CAIRO: The Middle East and North Africa startup ecosystem has seen a surge in activity as venture capital investments and acquisitions flourish.
Merit, a Saudi Arabia-based software-as-a-service provider, has raised $12 million in a pre-series B funding round led by Alistithmar Capital i-Cap and followed by existing series A investors Tech Invest Com and Hambro Perks Oryx Fund.
Merit, founded in 2016 by Julie Barbier-Leblan and Thrishan Padayachi, provides cloud-based SaaS platforms, enterprise solutions, applications, and software to help businesses increase customer and employee engagement.
Riyad Capital, backed by Riyad Bank, has established the 1957 Ventures investment fund to propel transformative growth in Saudi Arabia’s fintech sector. The fund aims to accelerate the Kingdom’s digital transformation by creating opportunities for new fintech business models.
Abdullah Alshwer, chief executive officer of Riyad “The 1957 Ventures Fund embodies a forward-thinking financial vision aligned with the Kingdom’s ambitious digital transformation goals; this fund signifies a strategic investment in the future of Saudi fintech.”
Our institutional approach will unlock new levels of innovation, driving both sector growth and sustainable economic impact,” he said. Saudi Arabia-based logistics startup MDD has closed its series A round with $1.3 million in funding for a 5 percent stake, valued at $26 million.
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