In the holy month Ramadan’s Venture Surge an unexpected twist, the Middle East and North Africa witnessed a huge increase in funding for startups, defying the usual slow business pace. Meanwhile, The Saudi Venture Capital Co., a government investment entity, declared a whopping $30 million funding in the Olive Rock Partners Fund I. Additionally, This investment is part of SVC’s strategy to foster financing for startups, SMEs, and industries.
Olive Rock Partners Fund I focus on demographically driven mid-market buyouts that are geographically opportunistic and technologically empowered. Furthermore, This aligns with SVC’s vision to support the growth of the ecosystem in the region. The agreement was formally signed by Nabeel Koshak, SVC’s CEO, and Muhannad Qubbaj, Olive Rock Partners’ founding partner, in the presence of officials from both organizations.
Visionary Outlook and Expansion Plans
The investment in Olive Rock Partners Fund I is a testament to SVC’s dedication to Ramadan’s Venture Surge, especially in strategic sectors. Moreover, Qubbaj expressed thanks for the trust shown by SVC, highlighting the partnership’s potential to drive growth in the SME sector in Saudi Arabia.
Mitgo Group, a marketing technology provider from Germany, has broadened its service offerings by acquiring UAE’s Embedded. Moreover, a finance platform, enhancing its affiliate market presence. Oleg Chanchikov, found Embedded, specializes in integrating financial services into businesses, complementing Mitgo’s strategic direction.
Accelerating Growth with Innovative Solutions
The acquisition empowers Mitgo Group to diversify its solutions, offering clients revolutionary financial services integrated directly into their platforms. ertainly, CUAE-based Seeru, a traveltech startup, successfully secured pre-seed funding led by US’s Nabtah Ventures, aiming to revolutionize travel planning for all stakeholders. Seeru’s platform simplifies trip organization complexities, ensuring a smooth travel experience for all users.
Kuwait’s Mojo: A Rising Social Commerce Platform
Kuwait’s Mojo, a social commerce platform, secured a substantial seven-figure seed investment from Joa Capital and Emkan Capital, with additional support from Plus VC, Atyab Al Marshoud, Wahed Invest, and angel investors.
Mojo’s platform enables users to explore, review, and recommend beauty, skincare, and wellness products. Abdulaziz Al-Bahar and Nadia Al-Hammad found in 2022.
Saudi-backed Grintafy’s Advancement in Football Talent Discovery
Saudi Arabia’s sportstech platform Grintafy is known for connecting footballers with professional opportunities. And it has received an investment from Chiliz, enhancing its position in the global sports industry. Partnering with Chiliz allows Grintafy to adopt web3 technologies for wider reach and efficient talent scouting.
Innovative HealthTech Solutions: 30Med’s Funding Milestone
Egypt’s 30Med secured pre-seed funding from angel investors. And marking is a significant step in bridging the gap between pharmaceutical companies and healthcare professionals. 30Med’s platform facilitates knowledge dissemination of new medicines through interactive videos and events. It also fosters collaboration within the medical community.
ORA Technologies Spearheading Morocco’s Digital Transformation
In the year 2023 Omar Alami founded the ORA Technologies. And it secured $1.5 million seed funding for its superapp integrating peer-to-peer transactions, e-commerce, and social networking services. ORA’s collaboration with M2T sets the stage for launching its digital wallet, accelerating its market expansion and service enhancement for users.
Conclusion
During the Ramadan the venture capital activity is thought to diversify further. And this will set up for a capital venture activity which demonstrates growth, opportunity for start ups and for collaboration among various regions. As the Holy month passes, investors are poised to enlarge the auspicious environment. This is entirely focused to propel the ecosystem to the new heights for prosperity and success.