Saudi Arabia’s startup ecosystem is thriving, with companies across various sectors securing substantial funding.
Autotech Firm Syarah
Syarah, a Saudi autotech company, raised $60 million in a series C funding round led by Artal Capital. Founded in 2015 by Salah Sharef and Fayez Al-Anazi, Syarah offers new and used cars online with doorstep delivery, free inspection reports, a five-day return policy, and a one-year warranty. The new funds will support its expansion in the Saudi automotive market.
Fintech Malaa
Saudi fintech Malaa secured $17.3 million in a Series A round led by SNB Capital. Launched in 2021 by Ali Al-Oraini and Faisal Al-Qarni, Malaa provides a wealth management platform to help users make informed financial decisions. The funds will enable Malaa to introduce new investment and savings products.
Healthtech Thakaa Med
Thakaa Med, a Saudi healthtech startup specializing in AI-driven solutions, raised seed funding from Falak Angels. Founded in 2022 by Al-Waleed Al-Badr, the company aims to launch its AI models, Dental IQ and Chest IQ, to enhance diagnostic capabilities in healthcare.
Fintech Tabby
Tabby, a Saudi buy now pay later fintech, acquired digital wallet Tweeq. Founded in 2019 by Hosam Arab, Tabby handles over $6 billion in annual transactions. Tweeq, launched in 2020, offers digital spending accounts. The acquisition will expand Tabby’s financial products, adding digital wallets and money management tools.
Open Banking Platform Tarabut
Tarabut acquired London-based fintech Vyne to enhance its global reach. Founded in Bahrain in 2019 by Abdulla Al-Moayed, Tarabut connects banks and fintechs through a universal API. Vyne provides real-time account-to-account payments, boosting Tarabut’s capabilities in the region.
Clean Tech Wattnow
Tunisia-based Wattnow completed a multi-million dollar funding round led by Lateral Frontiers and 216 Capital. Founded in 2018 by Issam Smaali, Wattnow helps businesses optimize energy usage with hardware and software solutions. The funds will support its global expansion.
HR Tech Cercli
UAE-based Cercli raised $4 million in seed funding led by Afore Capital. Founded in 2023 by Akeed Azmi and David Reche, Cercli offers tools to reduce human error and compliance costs for businesses. The funds will support growth and talent acquisition.
Fintech Ziina
UAE-based Ziina raised $22 million in a Series A round led by Altos Ventures. Founded in 2020 by Faisal and Sarah Toukan, Ziina allows payments via phone numbers without IBAN or Swift codes. The funding will help Ziina expand into a full-suite financial services provider.
ERP Provider Hulexo
UAE-based Hulexo secured seed funding from Arzan VC. Launched in 2021, Hulexo provides customized ERP solutions for retailers. The investment will support its expansion into Kuwait and Saudi Arabia.
Web3 Services Verofax
UAE-based Verofax raised $3 million in a bridge round led by King Abdullah University for Science and Technology and others. Founded in 2018, Verofax uses Web3 technologies to enhance user experiences in tourism, retail, and brand marketing. The funds will support its expansion in the Middle East and Europe.