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- In Saudi Arabia, car rental firm Shift raised $82.8 million in an investment led by Merak Capital
RIYADH: Mobility, climate, and tech startups across the Middle East and North Africa have secured significant investments in recent weeks, reflecting the region’s continued growth in innovation.
In Saudi Arabia, car rental firm Shift raised $82.8 million in an investment led by Merak Capital, making it one of the largest funding rounds in the second half of the year.
Founded in 2017 by Khalid Al-Sulaiman, the company provides technology-driven mobility solutions for people and products, and currently operates in 57 cities across Saudi Arabia with a fleet of over 12,000 vehicles.
“We are thrilled to partner with Merak Capital, whose investment validates our innovative approach and commitment to revolutionizing mobility solutions in Saudi Arabia. This partnership will accelerate our growth, allowing us to expand our services and enhance our technology to meet the evolving needs of our customers, particularly within the tourism sector,” Al-Sulaiman said.
“Together, we are poised to set new standards for efficiency, sustainability, and service excellence, driving toward a future where technology and sustainability create lasting value for our customers, stakeholders, and communities,” he added.
This fresh capital will support Shift’s growth and innovation, enabling the company to accelerate its intelligent mobility solutions. The funding is expected to enhance SHIFT’s ability to serve its expanding customer base and scale its operations across the Kingdom.
Merak Capital believes in Shift’s growth potential with the investment firm’s CEO praising the startup’s locale strength.
“Our belief in the impact of technology on the mobility of people, products, and businesses is profound, and with our position and track record as one of the leading technology investment firms in the region, coupled with the innovation and capabilities of Shift as a mobility pioneer, we believe this partnership will yield tremendous success for all stakeholders, including our partners, investors, and the thriving economy of the Kingdom across multiple sectors, such as tourism, transportation, hospitality, logistics, and more,” Merak Capital CEO, Abdullah Al-Tamami, said.
Coral closes $3m seed round for carbon management solutions
UAE-based climate tech startup Coral has secured $3 million in a seed funding round led by a group of investors.
Founded in 2022 by Juergen Hoebarth and Daniele Sileri, Coral provides businesses with tools to manage and reduce their carbon emissions, promoting transparency and accessibility in achieving carbon neutrality.
“We’re thrilled to have completed our seed round and are grateful for the support from our investors who share our vision for a sustainable future,” said Daniele Sileri, director of product and strategy at Coral.
The funding will be used to expand Coral’s team, scale its platform, and further accelerate its mission to make carbon management simpler and more transparent for businesses worldwide.
Kwiks raises $827k to enhance AI-driven recruitment solutions
Morocco-based human resources tech company Kwiks has raised $827,000 in funding from Azur Innovation Management.
Founded in 2013 by Amine Houssaini and Karim Kaoukabi, Kwiks connects companies with freelance headhunters through its platform, streamlining the hiring process.
The capital injection will boost Kwiks’ recruitment capabilities, allowing the company to further develop its artificial intelligence-driven hiring solutions and improve its platform’s ability to match companies with top talent.
Userguest secures $2.4m to strengthen hotel revenue optimization tools
Morocco-based software solutions provider Userguest has closed a $2.4 million seed round led by Al Mada Ventures, with participation from several notable investors, including CDG Invest, Saviu Ventures, and UM6P Ventures.
Founded in 2018 by Ahmed Chami, Assil Bernossi, and Hicham Benyebdri, Userguest enables hotels to optimize direct revenue by delivering personalized messages and intelligent incentives to website visitors.
“This investment underscores our investors’ confidence in our vision to create an automated tool that optimizes conversions and revenue for hotels. Having solidified our market presence and earned the trust of leading hotel brands, we are now ready to elevate Userguest to new heights, enhancing hotel performance while enriching the user experience, benefiting both hoteliers and travelers alike,” said Benyebdri.
The new funding will primarily be allocated to expanding the company’s sales team, enhancing its market reach, and solidifying its position as a leader in hotel revenue optimization.
EBRD commits $3m to Ibtikar Fund II to support Palestinian startups
The European Bank for Reconstruction and Development has invested $3 million in Ibtikar Fund II, which closed with $25 million in total commitments, surpassing its initial target of $15 million.
The fund aims to invest in up to 25 early-stage Palestinian tech startups, promoting digitalization and job creation across the region.
The investment reflects increasing support for tech-driven initiatives in Palestine, with a focus on fostering local innovation and growth in the digital economy.
Amplify Growth Fund launches $100m debt fund targeting MENA region
UAE-based Amplify Growth Partnership has launched a $100 million debt fund, with its first transaction already closed in a Saudi fintech company. Further details about the investment were not disclosed.
Amplify Growth Fund I will focus on deploying capital in technology companies across the Middle East, North Africa, and Türkiye, supporting their growth needs.
With the rise of venture debt in the region — which reached $757 million in 2023, a 262 percent year-on-year increase — this fund aims to meet the increasing demand for debt capital.
Sharaf Sharaf, head of the fund, said: “The Amplify Growth Fund is poised to meet the region’s growing demand for debt capital in the venture and SME sectors, which are areas that have been historically underserved.”
It has partnered with Dubai’s Ajeej Capital and Nuwa Capital to manage investments.
Padash raises $125k in pre-seed funding for q-commerce expansion in Iraq
Iraq-based quick commerce startup Padash has raised $125,000 in a pre-seed round from an undisclosed angel investor.
Founded in 2023 by Ahmed Jamal, Omer Sabah, Muhammed Yassein, and Ahmed Bayiz, Padash offers instant food and grocery delivery services in Irbil, Kurdistan.
The new capital will be used to expand Padash’s operations within the city, and further develop its mobile app, positioning the company to grow its footprint in Iraq’s fast-growing q-commerce sector.