Startup Wrap: More than $69m flows into MENA startups

Startups across the Middle East and North Africa attracted more than $69 million in disclosed capital and strategic backing this week, led by a $60 million Series A for UAE-based CNTXT AI and including commitments and smaller rounds across fintech, logistics, healthtech and construction tech. Other moves included a $7 million commitment from Jordan’s Innovative Startups and SMEs Fund to Endeavor Catalyst V, a $2 million-plus pre-seed for fintech Sovra, and several strategic acquisitions and Shariah-compliant financings.

“The relationship did not start with a term sheet. It started with shared work in the same ecosystem,” said Mohammad Abu Sheikh, founder of CNTXT AI, explaining the company’s ties with co-lead investor AI71. He added of regional sovereign AI needs: “They also understand that sovereign AI in this region requires three things that cannot be bought: depth in data, distribution across government and enterprise, and domain expertise that only comes from building here.”

Context and deal details

CNTXT AI’s $60 million Series A was co-led by Abu Dhabi applied AI company AI71 and BlueFive Capital, a GCC-founded global asset manager. The UAE-based data and AI company provides tools for enterprises and public-sector institutions to develop AI solutions while retaining control over their data. CNTXT AI said it will use the funding to continue product development, enter new markets and deploy secure AI infrastructure for enterprise and government customers globally.

CNTXT AI works with major technology partners including Oracle, NVIDIA and Amazon Web Services and has supported large language model initiatives. Its product portfolio includes Munsit, an Arabic voice AI platform the company says has processed more than one million minutes of speech and serves over 250 enterprises and 150,000 users. Abu Sheikh is also founder of SMPL AI, a $25 million fund backing early-stage AI startups; he emphasized that “SMPL AI is a separate investment vehicle with its own capital and no external LPs. CNTXT AI has its own cap table, its own board, and its own governance. Structurally, they do not overlap.”

• ISSF commits $7 million to Endeavor Catalyst V to connect Jordanian startups with international growth-stage capital. Endeavor Catalyst manages more than $300 million in assets and has previously backed Jordanian companies such as Tamatem Games, Altibbi, EON Dental, Tarjama and ZenHR.
• Oman’s freelance marketplace Zameeli secured an undisclosed Shariah-compliant financing facility from SME development company Sharakah to support technology, operations and expansion across Oman. Zameeli was founded in 2023 by Tariq Al-Habsi and Mahmoud Tantora.
• Saudi construction tech company WakeCap acquired Singapore-based Frontline, an AI construction planning software provider, expanding from real-time jobsite monitoring into project planning and optimization. WakeCap previously acquired Brazilian platform Trackfy in November.
• MENA fintech Sovra raised more than $2 million in a pre-seed round led by Pharsalus Capital. Founded in 2025 by Ahmad Wehbi, Sovra offers digital dollar accounts, yield, international transfers and card payments via Visa and Mastercard, operating through self-custodial accounts.
• Saudi logistics platform Pickappo raised $530,000 in pre-seed funding to build delivery infrastructure and strengthen AI and automation capabilities; Pickappo was founded in 2023 by Waleed Ghonim and Ahmed Siam.
• Syrian healthtech Moadna raised $50,000 from angel investors at a $300,000 valuation. Founded by Tarek Skheta and Maged Hamdeh, the clinic management and appointment-booking platform serves more than 550 doctors and 8,000 users and has facilitated over 3,500 appointments.

Outlook

The week’s activity highlights continued investor interest across AI, fintech, logistics and construction tech in the region, with large strategic rounds and targeted commitments aimed at scaling products and linking local ventures to international capital. Companies receiving funding plan to prioritize product development, market expansion, and integration of AI and automation tools, while investors and acquirers have signaled a preference for infrastructure and software that bridge planning, execution and data sovereignty for enterprise and government customers.