Startup Wrap: MENA ventures draw $190m in multi-sector funding wave

Startups across the Middle East and North Africa have secured roughly $190 million in fresh capital spanning fintech, artificial intelligence, cybersecurity, e‑commerce and proptech, according to an Arab News roundup. The transactions announced on Feb. 21 include early‑stage seed rounds, growth credit facilities and multi‑million‑dollar equity financings that back region‑focused expansion and product advancement.

"Transactions include early-stage seed rounds and growth credit facilities," the report by Nour El‑Shaeri noted, signalling a mix of equity and credit instruments deployed across the ecosystem.

Funding highlights and company plans

• CASHIN — $16 million, Series A (Saudi Arabia): Led by Impact46, the round backs the 2021‑founded AI‑enabled fintech that connects financial and operational activities for fuel station operators. Founders Omar Al‑Rammah, Abdulkarim Zrik and Obay Al‑Madi said the capital will be used to expand fuel station networks across Saudi Arabia, enhance AI and advanced analytics capabilities, and deepen integrations with regulators, suppliers, vehicle operators and banking institutions. CASHIN previously raised $1.6 million in a 2021 seed round led by Investor Mine with participation from BIM Ventures and angel investors.
• ZIWO — strategic growth credit (UAE): UAE‑based ZIWO secured a growth credit investment from Ajeej Capital’s Amplify Growth Fund; the value was not disclosed. Founded in 2010 by Renaud de Gonfreville and Eric Ouisse, ZIWO offers an Arabic‑first AI cloud contact‑center platform. The company said the facility will support GCC expansion, deepen regional partnerships and accelerate AI automation and voice intelligence after 6.6x revenue growth since its series A.
• Madfu — $25.5 million, pre‑Series A (Saudi Arabia): Led by Afaq Capital with participation from angel investors, Madfu — founded in 2022 by Abdullah Al‑Ibrahim, Ahmed Al‑Wusheel and Anas Al‑Shaqir — provides Shariah‑compliant buy‑now‑pay‑later services allowing up to six interest‑free installments. The startup will use proceeds to expand its merchant network, upgrade technology infrastructure and develop new Islamic finance‑aligned products.
• Solidrange — $2.4 million, seed (Saudi Arabia): Led by Sharaka Capital with backing from Sadu Capital, SEEDRA Ventures and Tali Ventures (stc’s investment arm), Solidrange — founded by Jamal Labani in 2023 — focuses on AI‑driven governance, risk and compliance automation and cybersecurity awareness. The funding will accelerate regional expansion and product development.
• Breadfast — $50 million, pre‑Series C (Egypt): Backed by Mubadala Investment Co., a Saudi billionaire family, SBI Investment Co., Olayan Financing Co. and other institutional investors, Breadfast plans to scale logistics and infrastructure and explore new African markets. Founded in 2017 by Mostafa Amin, Muhammad Habib and Abdallah Nofal, the company has diversified into groceries, pharmaceuticals, payments and private‑label products and is eyeing a larger Series C in H1 2026 and a potential global IPO.
• Stake — $31 million, Series B (UAE): An oversubscribed round led by Emirates NBD with participation from Mubadala’s MENA VC Fund, MEVP, Property Finder and others brings Stake’s total funding to $58 million. Founded by Manar Mahmassani, Rami Tabbara and Ricardo Brizido, the proptech will expand its regulated offering in Saudi Arabia, advance tokenization with Property Finder and develop new products such as StakeOne.
• Flextock — $12.6 million, Series A (Egypt): Led by TLcom Capital with participation from Conjunction Capital, Capria Ventures and others, Flextock — founded by Mohamed Mossaad and Enas Siam — will use the capital to expand e‑commerce fulfillment, delivery aggregation and cross‑border capabilities across Egypt and Saudi Arabia. The company previously closed a $3.25 million pre‑seed in 2021.

Outlook: the rounds and credit facilities are earmarked largely for regional expansion, AI and product development, and regulatory integration. Several companies flagged follow‑on financings or strategic growth milestones — notably Breadfast’s planned Series C in the first half of 2026 and Stake’s cross‑border and tokenization initiatives — suggesting additional capital rounds and market moves are likely in the coming months.