RIYADH: Startups across the Middle East and North Africa continued to attract fresh capital and strategic backing this week, with funding rounds, acquisitions and investments across sectors including artificial intelligence, fintech, and logistics.
UAE-based data and artificial intelligence company CNTXT AI has raised $60 million in a series A funding round co-led by Abu Dhabi applied AI company AI71 and GCC-founded global asset manager BlueFive Capital.
CNTXT AI enables companies and public-sector institutions to develop AI solutions while retaining control over their data.
The company will use the funding to continue product development, enter new markets and deploy secure AI infrastructure for enterprise and government customers globally.
The company was founded by Mohammad Abu Sheikh, whose previous venture, LocAI, was acquired by AI71.
Mohammed Abu Sheikh, founder of CNTXT AI. (Supplied)
Abu Sheikh told Arab News that the relationship with AI71 was built through their work in Abu Dhabi’s AI ecosystem rather than beginning with the fundraising process.
“The relationship did not start with a term sheet. It started with shared work in the same ecosystem,” he said.
The founder added that AI71 understands the infrastructure and expertise required to develop sovereign AI solutions in the region.
“They also understand that sovereign AI in this region requires three things that cannot be bought: depth in data, distribution across government and enterprise, and domain expertise that only comes from building here,” he said.
Abu Sheikh is also the founder of SMPL AI, a $25 million fund backing early-stage AI startups. He said the fund is a separate investment vehicle from CNTXT AI, with independent capital and governance structures.
“SMPL AI is a separate investment vehicle with its own capital and no external LPs. CNTXT AI has its own cap table, its own board, and its own governance. Structurally, they do not overlap,” he said.
CNTXT AI works with technology companies including Oracle, NVIDIA and Amazon Web Services. It has also supported global AI developers on large language model initiatives and deployed enterprise and government AI projects across several markets.
Its products include Munsit, an Arabic voice AI platform that the company claims has processed more than one million minutes of speech and serves over 250 enterprises and 150,000 users.
ISSF commits $7m to Endeavor Catalyst V
Jordan’s Innovative Startups and SMEs Fund has committed $7 million to Endeavor Catalyst V, a global co-investment fund with more than $300 million in assets under management, as part of efforts to attract international venture capital to Jordan’s startup ecosystem.
The commitment marks the launch of ISSF’s second investment phase, Fund II, following the completion of its first investment cycle in 2025.
The partnership is intended to connect Jordanian startups with global investment networks and improve their access to growth-stage capital and international funding.
Endeavor Catalyst, the investment arm of Endeavor, backs high-growth companies across more than 60 countries. Its previous investments in Jordan include Tamatem Games, Altibbi, EON Dental, Tarjama and ZenHR.
ISSF expects part of the fund’s investments to be directed toward Jordanian ventures, supporting their growth and international expansion.
Zameeli secures Shariah-compliant financing from Sharakah
Oman-based freelance marketplace Zameeli has secured an undisclosed Shariah-compliant financing facility from SME development company Sharakah to support its growth and expansion plans.
Founded in 2023 by Tariq Al-Habsi and Mahmoud Tantora, Zameeli connects small and medium-sized enterprises with Omani freelancers offering services including design, marketing, videography, content creation and social media management.
The company will use the financing to enhance its technology, improve operational efficiency and user experience, and expand its SME customer base and freelancer network. The funding will also support marketing initiatives and geographic expansion across Oman.
WakeCap acquires AI construction planning platform Frontline
Saudi construction technology company WakeCap has acquired Singapore-based Frontline, an artificial intelligence-powered construction planning software provider, as it expands from real-time jobsite monitoring into project planning and optimization.
Founded in 2017 by Hassan Al-Balawi and Ishita Sood, WakeCap develops wearable technology that provides contractors and project managers with real-time project monitoring intended to reduce risks and improve operational efficiency.
Frontline develops AI-driven tools that allow construction teams to optimize schedules using simulations and stress testing. The company serves contractors working across industrial, energy and infrastructure projects.
The acquisition will enable WakeCap to develop an integrated intelligence platform connecting project plans with real-time field execution data.
The platform is intended to help construction teams identify deviations, improve decision-making and optimize project delivery.
WakeCap also acquired Brazilian workforce safety and operational intelligence platform Trackfy in November.
Sovra raises more than $2m in pre-seed round
MENA-based fintech Sovra has raised more than $2 million in a pre-seed funding round led by Pharsalus Capital, with participation from regional and international angel investors.
Founded in 2025 by Ahmad Wehbi, Sovra enables users to hold digital dollars, earn yield, transfer money internationally and make card payments through the Visa and Mastercard networks.
The platform operates through self-custodial accounts that the company says can only be accessed by individual users.
Sovra will use the funding to expand its engineering and product teams ahead of its public launch. The company currently operates with a distributed workforce across the Middle East and Europe.
Pickappo raises $530k to develop delivery infrastructure
Saudi Arabia-based logistics technology platform Pickappo has raised $530,000 in a pre-seed funding round backed by an angel investor and an investment fund.
Founded in 2023 by Waleed Ghonim and Ahmed Siam, Pickappo provides a technology layer connecting logistics companies, ordering platforms, online stores and restaurants through a unified delivery network.
The company will use the funding to develop its technology products, strengthen its AI and automation capabilities, recruit talent and expand its network of strategic partners.
Ahmad Wehbi, founder of Sovra. (Supplied)
Moadna raises $50k at $300k valuation
Syrian health tech startup Moadna has raised $50,000 in early-stage funding from angel investors, bringing its valuation to $300,000.
Founded by Tarek Skheta and Maged Hamdeh, Moadna operates a digital platform for clinic management and medical appointment booking.
The company says its platform serves more than 550 doctors, clinics and medical centers, alongside more than 8,000 users, and has facilitated over 3,500 appointments.
Moadna plans to use the funding to enhance its product, strengthen its technology infrastructure and expand its commercial operations ahead of a planned pre-seed funding round.
Dubizzle Group invests in UAE proptech Tern
UAE-based Dubizzle Group has made a strategic investment in rental rewards platform Tern through its venture capital arm, Dubizzle Group Ventures.
Under the partnership, Tern’s platform will be integrated exclusively into property marketplaces Bayut and dubizzle. The companies aim to provide a more connected and flexible rental experience for tenants, landlords and property agents across the UAE.
Founded in 2024 by Said Al-Sayyed and Mohamad Shaitou, Tern allows tenants to pay rent by credit card and earn loyalty points at no additional cost.
Dubizzle Group Ventures focuses on early-stage technology startups across the Gulf Cooperation Council. The investment forms part of Dubizzle Group’s wider expansion strategy in the MENA property and automotive sectors.
Founded in 2005 by J.C. Butler and Sim Whatley, Dubizzle operates an online classifieds platform for buying and selling products.
The group’s recent transactions include the acquisitions of Egyptian automotive marketplace Hatla2ee, UAE automotive platform Drive Arabia and real estate intelligence company Property Monitor.
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