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Saudi invests in agricultural technology and space. Legends Gaming acquires Hoplay, and Averroes Ventures acquires Magma. UAE launched an $830M fund for space development. Quiqup gives up on food delivery.

💰 Startup Investments: over $72M was invested across 15 startups so far this July. The leading round this week is Bloom's $6.5M in seed funding. 
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Bloom, Sudan-based investing app, raises $6.5M in seed funding from Visa, Y Combinator, Global Founders Capital (GFC) and Goodwater Capital and VentureSouq, as well as angel investor. The startup was founded in 2021 and was part of Y Combinator’s Winter 2022 cohort. h

ZKX, UAE-based DeFi platform, raised $4.5M in seed funding from StarkWare, Alameda Research, Amber Group, Huobi and The platform was founded in 2021 and will use the funding to develop its open-source protocol, DAO funding and growth of its ecosystem.

🚀  Quick Investments

  • Sol, Saudi-based F&B B2B marketplace, raised a seed funding round from angel investors. 
  • Stllr Network, Egypt-based marketing solutions platform, raised a six-figure investment round from 500 Global, Women Spark and Falak Angels. 
  • Orisdi, Iraq-based eCommerce platform, raised a new funding round from Al Sharqiya TV, and angel investors, facilitated by the Iraqi Angel Investors Network (IAIN). 
  • Modesta, Palestine-based modest fashion platform, raised a six-figure seed funding round led by 500 Startups and joined by the Innovative Private Sector Development Project (IPSD) program (funded by the World Bank), and angel investors.


Legends Gaming, Saudi-based gaming startup, acquired Hoplay, Saudi-based social gaming platform, for an undisclosed value. Legends Gaming was founded in 2018 and had recently raised $1.2M in funding through crowdequity platform Scopeer. Hoplay was founded in 2016 and counts Legends Gaming as one of its partners. (AR)

Averroes Ventures, Egypt-based VC firm, acquired Magma, Egypt-based D2C sportswear brand and manufacturer, for an undisclosed value. Magma was launched in 2018, and specializes in making an athletic mesh fabric with moisture management and anti-microbial qualities.  



SingleStore, US-based cloud-native database, raised $116M in series F funding from Sanabil Investments and other global investors. The company startup was founded in 2011, it provides a unified database technology that processes multiple types of inputs in one, and works with AWS, Azure, and Google Cloud.

Flip, US-based social commerce platform, raised $60M in series B funding at a $500M valuation led by WestCap and joined by Mubadala Ventures and others. The startup was founded in 2019, it says that it has increased its user base by 500% in 2022, and increased transactions by 600%.

Auron Therapeutics, US-based biopharmaceutical company, raised $48M in series A funding from Mubadala Capital and other global investors. The company was founded in 2018 and is developing therapies for cancer through dysregulated differentiation and cellular plasticity.


💰 Funds and Programs

Algebra Ventures secures a $10M commitment from FMO, the Dutch entrepreneurial development bank, for its second fund which it aims to close at $90M. The fund already has commitments from the European Bank for Reconstruction and Development (EBRD) and International Finance Corporation (IFC).

Cathay AfricInvest Innovation Fund (CAIF) announced the final close of its $112.8M fund that aims to invest in early to growth-stage tech-enabled products and services in Africa. The fund is a joint venture between AfricInvest, Tunisia-based multi-asset investment platform, and Cathay Innovation, US-based VC firm. The fund has commitments from the European Investment Bank (EIB), AfricaGrow, FMO, Bpifrance, Triodos Investment Management, Proparco, SIFEM, BIO, and other global investors. The fund was launched in 2019 and already has 10 startups in its portfolio.

Saudi’s Ministry of Environment, Water and Agriculture announced the formation of a Steering Committee for Entrepreneurship at the ministry, which launched 3 programs to encourage entrepreneurship and innovation across environmental development, agriculture, and water preservation. The Agricultural Entrepreneurship Development Program has established 4 business incubators and a technical accelerator in cooperation with the Ministry of Communications and Information Technology (MCIT). The committee and ministry will also be working towards improving legislation and frameworks to encourage entrepreneurship in the respective sectors.

The UAE Space Agency launched the National Space Fund, an $820M (3B AED) investment and development fund for the space sector. The ​​fund’s first project to be launched to space will be a constellation of advanced remote sensing satellites using radar technologies to provide unparalleled imaging capabilities, Sirb. The fund will also work on attracting international companies and partnerships.

Telda, Egypt-based digital bank, secured final approval from the Central Bank of Egypt (CBE) to launch its card and application services to customers in Egypt., UAE-HQ B2B and B2C e-commerce platform by Dubai Ports, expands to Ghana and Zambia. The platform first rolled out in Rwanda in early 2021, it now operates in UAE, Tanzania, and Kenya as well.

Network International partners with Foodics, Saudi-HQ F&B Saas platform, to cross integrate their solutions across Foodics’ POS terminals as well and Network International’s payment terminals.

Quiqup, UAE-HQ last-mile delivery startup, halts its food delivery operations to focus on last-mile delivery for eCommerce platforms.


🇸🇦 🇺🇸 The USA and Saudi signed multiple agreements covering space, investment, energy, communications, and health. Some of these agreements include:
-The Saudi Space Authority signed the Artemis Accords with US Space Agency (NASA) to undertake the joint exploration of the Moon and Mars. Bahrain and the UAE are already part of the accord. 
-​​The Ministry of Communications and Information Technology (MCIT) signed an MoU with the US National Communications and Information Administration (NTIA), which includes cooperation research and development of 5G and 6G technologies.

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