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HomeBusinessSaudi Arabia’s Startup Scene Flourishes with Funding and Expansion

Saudi Arabia’s Startup Scene Flourishes with Funding and Expansion

Retailo, Yabi, KitchenomiKs, Immensa, Flow48, and Egyptian startups secure funding for growth

December 22, 2023
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Startup Wrap – Saudi Arabia’s venture landscape receives influx of expanding startups

Saudi Arabia’s entrepreneurial space is experiencing significant growth, with numerous startups raising funding and expanding their operations in the Kingdom.

One of the recent funding announcements comes from Saudi-based e-commerce startup Retailo, which raised $15 million in a new equity funding round. The investor lineup includes Yusuf Bin Kanoo Group, Technology Group, and Majd Digital, among others. Retailo plans to use the funds to expand its supplier network and customer base in the Saudi market.

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UAE-based fintech startup Yabi also secured $8 million in equity funding, marking a major step in its Saudi expansion and product development. Yabi aims to enhance financial literacy through B2B partnerships and plans to invest significantly in product development to bring financial solutions to a broader audience.

Oman-based food technology startup KitchenomiKs raised $1.8 million in a pre-series A funding round to expand its operations in Saudi Arabia. KitchenomiKs operates as a cloud kitchen with a modern culinary model, offering a scalable solution for culinary ventures.

UAE-based Immensa raised $20 million in its series B funding round to boost product development. Immensa specializes in providing on-demand access to spare parts and plans to enhance its exclusive software and artificial intelligence tools.

UAE-based fintech startup Flow48 secured $25 million in pre-series A funding to support its expansion plans, particularly in the South African market. Flow48 provides services to SMEs by transforming future revenues into immediate capital.

In addition to funding news, three Egyptian startups were awarded $10,000 grants in the She’s Next competition, and Tunisia-based Winshot received a six-figure investment. Furthermore, the Middle East Venture Capital Association signed a partnership with Singapore’s GPCA to strengthen the region’s venture capital landscape.

Tags: e-commerceexpansionfintechfood technologyfundingsaudi arabiastartupsventure capital
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