Startup wrap — Funding momentum continues amid Iran conflict

Startups across the Middle East and North Africa continued to attract capital in early April despite spillover uncertainty from the conflict in Iran, but overall investment activity slowed sharply in March. MENA startups raised a record $7.5 billion in 2025 — a 225 percent surge year-on-year, according to Wamda data — yet March saw just 17 startups close rounds totaling $48.3 million, an 85 percent drop from February and a 62 percent decline versus March 2025. The UAE remained the region’s top funding hub with $36.8 million across eight deals, while Saudi Arabia accounted for $10.2 million across four transactions.

“Maison Safqa was built to address this challenge by providing a controlled environment where premium and luxury brands can unlock that value while reaching the right audience,” said Lea Mehaweg, co‑founder and CEO of Maison Safqa.

Key deals and uses of funds

• Maison Safqa (Saudi Arabia) — The flash‑sale platform, founded in 2024 by Lea Mehaweg, Estelle Nasr and Georgia Mehaweg, raised $620,000 in a pre‑seed round with participation from 500 Global via the Sanabil MENA 500 Accelerator Fund and regional angel investors. The start‑up said the funding will advance technology development, expand its brand and roll out offline activations in Riyadh and Jeddah, and aims for $2.5 million in cumulative sales within 18 months.
• Lucky (Egypt) — Consumer credit platform Lucky closed a $23 million Series B composed of equity and debt. Investors included Disruptech Ventures, DPI Venture Capital via the Nclude fund, and strategic participation from Suez Canal Bank and OneStop. Founded in 2019 and led by CEO Ayman Essawy, Lucky said the capital will scale its credit offering, support expansion into North Africa and strengthen infrastructure, licensing and regulatory readiness as it moves toward a neo‑banking‑ready platform. “Lucky has demonstrated disciplined growth, strong product‑market fit, and a clear vision for inclusive digital finance,” said Mohamed Farouk, chairman of Lucky’s board.
• ZSystems (Morocco) — The retail B2B2C marketplace raised $1.65 million in a seed round led by Azur Innovation Management, with participation from MNF Ventures, Witamax and Harambeans Prosperity Fund. Founded in 2022 by Samer Choumar, Meriem Benabad, Youssef Haddouch, Reda Nebri and Youssef Drafate, the company said total funding now stands at $2.7 million and that the fresh capital will fuel product development and deeper market penetration.
• Via Separations (US) — A $36 million round that included Saudi‑based Aramco Ventures, Climate Investment and Marathon Petroleum will help the deeptech firm accelerate deployment of its modular membrane filtration platform into refining and chemical sectors. “At Aramco Ventures, we invest in differentiated technologies that can deliver clear operational value at scale,” said Tibor Toth, senior investment director at Aramco Ventures. He added that Via Separations’ platform can “enhance efficiency and unlock additional capacity within existing refining and chemical assets.”
• ElGoat (Saudi Arabia) — Sports tech firm ElGoat raised $266,000 in a seed round led by Trigon at a $2.66 million valuation. Founded in March by Mohammed Al‑Munajem, ElGoat will use proceeds to accelerate product development, user acquisition and regional expansion across the MENA sports gaming market.

While headline totals fell in March as investors reassessed geopolitical risk, activity across verticals — from consumer fintech to industrial deeptech and retail marketplaces — shows continued supply of capital and strategic corporate participation. With the UAE retaining its lead in deal volume and large strategic cheques such as the $36 million Via Separations round still closing, founders and backers will watch how macro risk and regulatory developments influence deal sizes and sectoral allocation in the coming months.