MUST-READS

• Saudi Aramco leads $30m investment in tech startup

  Wa’ed Ventures, the $500 million venture capital fund owned by Saudi Aramco, and Japanese conglomerate Sumitomo have invested in Zension Technologies, a consumer electronics startup. Wa’ed led the funding raise of $30 million, which also included Dubai-based Global Ventures. Based in Riyadh, Zension provides consumers with access to the latest tech devices. Instead of purchasing devices outright, customers can subscribe to use them for a monthly fee, with options to upgrade, switch brands or return devices as needed.

• Silicon Valley’s General Catalyst makes first investment into Saudi Arabia through fintech Lean Technologies

  Silicon Valley venture capital firm General Catalyst has made its first investment in Saudi Arabia through fintech startup Lean Technologies, which just closed a Series B round worth $67.5 million. General Catalyst has $30 billion in assets under management and has backed major U.S. tech companies like Snap, Stripe and AirBnb. Lean Technologies’ fundraising round also saw participation from Bain Capital Ventures, Stanley Druckenmiller’s Duquesne Family Office, and Arbor Ventures, among others, bringing the Riyadh-based firm’s total funding to over $100 million to date, according to a Sunday statement from the company. For three of those investors — General Catalyst, Stanley Druckenmiller and Bain Capital — this investment is their first in the kingdom.

• Saudi Arabia’s $100bn tech investment shows global leadership on AI, says Microsoft executive

  Saudi Arabia’s plan to invest $100 billion in technology is propelling the Kingdom to the forefront of innovation and talent development worldwide, said a senior Microsoft Arabia executive. In February, the Kingdom launched Alat, a technology and artificial intelligence firm backed by the Public Investment Fund, with the aim of pouring funds into Saudi Arabia’s technological sector.

• Saudi foodtech Barakah raises investment from FoodLabs

  Barakah, an online marketplace addressing commercial food waste in the region, proudly announces the strategic funding led by FoodLabs. This landmark investment marks FoodLabs' first foray into the MENA region, highlighting Barakah's exceptional growth trajectory and commitment to sustainability.  FoodLabs, a highly successful early-stage European VC specialising in foodtech and agritech startups, has an impressive portfolio that includes being the first investor in multiple unicorns and instrumental in building the fastest-growing European unicorn. The decision to partner with Barakah not only sends a strong market signal for startups in the Kingdom and across the MENA region but also aligns with FoodLabs' mission to support innovative ventures tackling pressing global challenges using proprietary technology. 

• Saudi Arabia leads global innovation with tech investments: Honeywell CEO

  Saudi Arabia’s proactive leadership and investments in advanced tech solutions have positioned it as a global innovation leader, according to a top official. During the LEAP 2024, Anant Maheshwari, president and CEO of Honeywell’s Global High Growth Regions portfolio, told Arab News that Saudi Arabia was a “crucial market” for the company, being one of only “three countries globally that is led as an independent market.”

• Saudi-based Deep-Tech VC Fund Beta Lab makes strategic investment in Cross-Border fintech startup EximPe

  EximPe, a Singapore headquartered company which previously raised seed round led by Singapore based Leo Capital , leverages technology and AI / ML to revolutionize cross-border payments and trade financing for SMEs. Its tech platform is powered by the likes of DBS, SBM, and 30+ other banks and fintechs.

• Saudi Arabia sees over $11.9B tech investments on first day of LEAP 2024

  Amazon Web Services will invest $5.3 billion in the Kingdom to create a high-capacity cloud region, the ministry said on its official X account. Data Vault will invest $5 billion to build sustainable and innovative data centers, with a capacity of more than 300 megawatts, it further added. In addition, ServiceNow will invest $500 million to launch its first data center in the region in Saudi Arabia to localize its services, in addition to training national talents and developing their skills

• Saudi-based Deep-Tech VC Fund Beta Lab makes strategic investment in Cross-Border fintech startup EximPe

  Beta Lab, a leading Saudi venture capital firm specializing in deep tech innovations, is excited to announce its recent strategic investment in EximPe, marking a significant expansion into the MENA region. This collaboration aligns with Beta Lab’s mission to disrupt traditional sectors through deep tech and supports our commitment to fostering innovative solutions that simplify complex challenges. The funding will be utilized to further Eximpe’s mission of using technology to simplify cross-border transactions and expand its reach with SMEs.

• Exclusive: Prince Khaled bin Alwaleed reveals new investments in fusion technology and DTC startups, urges more VC funding for sustainability tech

  “What inspires a lot of confidence in me is founders that know their market, their competition, their numbers,” he added. Prince Khaled stressed the significance of a robust understanding of the market, competition and financial metrics. Founders who demonstrate a deep knowledge of these aspects inspire confidence and are more likely to secure KBW Ventures’ backing. One company that impressed Prince Khaled was —A Dozen Cousins, a natural food brand specialising in authentic Creole, Caribbean and Latino-inspired dishes, founded by CEO Ibraheem Basir. The company’s brand narrative is influenced by Basir’s childhood spent in the culinary melting pot of Brooklyn and is named after his daughter and her 11 cousins. Basir met Prince Khaled at InFlavour, a leading B2B food event hosted by Tahaluf in partnership with the Saudi Ministry of Environment, Water and Agriculture (MEWA). A Dozen Cousins won in the conference’s startup competition, with Prince Khaled participating as a judge.

• CarbonMeta Technologies Wins Sole Source Contract with Saudi Investment Recycling Company (SIRC)

  CarbonMeta and SIRC to launch cement-less concrete pilot project in March 2024

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