Weekly Roundup: The Middle East tech news and startup deals

Techloy -

Here are the technology news, startup, and VC deals we tracked across the Middle East region this week.

  • Saudi Arabia-based digital security firm Elm, which is owned by Saudi Arabia's sovereign wealth fund, surged 30% in its trading debut in Riyadh, to $44.30 after it raised $820 million in its IPO.
  • Saudi Arabia-based digital freight network TruKKer raised $96 million in a mix of equity and debt for its Series B round led by ADQ and Riyadh-based Saudi Technology Ventures (STV), with participation from Mubadala. The funding will be used to accelerate new product launches and bolster the company's presence in its existing markets across the Middle East and Central Asia.
  • Isreal-based fintech company Sharegain raised $64 million in a Series B round led by WestCap, for its securities lending platform which enables online brokers, private banks, asset managers, and custodians to lend their stocks, bonds, and ETFs.
  • Israel-based quantum software development firm Classiq raised $33 million from Hewlett Packard Pathfinder, Phoenix, Spike Ventures, Samsung NEXT, Lip-Bu Tan, Harvey Jones, Wing VC, and others.
  • Israeli subsurface mapping solution company Exodigo raised $29 million in funding led by Zeev Ventures, 10D Ventures, with participation from SquarePeg Capital, and JIBE Ventures.
  • UAE-based fintech Qashio raised $2.5 million in pre-seed funding led by MSA Novo to expand its operational team and customer support, develop the current features, establish partnerships with other fintech and rewards programmes.
  • Saudi Arabia-based e-sports platform Grintafy raised a $2.1 million Bridge round with participation from Wa’ed, Alrashed Group (ARG Limited), Areen Investments, and angel investors. The platform will use the funds to develop a live streaming feature using AI and machine learning, expand its subscription services, and strengthen its reach within the Egyptian market and North Africa where it started operations in 2021.
  • Saudi Arabia-based fintech EdfaPay raised $1.6 million in a pre-seed funding round led by Nuwa Capital, InspireUs VC, Wallan Investment group, alongside other angel investors, to be used to launch its financial services across the Kingdom.

The Draft provides a weekly roundup of the most important tech news across key emerging markets in Africa, Asia, Eastern Europe, Latin America, and the Middle East. Follow the rest of our coverage @techloy on Twitter.