Saudi Arabian tech startups Equiptal and Barakah drove funding activity in the Gulf region during the week to fuel expansion in their home market.
Besides, the UAE-based venture capital firm VentureSouq roped in two Saudi limited partners-- Saudi Venture Company and Jada Fund of Funds--for its second fintech fund, launched recently. SVC committed $4.99 million for VSQ’s Fintech Fund II.
Meanwhile, Abu Dhabi-based Chimera Investment launched alternative investment firm Lunate with over $50 billion in assets under management to tap into global opportunities across private equity, venture capital, real assets, and public credit markets. It aims to deploy capital through a combination of limited partnership, co-investments, and direct investment.
Equiptal
Saudi Arabian logistics startup Equiptal raised $1 million in a pre-seed round led by Plug and Play Middle East and a group of angel investors to facilitate growth.
Founded in 2022 by Ali Merie and Mansour AlHmaid, Equiptal is technology-driven heavy equipment marketplace and fleet management solution. It connects companies with a network of equipment suppliers, and its telematics technology helps companies optimize operations, reduce downtime, and increase productivity. The SaaS solution essentially provides real-time data on equipment availability and usage.
The startup plans to utilise the funds to increase its manpower and expand its footprint in its home market. Over the last one year, the startup has got on board about 700 suppliers, serving around 100 contractors.
Barakah
Barakah, a foodtech startup in Saudi Arabia, raised $1.5 million in a seed round led by Hambro Perks Oryx Fund to facilitate expansion within the country. Other participants include 500 Global, Plus VC, Annex Investments, KAUST Innovation Ventures, and some angel investors.
Founded in 2021 by Rabah Habiss, Munira Al Muammar and Abdulaziz Al Saud, Barakah helps prevent food wastage. It connects food retailers and consumers, allowing groceries, bakeries, and restaurants to sell their surplus food inventory through its application.
The company aims to utilise the seed capital to enhance its product offering, and expand to other major cities in Saudi Arabia, beyond Riyadh and Jeddah.
