Dubai-based proptech company Prop-AI has successfully raised $1.5 million in a pre-seed funding round. The investment was led by Plus VC, Joa Capital, Select Ventures, Oraseya Capital, Plug & Play, along with contributions from angel investors from Saudi Arabia and Bahrain. The proceeds from this funding will be directed towards expanding Prop-AI’s regional data integration,...
Foodics, a software company based in Riyadh, has successfully raised $8 million through its seed and Series A funding rounds. The funding will support the company’s growth as it aims to enhance its services in the restaurant management sector. Founded by Ahmad AlZaini and Mosab AlOthmani, Foodics currently employs 150 people. The company focuses on...
OpenAI, the creator of ChatGPT, is currently in discussions to raise funds amounting to $40 billion. This initiative includes talks with Saudi Arabia’s Public Investment Fund (PIF), India’s Reliance Industries, and existing shareholder MGX from the United Arab Emirates, as reported by The Information and Yahoo According to sources familiar with the situation, each of...
Startups across the Middle East and North Africa are experiencing a surge in capital investment, strategic acquisitions, and regional expansion, highlighting the increasing momentum in the area’s innovation ecosystem. This week, various startups secured funding and achieved key regulatory milestones, positioning themselves for growth in a highly competitive and rapidly changing market landscape. Credit: Arab...
UAE-based fintech firm Qashio has successfully raised US$19.8 million in a funding round that combined both equity and non-equity financing. This funding round was led by existing investor Rocketship VC and saw participation from MoreThan Capital, regional banks, and family offices. Founded in 2021, Qashio offers a spend management platform designed to help businesses monitor...
Hong Kong-based AI company viAct has successfully raised $7.30 million in a Series A funding round. The investment was led by Ireland’s VentureWave Capital, with additional participation from Singtel Innov8 and Korean Investment Partners. The company aims to expand its business on a global scale, particularly focusing on the Middle East, with a special emphasis...