Startups in the MENA Region Draw Investor Interest
RIYADH: This week, startups across the Middle East and North Africa are successfully catching the eyes of investors, particularly in the fields of fintech, employment technology, and property tech.
One notable success story is Saudi Arabia’s digital financing platform, Arib, which recently secured $23.5 million in a funding round led by Merak Capital. Arib aims to enhance its platform and solidify its role in Saudi Arabia’s expanding fintech industry. This funding round featured Shariah-compliant Murabaha financing options, demonstrating a strong demand for Islamic fintech products in the country.
Founded in 2018 by Omar Al-Hammad, Mohamed Dessouky, and Waleed Talat, Arib connects users with banks and licensed lenders all through a single online marketplace. Customers can easily compare financing options and apply based on their financial situations. The new funds will help Arib upgrade its technology, develop new products, and target both individual consumers and businesses as demand for quick, flexible financing solutions continues to grow in Saudi Arabia.
RemotePass, a global employment and payroll platform that originated in the UAE, has raised $17.4 million in a Series B funding round. This round, which was led by EBRD Venture Capital, also saw participation from several existing investors. RemotePass supports over 35,000 workers in more than 150 countries and has managed over $800 million in cross-border payroll.
Kamal Reggad, the CEO of RemotePass, mentioned that this funding will allow them to grow their presence in Europe and the US, enhance compliance, and invest in advanced technology, including AI. They recently introduced SpendCards, which combines payroll and expense management in a single platform.
In Jordan, the Jordan Capital and Investment Fund launched Manara Ventures, a $70.5 million fund aimed at supporting technology startups in the region. Manara plans to invest in over 20 growth-stage companies, providing substantial funding amounts ranging from $750,000 to $3 million.
Tunisian insurtech startup EYST Technology also made headlines by securing a six-figure investment from 216 Capital to enhance their product offerings and expand internationally. Founded in 2022, EYST’s platform allows insurers to process claims instantly using virtual bank cards.
In the sports tech space, PlayReplay, a Swedish startup, raised $12 million to support its goal of expanding into the MENA region. With a focus on racquet sports, PlayReplay provides advanced tools for coaching, analytics, and electronic line calling.
In Egypt, the mobility platform ARRW received $4 million from Tasheed Egypt to grow within the transportation sector. As Egypt’s first licensed ride-hailing service, ARRW is focused on expanding its driver network and improving its platform for users.
GrowthLabs, also from Egypt, announced the acquisition of Startup Gate for $657,000. This move aims to build a comprehensive support platform for startups in the MENA region.
Lastly, eVoost AI, a proptech startup from the UAE, raised $2.2 million to enhance its AI-driven platform that aids residential property sales. The funding will help eVoost develop its products and expand its team in several countries, including Spain, Portugal, and the U.S..
Peekabox, a surplus food marketplace based in the UAE, successfully raised $1.5 million in a seed round to broaden its reach in the Gulf Cooperation Council (GCC) markets. Founded in 2025, Peekabox helps food businesses sell excess inventory at significant discounts.
These ventures highlight a marked interest and investment in innovation across various sectors in the MENA region, paving the way for a vibrant startup ecosystem.
