UAE tech startups led funding activity in the Middle East and North Africa region this week, raising growth capital to expand their businesses. While Web3 banking startup Klickl raised double-digit growth funding, fintech CredibleX secured a mix of equity and debt capital to scale its business. Other startups that raised capital include Riyadh-based AI infra-tech startup OmniOps, Jordan-based SaaS provider InvoiceQ, and Bahrain edtech startup Unipal.
Meanwhile, Lebanon-founded and NASDAQ-listed music streaming app Anghami, which merged with Kuwait Projects Company Holding (KIPCO)-owned OSN+ in April, secured $55 million in funding from the OSN Group. Of that, $12 million will be an initial investment in a convertible note programme.
OmniOps, a Saudi Arabian AI infrastructure technology provider OmniOps raised $8 million from GMS Capital Ventures to scale its business.
Founded in 2024 by Mohammed Altassan, OmniOps offers cloud and high-performance computing solutions to support businesses and industries of all sizes with efficient andscalable infrastructure. It aims to use the investment to scale operations, enhance R&D, and advance AI infrastructure in Saudi Arabia.
UAE-based fintech CredibleX secured $55 million in seed funding comprising both equity and debt for business growth. The investors include Further Ventures for equity, and Kilgour Williams Capital and Berkley Square Finance for debt.
Founded in 2023 by Ahmad Malik, Anand Nagaraj and Hassan Reda, CredibleX offers tailored financial services for SMEs’ daily operations. It plans to use the funds to accelerate operational growth and expand its services offerings.
InvoiceQ
InvoiceQ, a Jordan-headquartered SaaS provider for e-invoicing solutions to enterprises raised a $1.2 million pre-Series A to fuel its geographical expansion plans. The investors in the funding round include Oasis 500, Orange VC, Flat6Labs, Natej Soft, and several angel investors.
Co-founded in 2020 by Muhannad Tobal, Fadi Al-Jabali, Amer Ayyad, and Mohammad Baseet, InvoiceQ has a presence in Jordan and Saudi Arabia. It aims to utilize the additional capital to expand geographically, including its plans to enter Oman, Egypt, the UAE, and the wider GCC. It had secured $440,000 in 2022 from Jordan Ahli Bank's accelerator, Ahli Fintech.
Klickl, a UAE-based Web3 banking startup raised $25 million in a Series A funding round co-led by Web3Port Foundation and Aptos Labs to expand its services. Other investors in the round included Summer Ventures, Heritage Horizon Capital, V2 Capital, Alpha Square Group, Heng Feng Group, Trend Investment, and Bond Group.
The latest round valued the startup at $125 million.
Founded in 2017 by Michael Zhao, Klickl is a Web3 open finance platform that offers banking, digital payments, and crypto trading to facilitate seamless entry into Web3. The startup plans to use the additional capital to expand its Web3 banking services across the MENA region and beyond.
Unipal
Edtech startup Unipal announced a Pre-Series A investment round of an undisclosed value, backed by Falak Angels Syndicate members.
Founded in 2020 in Bahrain by Ali Alalawi and Ali Al Shaer, Unipal offers an online education application to provide special offers and discounts to university students on various products. Last year, Unipal had raised $500,000 follow-on investment from Tenmou and Flat6labs, with participation from GTS and angel investors. The startup claims to have served 60,000 users, over 350 brand partners in Bahrain, and 160,000 users and 250 brand partnerships in Saudi Arabia within just eight months.
