FinancialNews

Home

Investor Relations

Financial News

27-03-23

Saudi Arabia Leads Startup, Venture Capital Activity in MENA

(MENAFN) Last week, the Middle East and North Africa region experienced a surge of activity in the startup and venture capital space, with Saudi Arabia spearheading the charge. The region's startup ecosystem saw debt and equity financing, including one mega round, as well as cross-border investments from venture capital firms.

Saudi Arabian startups secured a significant portion of the funding, with fintech giant Tamara raising USD150 million in debt financing from global investment banking company Goldman Sachs. Tamara is one of the region's leading buy now, pay later providers, with over 15,000 partner merchants using its services. The funding will support the demand for its BNPL product and help the company continue its growth across new verticals.

Another Saudi Arabian startup, Aumet, raised $7 million in a pre-series A funding round from Tokyo-based venture capital firm AAIC and Swiss private equity firm AIJ Holdings, among others. Established in 2016, Aumet is an artificial intelligence-enabled B2B platform that provides software solutions, such as an enterprise resource planning system and a marketplace for pharmacies. The platform uses predictive analytics to forecast the procurement of products for pharmacies, resulting in cost savings and other efficiencies in the supply chain. Aumet plans to use the funding to expand its artificial intelligence capabilities, reach more pharmacies, and provide better access to affordable healthcare products. The company serves more than 10,000 pharmacies across Saudi Arabia, Jordan, and Egypt.

The region's startup ecosystem also saw participation from UAE-based startups. The surge in activity highlights the potential of the region's startup and venture capital space and the growing interest from global investors. The funding will provide support to startups and help them scale their businesses, contributing to the region's economic growth. It also highlights the importance of technology and innovation in the region, with startups like Tamara and Aumet utilizing cutting-edge technology to provide innovative solutions to consumers and businesses. Overall, the surge in activity in the startup and venture capital space in the Middle East and North Africa region is a positive sign for the region's economy and the future of its startup ecosystem.
MENAFN27032023000045014228ID1105866381

Follow us

Terms & Conditions | Privacy & Security | Contact Us | Sitemap