BlueFive backs Kling AI's $3B round, Amazon Now enters Egypt

Abu Dhabi-based BlueFive Capital has co-led a roughly $3 billion financing for Kling AI, the video-generation spinout from China’s Kuaishou, in what is being described as the largest raise ever for a video model company. The round values Kling at $18 billion post-money ahead of a planned Hong Kong listing, with the deal noted for Kling’s rapid revenue growth — "Kling's ARR hit $500M in March, up fivefold in a year."

"BlueFive was the only Middle East name among co-leads that included Tencent, CPE, and CITIC Securities," the announcement said, underscoring the emirate firm’s growing profile in cross-border technology deals.

The transaction marks another major outlay from BlueFive Capital, which has raced to $15 billion in assets under management since launching last year. The firm’s recent investment cadence includes backing pre-launch startups such as Mal and CargoX, as well as more traditional private equity plays; BlueFive led Mal’s $230 million seed and CargoX’s $250 million round earlier this year. BlueFive’s participation in Kling’s financing places it alongside global heavyweights Tencent, China PE entities and state-affiliated investors as Kling prepares for an expected public market debut in Hong Kong.

Kling AI, spun out of social video platform Kuaishou, has been building momentum in synthetic video models and generative media tools. The company's reported ARR milestone and the scale of the round reflect strong commercial traction for video-model applications, a category that has attracted intensified investor interest as generative AI shifts from text and images into moving-picture content.

• Investor mix: BlueFive joined Tencent, CPE and CITIC Securities as co-leads on the roughly $3 billion round.
• Valuation and listing: Kling is valued at $18 billion post-money and is planning a Hong Kong listing.
• Revenue signal: Kling’s annual recurring revenue reached $500 million in March, a fivefold increase year-on-year.
• BlueFive scale: The Abu Dhabi firm reports $15 billion in AUM and has led several large rounds earlier in the year.

In other regional activity this week, the MENA venture market continued to see substantial deal flow and strategic moves. Proptech and fintech funding rounds and strategic partnerships were notable: Keyper, a UAE proptech enabling monthly rent instalments, raised $11 million in a Series A led by Speedinvest; Jordan’s ISSF partnered with Saudi fund STV to bring the Google-backed $100 million AI Fund to Jordanian founders; and Noon Academy, the Riyadh-based edtech founded by Mohammed Aldhalaan and Abdulaziz AlSaeed, acquired exam-prep platform Almakhfi. Noon Academy has raised $62.6 million to date, including a $41 million Series B in 2023.

The region also saw a new entrant in quick commerce: Amazon launched 20-minute delivery in Egypt, joining incumbents such as Talabat, Breadfast, Noon and Rabbit, with additional players expected to expand into the market.

Outlook: Kling’s mammoth raise and BlueFive’s high-profile participation signal continued appetite among Gulf investors for large-scale, cross-border technology plays — including those originating in China. For Kling, the financing and reported revenue trajectory set expectations for an aggressive roll-out ahead of a Hong Kong IPO. For regional investors such as BlueFive, the deal highlights a strategy of deploying significant capital into frontier technology categories where early ownership can translate into outsized returns should public listings or secondary liquidity events follow.