Zension Technologies raises $30 million in a series A funding round….
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Saudi Arabia’s startup ecosystem begins 2025
Saudi Arabia’s venture capital and startup landscape commenced 2025 with new funding initiatives, reinforcing the Kingdom’s leadership in the region.
Zension Technologies successfully secured $30 million in a Series A funding round, spearheaded by Wa’ed Ventures, the investment division of Saudi Aramco.
This funding round also attracted contributions from Japan’s Sumitomo Corporation and the regional investor Global Ventures.
Established in 2018 by Khalid Saiduddin and Nikos Anastasiadis, Zension specializes in providing protection, extended warranty, and guaranteed buyback services for mobile devices and consumer electronics.
These offerings are integrated with major retailers, telecommunications firms, and original equipment manufacturers operating within the Saudi and UAE markets.
With this new capital, Zension plans to introduce its latest service, Zaam, which is scheduled to launch in the first quarter of the year across Saudi Arabia and the UAE.
SVC supports Global Ventures’ $150M tech fund.
Saudi Venture Capital has declared its investment in Global Ventures III, an early-stage fund that surpasses $150 million in total size.
This fund, managed by Global Ventures based in the UAE, will concentrate on investments in technology and tech-enabled sectors throughout Saudi Arabia, the Middle East and North Africa, as well as Sub-Saharan Africa.
The targeted industries encompass supply chain technology, agritech, enterprise software as a service, and emerging technologies, including artificial intelligence and deep tech.
Nabeel Koshak, CEO and board member at SVC, stated, “Our investment in the venture capital fund managed by Global Ventures is a component of SVC’s Investment in Funds Program, aligning with our strategy to stimulate venture investments by fund managers in Saudi-based startups, particularly in their early stages.” Noor Sweid, founder and managing partner at Global Ventures, highlighted the significance of this partnership, remarking, “We take pride in our strong and ongoing collaboration with SVC, and this investment reaffirms our commitment to fostering and developing the venture capital and startup ecosystem in Saudi Arabia.
“The market potential remains vast, with exceptional founders creating innovative technologies across various platforms continuing to emerge.”
SVC, a subsidiary of SME Bank under Saudi Arabia’s National Development Fund, was founded in 2018 to promote and sustain financing for startups and SMEs throughout their growth phases, from pre-seed to pre-initial public offering, through both fund investments and direct investments.
Interior design platform Revie raises $2.5M in seed funding.
Revie, an interior design and renovation platform based in Saudi Arabia, has successfully secured $2.5 million in a seed funding round, which was led by Sanabil Venture Studio in collaboration with Stryber.
Founded in 2024 by Ibrahim Abu Khadra, Revie offers comprehensive solutions for both residential and commercial renovation projects.
The platform facilitates connections between clients and thoroughly vetted service providers, ensuring a smooth process from the initial design phase to final execution. With the newly acquired funding, the company intends to enhance its technological capabilities and establish a scalable infrastructure to foster sustained growth.
Vreal secures pre-seed funding to drive AR/VR innovations.
Saudi Arabia’s Vreal, a provider of augmented and virtual reality technology, has successfully secured an undisclosed amount in a pre-seed investment round from the numu Angels Investment Community.
Established in 2022, Vreal specializes in enabling e-commerce businesses to transform their products into 3D models in just 30 seconds through its cutting-edge scanning technology.
The company is actively seeking to broaden its applications across various sectors, such as interior design, real estate, tourism, and heritage preservation. Vreal’s objective is to solidify its presence in Saudi Arabia while also exploring opportunities in larger markets with its innovative solutions.
MilkStraw AI secures $600k in pre-seed funding to expand across the MENA region.
UAE-based artificial intelligence startup MilkStraw AI has successfully secured $600,000 in pre-seed funding. This funding round was spearheaded by Flat6Labs, with contributions from Angel Spark, Beyond Capital, and several angel investors.
Founded by Jawad Shreim in 2024 in the United States, MilkStraw specializes in developing software solutions aimed at automating and optimizing cloud infrastructure expenses for businesses.
The company plans to utilize the funds to broaden its operations throughout the MENA region, with an emphasis on delivering cost-effective AI tools to enterprises in the area.
Mintiply Capital collaborates with Fuel Venture Capital on a GCC-focused SPV.
Mintiply Capital, an advisory and investment banking firm located in the UAE that specializes in mergers and acquisitions as well as alternative investments, has entered into an exclusive partnership with Fuel Venture Capital, a venture capital firm based in the United States.
This collaboration is set to establish a Special Purpose Vehicle (SPV) aimed at identifying and investing in high-potential early-stage startups within the Gulf Cooperation Council region, with a specific emphasis on the UAE.
This initiative supports the UAE’s strategic objective of cultivating a dynamic startup ecosystem and enhancing innovation, which is considered a fundamental component of economic development.
The SPV will offer targeted financial support and resources to nascent startups, thereby contributing to the growth of the UAE’s entrepreneurial landscape and fostering sustainable economic advancement.
ReNile secures $450k to advance agritech solutions.
Egyptian agritech startup ReNile has successfully raised $450,000 in funding from unnamed investors.
Established in 2017 by Hazem El-Tawab, ReNile provides a comprehensive solution for farmers, featuring monitoring systems, emergency alerts, control systems, and analytics aimed at optimizing agricultural practices.
The platform facilitates data-driven farming, enabling users to adopt best-practice models that enhance both efficiency and crop yield.
MSME lending in Saudi Arabia increases by 22.6% in Q3 2024.
Credit facilities provided to micro, small, and medium enterprises (MSMEs) in Saudi Arabia reached SR329.23 billion ($87.8 billion) in the third quarter of 2024, representing a year-on-year increase of 22.6 percent, as reported by the Saudi Central Bank.
Of this total, Saudi banks accounted for 94.7 percent of the loans, while finance companies contributed the remaining 5.3 percent.
Lending to MSMEs constituted 9.1 percent of the total loan portfolios of banks and 18.8 percent of those of finance companies.
In alignment with its Vision 2030 strategy aimed at promoting economic diversification and supporting business development, the Saudi government has established an ambitious goal for financial institutions to dedicate at least 20 percent of their lending portfolios to this vital sector.
In 2024, Saudi Arabia maintained its status as the foremost destination for venture capital in the MENA region, securing $750 million, according to a report from the regional venture platform MAGNiTT.
This achievement marks the second consecutive year that the Kingdom has topped the regional VC rankings. Saudi Arabia represented 40 percent of the total venture capital invested in MENA, completing 178 deals—the highest number of any country in the region.
Although total venture capital raised in MENA experienced a 29 percent decline year-on-year, falling to $1.9 billion in 2024, MAGNiTT highlighted that funding levels remained above the pre-boom figures from 2020, indicating a resilient ecosystem.
The Middle East alone accounted for $1.5 billion of this funding, distributed across 461 deals, reflecting a 10 percent annual increase.
Investor engagement in the region rose by 14 percent, totaling 392 investors, and the year witnessed 24 exits.
However, emerging venture markets—including the Middle East, Africa, Southeast Asia, as well as Pakistan and Turkiye—experienced a significant slowdown, with total venture funding decreasing by 40 percent and deal volumes dropping by 20 percent compared to 2023.
Both metrics also fell below 2020 levels, highlighting broader challenges within the global venture landscape.
