sites across the UAE, Saudi Arabia, and the US, with clients including Consolidated Contractors Company (CCC), Saudi Aramco, and Besix. Its latest funding will be used to further develop its data platform, expand internationally, and strengthen its presence in North America and Europe.
Mid East Info
15-05-2025
- Business
- Mid East Info
WakeCap raises US$28 million Series A to scale sensor-powered project controls for global construction - Middle East Business News and Information
WakeCap, the sensor-powered project intelligence and controls platform trusted by the world's most ambitious construction and oil and gas programs, today announced the close of its US$28 million Series A round. The round was led by with participation from Graphene Ventures and strategic investors across the U.S., Saudi Arabia, and Asia. WakeCap transforms how construction projects are managed through live, site-wide visibility across workforce, safety, productivity, and progress. Its technology protects and empowers jobsite workers, transforming construction sites into a safer and more reliable place to work. With more than 150 million labor hours tracked and deployments across US$80 billion in active projects – including Aramco, NEOM, Qiddiya, and King Salman Park as well as global projects in the UAE, US and Japan – WakeCap is setting the standard for how data drives performance, safety, and accountability on the jobsite, leading to data-driven business decisions and reduced insurance costs. 'WakeCap's ability to capture and act on real-time jobsite data is critical for high-performing project controls, ' said Dr. Hassan Albalawi, CEO and Founder of WakeCap. ' This round fuels our next stage of growth as we expand our global footprint, increasing the value we deliver to customers through richer insights, faster reporting, and greater operational efficiency. It will allow us to deepen integrations with key ecosystem partners such as Oracle andOpenSpace. We're proud to be building a platform that puts workers first, makes jobsites safer, and brings clarity to the world's most complex construction efforts. ' Combining rugged hardware and enterprise-ready software, WakeCap delivers live project intelligence – from worker access and equipment utilization to safety alerts and progress tracking – all without disrupting jobsite workflows. The system has demonstrated a 91% reduction in safety issues, 25% gain in productivity, and 70% faster incident response times. ' WakeCap sits at the intersection of two massive forces – the scale of global infrastructure investment and the digitization of construction ,' said Adam Grosser, Chairman and Managing Partner at ' As governments and developers undertake trillion-dollar initiatives, WakeCap's platform brings truth, transparency, and trust to the field. We are thrilled to back Hassan and the team as they scale globally and lead the transformation of this critical industry. ' The company's expansion reflects a broader trend in tech collaboration between the United States and Saudi Arabia, with WakeCap standing out as one of the first Saudi-born startups to acquire a Silicon Valley tech company. Today, the company operates across Saudi Arabia, the UAE, Japan, and the U.S., supported by a team representing 34 nationalities. 'WakeCap exemplifies what the future of construction looks like: intelligent, connected, and global ,' said Nabil Borhanu, Founder and Managing Partner at Graphene Ventures. ' We continue to support WakeCap because they are uniquely positioned to lead this transformation, with a proven platform, a mission-driven culture, and deep partnerships across public and private sectors. ' The new capital will be used to scale WakeCap's presence across existing and new markets, deepen its product capabilities, and expand integrations with key industry platforms. The company is also growing its team across engineering, customer success, and product leadership. WakeCap's momentum comes at a time when global infrastructure investment is surging, with the Kingdom of Saudi Arabia alone investing nearly $1 trillion in construction and urban development. WakeCap's ability to bridge Silicon Valley innovation with Saudi-scale delivery uniquely positions the company at the intersection of AI, IoT, and industrial transformation.
