The second day of the LIB24 conference, taking place in Riyadh, Saudi Arabia, wrapped up with major announcements including seven investment rounds, numerous agreements, and partnerships among governmental entities, global companies, and startups. New investment funds and initiatives were also launched to bolster startups and the venture capital sector.
Investment Rounds Unveiled
Buildnow, a company specializing in real estate and financial technology solutions, disclosed the closure of a Seed investment round worth SAR 32.25 million (USD 9.4 million) led by Raed Ventures and Khwarizmi Ventures.
RemotePass, focused on employment and HR solutions, closed a Series A funding round of USD 5.5 million, led by 212, with several investment funds, particularly from Saudi Arabia, participating.
The office products market Loazm announced a Pre-Series A investment round closure at SAR 30 million (USD 8 million), led by Merak Financial, which had also led its previous round.
Fans, an interactive app for football enthusiasts, closed a Pre-Seed investment round at SAR 5.6 million (USD 1.5 million), with participation from Saudi football celebrities, 500Global, Le Augure, and angel investors.
Rabeh Financial, a fintech company, also revealed the closure of a Seed funding round of SAR 3 million with an evaluation of SAR 30 million, through Majalat Investment and angel investors.
In addition, finance tech specialist Maysr closed a Seed round at SAR 78.8 million (USD 21 million), and BRKZ closed a Series A round at SAR 30 million (USD 8 million).
New Funds and Business Accelerators
Investcorp announced the launch of a USD 500 million investment fund, with the Saudi Venture Capital Company contributing USD 35 million. The fund aims to support growth-stage companies.
Oasis unveiled its second investment fund valued at USD 100 million, focusing on early-stage startups. Takamol Holding introduced Takamol Ventures, a USD 53 million fund for early-stage startups in the Middle East and Africa.
Plug n Play launched its first-ever USD 50 million investment fund in Saudi Arabia for startups in the Middle East and North Africa. Unifonic’s X by Unifonic fund, valued at USD 15 million, targets startups in the Middle East, North Africa, and Turkey.
The Social Development Bank announced a USD 80 million business accelerator and investment fund for esports, managed by Merak Financial, alongside a USD 40 million esports investment fund managed by impact46.
Initiative Highlights
The National Technology Development Program (NTDP) unveiled five initiatives to support digital entrepreneurship in Saudi Arabia during the second day of LIB24.
The AIM initiative, in collaboration with various agencies, aims to build a platform that fosters AI innovation and provides infrastructure for AI startups.
The Fuel initiative, with the Saudi Venture Investment Company, supports venture capital funds investing in practical and emerging technologies.
FundSwift, in cooperation with the Social Development Bank, provides financial support to startups that have already received early-stage investments.
SourceTech and Transoform+, in collaboration with the Ministry of Communications and Information Technology, offer financial support for tech outsourcing companies and encourage cloud computing adoption.
Strategic Partnerships Announced
The Venture Capital and Private Equity Association announced a partnership with tali ventures to exchange expertise and support the private equity sector in Saudi Arabia.
Amwal Tech and My Fatoora revealed a strategic partnership for payment services, while Resal signed a collaboration with Mastercard. Elm Company announced several agreements with both public and private entities, launching new tech-smart products, similar to initiatives by Monsha’at and other governmental bodies.
