MENA startups secure fresh funding across key sectors

Startups across the Middle East and North Africa have attracted a fresh wave of capital this month, with deals spanning fintech, employment technology, proptech, insurtech, sports tech and mobility. Highlights reported by Muslim Network TV include Saudi digital financing marketplace Arib raising $23.5 million in a round led by Merak Capital; UAE-based workforce platform RemotePass securing $17.4 million in Series B funding led by EBRD Venture Capital; and the launch of Manara Ventures, a $70.5 million Shariah-compliant growth fund by the Jordan Capital and Investment Fund.

Direct quote

"The company said the capital will support technology upgrades, product expansion and new lending solutions," the Arib announcement said, outlining the intended use of its $23.5 million raise.

Context and deal details

• Arib (Saudi Arabia) — Founded in 2018, the digital financing marketplace connects users with banks and licensed lenders to compare and apply for financing through a single digital interface. Its $23.5 million round combines equity and Shariah-compliant Murabaha financing and was led by Merak Capital.
• RemotePass (UAE) — The workforce platform, which manages payroll and contractor payments across more than 150 countries, raised $17.4 million in a Series B round led by EBRD Venture Capital. The company said it will expand into Europe and the United States and invest in AI-driven compliance and automation tools.
• Manara Ventures (Jordan) — The Jordan Capital and Investment Fund launched a $70.5 million Shariah-compliant growth fund targeting more than 20 technology startups. The fund will write cheques ranging from $750,000 to $3 million and support regional expansion for high-growth companies.
• EYST Technology (Tunisia) — Secured a six-figure investment from 216 Capital to scale an insurtech platform that enables insurers to settle claims instantly through virtual bank cards; the funding will support product development and expansion into Europe, the Americas, Asia and the Middle East.
• PlayReplay (Sweden) — The sports tech firm closed $12 million and plans to expand into key MENA markets including Saudi Arabia, the UAE, Qatar and Egypt. PlayReplay develops AI-powered systems for racquet sports, including analytics and electronic line-calling technology.
• ARRW (Egypt) — Mobility startup ARRW raised $4 million from Tasheed Egypt to expand ride-hailing operations and strengthen its driver network and technical infrastructure.
• GrowthLabs (Egypt) — Acquired Startup Gate in a $657,000 deal intended to build a unified regional ecosystem platform by combining Startup Gate’s network with GrowthLabs’ Catalyst OS platform.
• eVoost AI (UAE) — The proptech firm secured $2.2 million to expand its AI-driven property sales platform across Europe, the Gulf region and the United States.
• Peekabox (UAE) — Raised $1.5 million in seed funding to scale a surplus food marketplace across the UAE and begin expansion into wider GCC markets, starting with Saudi Arabia.

Outlook

Investors and founders cited expansion and technology investment as primary drivers for the rounds. RemotePass signalled international expansion into Europe and the US and increased investment in AI compliance tools; Arib emphasised upgrades and new lending solutions; and Manara Ventures aims to accelerate multiple regional growth-stage companies with Shariah-compliant capital. Analysts quoted by Muslim Network TV said the continued flow of capital reflects sustained investor confidence in the region's digital economy. Reported by: SR.